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Jul232013

Japan needs to raise sales tax next year: Finance Minister








Finance officials plan special meeting






WAIT FOR GDP DATA Abe, whose ruling bloc won a big victory in Sunday's upper house election, has vowed to push ahead with tough reforms but could face resistance from some in his party. Some aides and lawmakers are worried the tax rise would weaken the world's third-largest economy just as it appears on the path to end 15 years on deflation. First-quarter data showed Japan was the fastest-growing major economy in the world. Abe has indicated he would decide on the tax rise in autumn.







Parties pick candidates for finance board






"He's highly skilled and would be a tremendous asset to the Board of Finance." Althea Brown, a political newcomer and community director of the Waterside Coalition . Mike Buccino, a political newcomer who serves on the Stamford Public Education Foundation board of directors and works as a financial advisor with The Dowling Group . "He has a financial background and he brings enthusiasm and wants to contribute to the future of the political party," Mallozzi said. The Republicans: Jerry Bosak, an incumbent first elected to the board in 2009. "Gerry has served tirelessly on the Board of Finance," said RTC member Cristina Andreana .










Other stories Not like father, not like son: McKinney charts path for governor Page 1 of 1 STAMFORD -- As the Aug. 1 property tax payment deadline quickly approaches, resentment is building among residents and elected officials alike as they prepare to write checks for tax bills they still don't understand. In response to the public outcry, Board of Finance members Jerry Bosak and Tim Abbazia have scheduled a special meeting next week aimed at giving residents a better understanding of the recent property revaluation's effect on their property taxes. The July 29 meeting will include a detailed presentation from the city Assessor's Office and allow residents to ask questions or voice their opinions on the revaluation process, Abbazia said. "I know there's a lot of residents who have concerns and want to have an official forum to voice those concerns," said Abbazia, a Democrat.




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Jul232013

Finance officials plan special meeting











Stamford outsourced its most recent property revaluation, paying Vision Government Solutions $1 million to complete the city's physical assessments. Stamford last completed a revaluation in 2007 at the height of the real estate bubble. Last year's revaluation saw average real estate assessments drop 24 percent. In May the Board of Finance approved a $447 million gross tax levy, setting the average tax increase at 3.41 percent. Elected officials from the Board of Representatives have also raised questions about the 2012 property revaluation's effect on this summer's tax bills.














G20 finance ministers aim for more growth






(AP Photo/Alexander Zemlianichenko) View Larger Russian Finance Minister Anton Siluanov speaks on a phone as he attends a group photo ceremony after a meeting of the Group of 20 finance ministers in Moscow, Russia, Saturday, July 20, 2013. The finance chiefs of the world's leading economies hope to force multinational companies to pay more taxes by closing loopholes that have allowed them to stash profits overseas. (AP Photo/Alexander Zemlianichenko) View Larger From left, Central Bank Governor Jens Weidmann and German Finance Minister Wolfgang Schauble attend a group photo ceremony after a meeting of the Group of 20 finance ministers in Moscow, Russia, Saturday, July 20, 2013. The finance chiefs of the world's leading economies hope to force multinational companies to pay more taxes by closing loopholes that have allowed them to stash profits overseas.







Finance minister says Japan must raise taxes soon to fix economy




Finance minister says Japan must raise taxes soon to fix economy

To make the parallel with the financial markets, we might say that stock prices are kicked around by myriad unknown factors in the marketplace. Today, these ideas have been developed into a means of computing the value of sophisticated financial instruments and the management of risk. As a particle physicist, I work with systems containing just a few particles and because the number of particles is not too great I can keep track of the ways they can interact with one another. Things rapidly spiral out of control whenever we try to study systems with a large number of components because it is then impossible to keep track of everything. Notice the generality of the language we speak of "systems" and their "components".







Why do physicists gravitate towards jobs in finance?






The sales tax is scheduled to rise from 5 percent to 8 percent by April next year, and then to 10 percent by October of 2015. Abe has cited concerns that it will affect the economy negatively and so will be observing the conditions until autumn of this year when he will make a decision. But Aso said that delaying the increase would break their commitment to the G20 group of developed and developing nations that Japan would fix its financial situation that has been struggling for the past decade. The government announced that for the third straight month, they are upgrading the view on the economy because deflation has been slowly easing and because of the massive monetary fiscal stimulus, there has been continuous growth. But Aso says the government still needs to consider the extra budget, especially since they have the largest public debt among industrialized nations that is more than twice its 500 trillion yen economy.




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