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The Latest Breaking News from Ministry of Finance

Roadmap for 2047 should include an average growth of 7% to 7.5%, says senior Finance Ministry official

India aims to become a developed nation by 2047, with a focus on financial sector reforms to create stability, resilience and efficiency.

The Hindu

United States and China launch economic and financial working groups with aim of easing tensions

The U.S. Treasury Department and China’s Ministry of Finance have launched a pair of economic working groups in an effort to ease tensions and deepen ties between the nations

The Independent UK

Details of unaccounted-for wealth highly classified: Government

National Institute of Public Finance and Policy (NIPFP) refused to reveal information on unaccounted income/wealth inside/outside India, citing economic interest of country.

The Hindu

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Andhra Pradesh: Finance Ministry approves proposal to release ₹12,911 crore for completion of Polavaram project up to 41.15 metres

The Ministry of Finance gives its in-principle nod for release of ₹2,000 crore towards the cost of repairing the damages caused to the irrigation project by the Godavari floods

The Hindu

BoT to regulate auto leasing

The cabinet on Tuesday approved a law to allow the Bank of Thailand to regulate the business of leasing cars and motorcycles to strengthen consumer protection and tackle household debt, the Ministry of Finance said.

Bangkok Post

Indonesians query tax official’s wealth after viral assault video

Tax official’s finances investigated after a video appearing to show his son attacking a teen spreads online.

Al Jazeera

Commentary: Ukraine should not abandon its domestic debt market as it battles Russia

The financial support provided by international partners helped Ukraine withstand the beginning of Russia’s full-scale invasion and became a significant source of funds throughout 2022. This year, our country will also need continuous financial support. However, it will be difficult for the government to reduce budget expenditures because direct injections…

Chicago Tribune

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Finance Ministry maintains growth outlook, expects more tourists

The Ministry of Finance has maintained its economic growth outlook for 2023 at 3.8%, buoyed by a rebound in tourism and domestic demand, but an official said exports would slow down this year.

Bangkok Post

Japan Finance Minister Suzuki to visit Singapore, Vietnam next week

Japanese Finance Minister Shunichi Suzuki is set to visit Singapore and Vietnam to meet with high government officials from Jan. 10 to 13, the Ministry of Finance said on Friday.

Reuters

Saudi Energy Minister: OPEC+ Adopts Economic Approach that Keeps Politics Out

Saudi Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ operated according to a purely economic perspective, without entering into political aspects and alliances. “OPEC+ operates from an economic position and does not get involved in political aspects,” he said on Sunday. The minister’s comments came during the sessions…

Asharq Al-Awsat

UAE Issues Decree-Law Imposing a Corporate Tax

The United Arab Emirates has issued a decree-law imposing a corporate tax at a 9 percent rate for taxable business income exceeding 375,000 dirhams ($102,000). The tax will apply to all firms from June. 1 next year. The UAE’s Ministry of Finance confirmed the Federal Decree-Law on Taxation of Corporations…

Asharq Al-Awsat

Modi government violated rules to allow sale of electoral bonds, RTI reply shows

The Narendra Modi government opened three windows for the sale of electoral bonds in 2018 ostensibly in violation of the Electoral Bond Scheme 2018, suggest documents accessed through the Right to Information Act. The three windows were opened before and after assembly elections in nine states that year.

Newslaundry

Vanuatu officials turn to phone books and typewriters, one month after cyber attack

Government websites and email still offline, leading to delays in payments and services across the country

The Guardian - AU

Citic to Become Biggest Huarong Shareholder

State-owned investment company to get 3% from Finance Ministry, pushing its Huarong stake to 24.46% after leading $6.6 billion bailout of the bad-debt manager

Caixin Global

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Asharq Al-Awsat

Saudi Arabia Promotes Institutions’ Investments

Saudi Arabia issued a decision allowing establishments to engage as partners in all types of corporate commercial entities, in a step that aims at facilitating the business environment and contributing to the expansion of their income. In a statement on Monday, the Saudi Ministry of Commerce said that the decision…

Bangkok Post

Loan guarantees okayed for Oil Fund

A cabinet proposal for the Ministry of Finance to provide loan guarantees worth up to 150 billion baht to the Oil Fuel Fund has won approval in the House of Representatives, despite criticism expressed in a House debate prior to Wednesday's vote.

Asharq Al-Awsat

On Behalf of King Salman, Saudi FM to Represent Kingdom at Arab Summit

On behalf of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah will represent the Kingdom at the two-day Arab League summit that will kick off in Algeria on Tuesday. Prince Faisal departed the Kingdom on Tuesday at the head…

Bangkok Post

Major shareholders in digital asset ventures need SEC nod

Digital asset businesses are now subject to seeking the approval of the Securities and Exchange Commission (SEC) if they are set to have a major shareholder, the Thai regulator said on Monday.

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Asharq Al-Awsat

Iraq’s Corruption Scandal Continues to Stir Popular, Official Reactions

A huge corruption scandal involving the theft of 3.7 trillion Iraqi dinars ($2.5 billion) from the Iraqi tax authorities’ account continued to spark official and popular reactions, amid unconfirmed reports that the stolen funds amount to ten trillion Iraqi dinars. The largest theft of its kind - “the theft of…

Al Jazeera

Pakistan ‘strongly contests’ Moody’s ratings downgrade

Concerns are rising about Pakistan’s ability to pay for imports such as energy and food, and meet sovereign debt needs.

Asharq Al-Awsat

Saudi Arabia Underlines Support to IMF Efforts to Alleviate Global Food Crisis

Saudi Minister of Finance Mohammed Al-Jadaan underlined his country’s support to the efforts of the International Monetary Fund (IMF) to mitigate the impact of the global food crisis. During a meeting with IMF Managing Director Kristalina Georgieva, Al-Jadaan discussed areas of bilateral cooperation, including capacity development and the establishment of…

Asharq Al-Awsat

Saudi Arabia Expects Sustainable Surplus Budgets until 2025

The Saudi Ministry of Finance disclosed estimates of its budgets until 2025, showing positive trends and expectations of sustainable financial surpluses during the medium term. The preliminary statement of the state’s general budget for the fiscal year 2023 expected total expenditures to reach about 1.11 billion riyals ($296 billion), and…

The Hindu

Pharma manufacturers’ body moves Karnataka HC against treating free samples of medicines given to doctors as ‘freebies’ under Income Tax Act

Ministry of Finance had said that drug manufacturers will have to deduct 10% tax for the value of free samples of medicines

Asharq Al-Awsat

Jordan’s Public Debt Increases to $41 Bln

Jordan’s public debt rose 1.6 percent to 29.16 billion dinars ($41 billion) in the first half of 2022 from 28.7 billion dinars at the end of 2021. Its domestic debt reached 13.89 billion dinars at the end of H1, while its foreign debt reached 15.26 billion dinars, according to statistics…

Benzinga

Russia Seeks To Legitimize Use Of Cryptos In Cross-border Payments

The Ministry of Finance and the Bank of Russia have reconsidered their stance on cryptocurrencies, a step needed to legitimize cross-border payments in these currencies, according to the country's Deputy Finance Minister Alexei Moiseev.

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