Plan to scrap income tax gets high-level hearing

A presentation made last week for a sub-group of Secretaries set up by Prime Minister Narendra Modi seeks to abolish income tax and over 30 local, State and Central taxes. The proposal from a Pune-based tax research outfit, Arthakranti, advocates replacing the present tax system with a single 2 per cent levy per receipt in bank accounts and recommends that just import duties be retained from the present system.

While the government is pitching for quick passage of the Constitution (122nd Amendment) Bill for the rollout of the Goods and Services Tax, Arthakranti’s proposal envisages a system that does not tax consumption or income, as is the case now, but the “velocity of money”.

“It was clarified by the official who made the presentation that the ‘ground-breaking’ tax reform proposal is not for the consideration of the upcoming budget,” an official source, who attended the meeting, told The Hindu. The “innovative” proposal was aimed at reducing corruption and eliminating the cost of compliance for taxpayers, the source said.

Earlier when yoga guru Ramdev had called for the abolition of income tax, Arthakranti submitted this proposal in the run-up to the 2014 general election to the Highways Minister and former BJP president, Nitin Gadkari. Then, he was heading a BJP committee responsible for preparing its vision document on reforms in police, administration, judiciary, taxation and education. “Even in the U.S., a senator from Hawaii has introduced a private member Bill on a similar concept,” Arthakranti’s Anil Bokil had then told The Hindu.   thehindu.com/news/national/plan-to-scrap-income-tax-gets-highlevel-hearing/article8206478.ece

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Falling price of scrap squeezes metal dealers, cuts thefts

Wichita’s scrap dealers are feeling stressed as falling prices for recycled steel, copper and other metals have squashed their margins. The price of scrap iron overall fell about 20 to 25 percent over the course of 2014 because of slower economic growth overseas and the strengthening dollar. 

See more http://www.kansas.com/news/business/article6509514.html

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Crews tackling fire at scrapyard

Fire crews from Buckinghamshire fire and rescue are currently dealing with a blaze at a scrapyard in Oxford Road in Oakley.

A 200 metre cordon has been set up around the scrap yard because acetylene cylinders are involved. See http://www.itv.com/news/meridian/update/2015-12-22/fire-crews-dealing-with-blaze-at-scrapyard-in-oakley/

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3 kids killed in explosion at scrap shop in Udhampur

Three siblings were killed on Wednesday in an explosion in Udhampur district of Jammu region.

The blast took place in a scrap shop, a senior police officer said in Jammu.

Initial reports say, the children were collecting scrap when they fiddled with some explosive device that went off near Birma bridge in Udhampur town. See http://indiatoday.intoday.in/story/explosion-in-scrap-shop-kills-minor-siblings-in-udhampur/1/554284.html

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John McDonnell's plan to scrap Bank of England independence would turn back clock, economists warn

 Labour’s new shadow chancellor has threatened to strip the Bank of England of its independence, a move that economists warn could threaten to enlarge the UK’s debt pile and weaken its currency.

John McDonnell, appointed as shadow chancellor by Jeremy Corbyn on Sunday, said three years ago that he would “in the first week of a Labour government … [end] the Bank’s control over interest rates”.

That independence has “simply meant democratic government decisions being replaced by the influence of shortsighted bankers”, Mr McDonnell claimed. On Monday, he said that the Labour leadership election showed that “new policies and Jeremy’s have been roundly endorsed”.

Such a move would reverse what is considered one of the biggest  http://www.telegraph.co.uk/finance/bank-of-england/11863780/John-McDonnells-plan-to-scrap-Bank-of-England-independence-would-turn-back-clock-economists-warn.html

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EEF calls on Downing Street to scrap 'complex' energy tax system

EEF, one of Britain’s leading employers’ groups, has urged the government to scrap the carbon price floor and other green taxes, following on from a series of ministerial moves to slash subsidies on wind and solar schemes.

The demand for more cuts comes as a high profile green crowdfunding scheme, the Trillion Fund, said it would no longer be loaning money to renewable energy projects because the government had “rocked investor confidence”.

EEF said ministers should move away from green taxes that penalise businesses, such as the carbon price floor and the carbon reduction commitment, and instead use tax incentives to reduce CO2. http://www.theguardian.com/environment/2015/sep/14/eef-calls-on-downing-street-to-scrap-complex-energy-tax-system

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‘Scrap war legislation!’ Thousands protest Japan’s unpopular new military doctrine

Tens of thousands of people have attended a rally in central Tokyo to denounce the lack of public debate and governmental haste in adopting controversial legislation which would allow Japan to deploy troops abroad for the first time since World War II. 

 

Led by opposition parties, celebrities and peace activists, members of the crowd held placards saying “no war” and “scrap war legislation,” as they stood outside the National Diet building in Tokyo. Organizers say that over 45,000 people attended the rally. https://www.rt.com/news/315341-japan-security-bill-protest/


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