Federal Treasurer Wayne Swan has proposed a more favourable treatment of loss-making businesses and a rise in the tax-free threshold to $21,000 when it’s “affordable”, as the Tax Forum drew to a close yesterday.
Swan has also tasked Mike Baird and Andrew Fraser, State Treasurers of NSW and Queensland respectively, to look at reforming the state-based tax system.
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Business groups have welcomed Swan’s proposals, as well as the concept of the Tax Forum itself, but have called for further action to simplify the tax system for companies.
IMF warns of another global recession
The International Monetary Fund has cut its growth forecast for Europe, warning that another global recession could be on the cards.
The IMF predicts that economic growth will fall to 2.3% in 2011, with it dropping to 1.8% next year.
Governments should consider stimulus measures, rather than austerity cuts, in order to boost growth levels, the IMF said.
Coca-Cola named world’s most valuable brand
Coca-Cola has been named the world’s most valuable brand, with Apple entering the top 10 for the first time, according to a new report.
Branding agency Interbrand’s annual rankings puts Coca-Cola at the top with a brand value of $71 billion. IBM is second, while Microsoft is fourth and Google fifth.
The biggest leap, however, is by Apple, which moved from 17th position last year to eighth this year. The tech giant has a brand value of $33 billion.
The Dow Jones industrial average was up 131.24 points, or 1.21%, to 10,939.95. The Australian dollar was up slightly, to 96.54 US cents.