Research from the Housing Industry Association showed the state had based previous revenue estimates on a trend of higher stamp duty earnings but would have to “severely” downgrade the forecasts. This was due to the ongoing weakness in the housing market that meant stamp duty, which is charged for each property transaction, was no longer the income generator it once was. MORE: How RBA move will boost real estate Sydney prices grow for first time in two years Government could also get locked in a debt trap if it continued to be overly dependent on the property tax for generating revenue. Falls in stamp duty revenue were correlated with a rise in net state debt, a HIA analysis showed. Average stamp duty charges on purchases in NSW are $26,000.Source:Supplied The HIA said government was basing its forward estimates on the tax, despite it being a volatile revenue generator swayed by unpredictable swings in the housing market. Stamp duty accounted for one fifth of all NSW … [Read more...] about Housing slump bleeds $10.6 billion from NSW government revenue
4 duties of government
NEW DELHI: The government’s latest offering of solar power projects based on indigenous kits attracted bids for twice the 1,000 MW capacity offered by state-run SECI (formerly Solar Energy Corporation of India) Ltd on Thursday, marking a revival in investor sentiment as a result of several progressive policy tweaks making domestic manufacturing a viable option. This marks the first over-subscription of a renewable energy capsule in nearly two years during which auctions for solar and wind energy projects of over 10 GW had to be extended, postponed or retendered in the absence of response from investors. Industry sources estimate the latest domestic manufacturing-linked capsule will lead to an investment of Rs 6,000 crore into setting up solar kit-making capacity, giving a major boost to prime minister Narendra Modi’s ‘Make in India’ campaign that appeared to be losing steam amid the country’s economic low. In the jobs front too, the capsule is estimated … [Read more...] about After months of gloom, government’s mega solar offering soars
The Telangana government on Saturday ruled out any further talks with the striking employees of the Road Transport Corporation (RTC), though the employees’ union offered to drop their main demand of merger of the corporation with the state government as a pre-condition for talks.Principal secretary (transport) and in-charge managing director of RTC Sunil Sharma submitted a counter-affidavit in the state high court stating that the situation in the corporation had reached an irreversible stage.On the announcement of the Joint Action Committee of the Telangana RTC unions that they would drop the demand for merger of RTC with the state government for now, Sharma said there was no guarantee that they would not raise the demand again in future.“They said they were setting aside the demand for merger only temporarily but not completely. In future, they may raise the issue again and the situation would come back to square one. So, there is no question of holding any talks with … [Read more...] about Telangana RTC employees drop merger demand; too late, says govt spurning talks
Email 7.30 By North America correspondent James Glenday and Niall Lenihan in Williamsburg, Virginia Posted November 17, 2019 06:14:07 Photo: Ms Luria joined six other first-term Democratic moderates to call for Mr Trump's impeachment. (ABC News: Niall Lenihan ) Related Story: It sounds complicated, but there are only five ways impeachment could end for Donald Trump Related Story: Republicans just got what they wanted in the impeachment inquiry — and that could be bad for Trump Related Story: Is there any truth to Trump's claims about the Bidens in Ukraine? Map: United States After hearing about the phone call between US President Donald Trump and his Ukrainian counterpart, Elaine Luria felt she no longer had a choice. Key points:Congresswoman Elaine Luria supports impeachment hearings against Mr TrumpShe is in a marginal Virginia seat and could lose in 2020Ms Luria said she felt like she had a patriotic duty to act The Democratic Congresswoman had resisted her … [Read more...] about Donald Trump’s impeachment hearings were triggered by Democrat Elaine Luria. Will it backfire?
The government on Friday notified the rules for insolvency and liquidation proceedings of financial service providers (FSPs). These rules, notified by the ministry of corporate affairs, will not be applicable to banks, reports Ruchika Chitravanshi. Illustration: Uttam Ghosh/Rediff.com. Paving the way for the resolution of debt-laden entities such as Dewan Housing Finance (DHFL), the government on Friday notified the rules for insolvency and liquidation proceedings of financial service providers (FSPs). These rules, notified by the ministry of corporate affairs, will not be applicable to banks. The government is yet to notify the categories of FSPs to be covered by the notification. “The special framework provided under Section 227 of the Code for financial service providers is essentially aimed at serving as an interim mechanism to deal with any exigency pending introduction of a full-fledged enactment to deal with financial resolution of banks and other systemically important … [Read more...] about Debt-hit fin service providers get a lifeline