Shadow Chancellor Ed Balls has declared his opposition to an EU financial transactions tax (FTT), but has said he would be in favour of instituting the tax on a global level.
The UAE is working on plans to introduce a 5% VAT in conjunction with other members of the Gulf Cooperation Council, Younis Haji Al Khouri, undersecretary at the UAE's Finance Ministry, has said.
The Mirrlees Review, published last week by the Institute of Fiscal Studies (IFS), calls for wide ranging reform of the UK tax system. The review, led by economist and Nobel laureate, Sir James Mirlees, argues that growth rates and future living standards could be greatly improved by a system that is less "complex inefficient and unfair".
Japan's new finance minister, Jun Azumi has said he wants to cut the corporate tax rate amid fears that the rising value of the yen will encourage struggling business to relocate overseas.