Scottish interest jeopardised

Calman Commission scheme for Holyrood has proposed major changes in the structure of income tax and the current coalition government in UK is all set to go ahead with it. These changes are ready to be incorporated in the tax structure by next year. Not many are in favour of these changes in the tax structure but everyone kept quite or did not raise an objection because there wasn’t any change in the revenue earned by the exchequer from income tax.

But now the Scottish government is up in arms and the bill is being highly debated in the Scottish parliament. A serious flaw in Calman Commission scheme for Holyrood has been discovered which translated into a loss of 250 million pounds for Scottish government in the form of income tax revenue every year.

This means that though there is no loss for the UK government, Scottish government has to suffer a huge loss in terms of 250 million pounds a year.

These serious flaws after disclosure have led to growing unrest over the Calman plans which have been introduced or put forward by Westminster. Calman plans have proposed to increase the income tax threshold to 10,000 pounds.

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Now with the growing unease, it has become really important that the tabled points of Calman Commission scheme for Holyrood be discussed clearly between officials in London and officials in Edinburgh before the bill goes into legislation. Let’s see if the tax change really takes place and if it does, what options will Scottish government employ to minimise their revenue losses.

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Senior Citizens turn in Large numbers to Buy ‘Strong Thailand' savings bonds

Huge numbers of senior citizens are queuing up to purchase theThai Khem Kaeng 'Strong Thailand' government saving bonds. The interest that is being given on these bonds is quite high which is the major reason why elderly are so interested in them. The bonds are currently being issued in 7,000 branches of 12 banks and financial institutions across Thailand.

It was estimated that there would be huge rush after the bonds were open for public issue. Hence Thailand government decided to open the first 2 days of bond issue to the senior citizens only. The rest of the days were kept open to the general public.

The Ministry of Finance sponsored the bonds worth Bt100 billion. These bonds were given by the government in order to help the needy so that people could repay their short term immediate cash loans and improve their financial conditions.

The issued bonds will mature in a span of 6 years. A minimum purchase of Bt10,000 is made mandatory and the maximum limit is Bt1 million. The average rate of interest is 4.17% which will be paid to the bond holders twice in a year.

The bond issue is a part of Thailand Government to sell Bt170 billion worth of saving bonds. These bonds are issued to help finance Bt1.43 trillion in incentive spending over the period of 3 years.

Last year too the government sold out Bt80 billion worth of bonds in the month of July. A lot of small investors grabbed the opportunity and bought them all.



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