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Merida-Mexico is declared Best City in the world
Merida, the capital of the Mexican state of Yucatan, was appointed “Best City in the World” for its natural and cultural attractions, the warmth of its people, and the promotion of the wide offer of experiences the state offers to its visitors. The award was presented by Condé Nast Traveler magazine in the category of small cities. The award was received by the Minister of Tourist Promotion, Michelle Fridman, in representation of the Governor Mauricio Vila Dosal. The winners of this award are selected by the magazine´s readers through online votes between over 10,000 hotels, destinations, spas, resorts, islands, cruises, airlines, airports among others. Merida won 1st place over Dresden-Germany, which was 2nd, Quebec-Canada 3rd, Salzburg-Austria 4th, Puerto Vallarta-Mexico 5th, Bergen-Norway 6th, Firenze-Italy 7th, Puebla-Mexico 8th, Monte Carlo-Monaco 9th and Cologne-Germany 10th.   Source:https://www.eluniversal.com.mx/
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IMF raises Bulgaria 2019 economic growth forecast to 3.7%
The International Monetary Fund (IMF) has raised its economic growth forecast for Bulgaria to 3.7 per cent 2019, before slowing to 3.2 per cent in 2020, according to its October 2019 World Economic Outlook. In its April forecast, the Fund projected economic growth of 3.3 per cent this year and three per cent in 2020. Unemployment is seen as dropping from 5.3 per cent in 2018 to 4.9 per cent in 2019 and 4.8 per cent 2020, the IMF said. It also made a small upward revision for the annual average consumer price inflation (CPI) from to 2.4 per cent to 2.5 per cent, compared to 2.6 per cent in 2018. The current account balance is forecast to remain positive, but dropping from 4.6 per cent last year to 3.2 per cent in 2019 and 2.5 per cent in 2020. But although World Economic Outlook was positive on Bulgaria’s immediate prospects, the global picture was much more downbeat, with the IMF cutting its 2019 world economic growth forecast to three per cent, down from 3.3 per cent in April and 3.6 per cent in last year’s October report. Its 2020 forecast was for a moderate rebound to 3.4 per cent, down from 3.6 per cent projected in the April report. “This subdued growth is a consequence of rising trade barriers, elevated uncertainty surrounding trade and geopolitics, idiosyncratic factors causing macroeconomic strain in several emerging market economies, and structural factors, such as low productivity growth and aging demographics in advanced economies,” the Fund said. “A notable feature of the sluggish growth in 2019 is the sharp and geographically broad-based slowdown in manufacturing and global trade. […] Higher tariffs and prolonged uncertainty surrounding trade policy have dented investment and demand for capital goods, which are heavily traded,” according to the IMF. In contrast to weak manufacturing and trade, the services sector across much of the globe continued to hold up, which helped wage growth in advanced economies, but the divergence between manufacturing and services “has persisted for an atypically long duration, which raises concerns of whether and when weakness in manufacturing may spill over into the services sector.” The Fund said that the growth figures were buoyed by monetary policy easing across advanced and emerging markets. This stimulus added 0.5 percentage points to growth in 2019 and 2020, helping offset the negative impact of US–China trade tensions, which the IMF estimated would impact global growth by 0.8 per cent next year. “With central banks having to spend limited ammunition to offset policy mistakes, they may have little left when the economy is in a tougher spot,” the IMF warned. The Fund said that its forecast faced significant downside risks, as trade barriers and heightened geopolitical tensions, including Brexit, could further disrupt supply chains and hamper confidence, investment, and growth. “Such tensions, as well as other domestic policy uncertainties, could negatively affect the projected growth pickup in emerging market economies and the euro area. A realisation of these risks could lead to an abrupt shift in risk sentiment and expose financial vulnerabilities built up over years of low interest rates,” the IMF said.   Source:https://sofiaglobe.com/2019/10/16/imf-raises-bulgaria-2019-economic-growth-forecast-to-3-7/
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How the proposed new Direct Tax Code could cut your income tax
When the corporate tax rate was reduced to 25% last month, it was termed as an early Diwali for the corporate sector. Now, taxpayers are hoping the government will gift them a similar tax relief. According to former Niti Aayog Chairman Arvind Panagariya, “there is a strong case for a similar reform of personal income tax”. The Akhilesh Ranjan taskforce, set up to suggest an overhaul of the Income Tax Act, has also recommended sweeping changes in the tax slabs. It submitted its report on the new Direct Taxes Code to the government in August. However, the report has not been made public. According to newsreports, the taskforce has retained the basic exemption level at Rs 2.5 lakh for general income taxpayers. For senior citizens (above 60 years) the basic exemption stays at Rs 3 lakh and for very senior citizens (above 80 years) it stays at Rs 5 lakh. The big change is the widening of the income slabs. The 10% tax slab extends right up to Rs 10 lakh, which will bring a significant relief to a large chunk of taxpayers. According to the Central Board of Direct Taxes (CBDT), more than 27% of the 5.52 crore individual taxpayers who filed returns for 2017-18 had an income between Rs 5 lakh and Rs 10 lakh. If the recommendations of the task force are implemented, these 1.47 crore taxpayers would move from the 20% slab to the 10% slab. Currently, there is a 4% cess on total tax and full tax rebate for incomes up to Rs 5 lakh a year. The new DTC has reportedly recommended scrapping of the surcharges but retained the tax rebate. The impact will not be very significant for low income taxpayers. Middle income earners with taxable income of up to Rs 5-6 lakh will not see a major change in their tax liability under the new slabs proposed by the DTC panel. However, they can escape the tax net by availing deductions that will take their net taxable income below the Rs 5 lakh tax-free threshold. The taskforce has retained the full tax rebate offered under Section 87A to taxpayers earning up to Rs 5 lakh a year.   Source: https://economictimes.indiatimes.com/wealth/tax/ho w-the-proposed-new-direct-tax-code-could-cut-your-income-tax/articleshow/71659754.cms
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Govt. steps helping India to inch up its ease of biz ranking: Commerce Ministry
India has recorded continuous improvement in its ease of doing business ranking issued by the World Bank on account of steps taken by the government in this regard, the commerce and industry ministry said on Thursday. India jumped 14 places to the 63rd position on the World Bank's ease of doing business ranking released earlier in the day, riding high on the government's flagship 'Make in India' scheme and other reforms attracting foreign investment. The report ranks 190 countries. "As a result of continued efforts by the government, India has improved its rank by 79 positions in last five years (2014-19)," it said. India has improved its rank in 7 out of 10 indicators, and has moved closer to international best practices. "Significant improvements have been registered in resolving insolvency, dealing with construction permits, registering property, trading across borders and paying taxes indicators," it said. The government is targeting to join the 50 top economies on the ease of doing business ranking. Commenting on this, Deloitte chairman, Shyamak Tata said the development puts India in the rank of the most-favoured investment destinations, indicating an environment that encourages foreign investors to become part of the Indian growth story. Rohinton Sidhwa, partner Deloitte, said that the report covers two cities -- Mumbai and New Delhi, and a single window for construction and labour related compliance in these cities have contributed to the improvement. Former Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Ramesh Abhishek said that the ranking show "how much can be achieved with a strong political will and total commitment of officials to reforms". Government process re-engineering, massive use of technology and constant engagement with users have helped India in improving its position in the ranking, he added.     Source:https://www.livemint.com/companies
General
FDI in tourism grows 68.4% in Mexico
The Secretary of Tourism, Miguel Torruco Marqués, noted that the FDI registered in the tourism sector in Mexico during the first six months of this year, shows the highest growth that has been had for a first semester in the last decade. During his participation in the panel entitled "Tourism: more financing is good, more social responsibility" at the Business Summit, Torruco Marqués said that from January to June 2019, foreign investment in this industry grew +68.4% over the previous year. He said that in recent years, Foreign Direct Investment in Mexico has not decreased and, as an example, recalled that the accumulated in this line from 1999 to the third quarter of this year reaches US $21 billion. As well, he stressed that FDI for the period January-September 2019, is estimated at US $624 million, representing three percent of all Foreign Direct Investment in the country. When talking about the national tourism strategy for the six years of the current administration, he said that the Federal Government seeks to consolidate the country as a tourism power with welfare and a fair and balanced development, under the following premises: promote a social and inclusive approach, which becomes an instrument of social reconciliation, promote a balanced regional development, diversify tourism markets and promote sustainable tourism.   Source:https://elfinanciero.com.mx/

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