📄 reut2-019.sgm
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corporate tax revenue.
Under the motion, which is used to introduce most financial
tax changes, dividends on all preferred shares issued after
June 18 will be taxable.
The issuing corporation will be able to choose between two
forms of tax, one that imposes a 25 pct tax on dividends with a
subsequent additional 10 pct tax paid by the shareholder, and
one that imposes a flat 40 pct tax on dividends.
"Measures to reduce the tax advantages of after-tax
financing arrangements using preferred shares are a critical
step in achieving the broadened corporate tax base required to
fund personal income tax reductions," Wilson explained.
The minister said many profitable corporations, using
various deductions built up over the years, pay no taxes,
although they are in a position to pay dividends out of their
profits.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6855" NEWID="19019">
<DATE>18-JUN-1987 20:35:36.77</DATE>
<TOPICS></TOPICS>
<PLACES><D>canada</D></PLACES>
<PEOPLE><D>wilson</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT>
<TITLE>CANADA SETS WIDE-RANGING PERSONAL TAX CHANGES</TITLE>
<DATELINE> OTTAWA, June 18 - </DATELINE><BODY>Finance Minister Michael Wilson unveiled
a wide-ranging reform of the personal tax system that includes
limiting the capital gains exemption and a sharp cut in the
dividend tax credit.
With most changes effective at the first of next year,
Wilson also announced he was cutting the number of tax brackets
from 10 to three.
He said the changes will cut personal tax revenues by two
billion dlrs in 1988 and by more than 11 billion dlrs over the
next five years.
"Most Canadians will pay lower taxes because of two
far-reaching changes. A new structure of federal income tax
rates and the conversion of exemptions and deductions to tax
credits," Wilson told the House of Commons.
The new tax brackets will be 17 pct on the first 27,500
dlrs of taxable income, 26 pct on the next 27,500 dlrs and 29
pct on taxable income in excess of 55,000 dlrs. The maximum tax
rate is 34 pct under the current system.
In a major reversal of his own initiative, Wilson said the
controversial 500,000 dlrs capital gains exemption will be
reduced to 100,000 dlrs over an investors' lifetime.
Wilson introduced the exemption shortly after taking office
in 1984 as a a way of stimulating investment, but it was
sharply criticized by the opposition as over-generous to
wealthy investors.
The 500,000 dlr lifetime exemption will be kept on the
sale of farm land and for small businesess, however.
Also, the taxable portion of a capital gain will increase
from 50 pct currently to 66-2/3 pct in 1988 and 75 pct in 1990.
The dividend tax credit will be reduced from 33-1/3 pct to
25 pct and the deduction for up to 1,000 dlrs of interest and
dividend income will be eliminated in 1988.
Wilson said tax treatment for registered retirement savings
plan contributions will be maintained but the phase in of the
increase in the maximum limit to 15,500 dlrs will be delayed
four years to 1994.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6856" NEWID="19020">
<DATE>18-JUN-1987 20:48:32.87</DATE>
<TOPICS><D>interest</D></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT TYPE="BRIEF">
******<TITLE>ANZ BANKING GROUP SAYS IT WILL CUT PRIME RATE TO 16.00
PCT FROM 16.50 ON JUNE 22
</TITLE>
</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6857" NEWID="19021">
<DATE>18-JUN-1987 21:07:33.30</DATE>
<TOPICS><D>money-fx</D><D>dlr</D></TOPICS>
<PLACES></PLACES>
<PEOPLE><D>miyazawa</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT TYPE="BRIEF">
******<TITLE>Japan still asking institutions to limit speculative dlr
deals - Miyazawa
</TITLE>
</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6858" NEWID="19022">
<DATE>18-JUN-1987 21:09:30.49</DATE>
<TOPICS><D>interest</D></TOPICS>
<PLACES><D>australia</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT>
<TITLE>ANZ BANKING GROUP CUTS PRIME RATE TO 16.00 PCT</TITLE>
<DATELINE> MELBOURNE, June 19 - </DATELINE><BODY>The Australia and New Zealand Banking
Group Ltd <ANZA.S> said it will cut its prime rate to 16.00 pct
from 16.50, effective June 22.
The cut takes the ANZ's prime to the lower end of the range
of prime rates being offered by Australian trading banks. The
highest rate is 17.50 pct.
The cut follows announcements of cuts yesterday by
<Citibank Ltd> to 16.00 pct from 16.5, effective today, and
<Commonwealth Bank of Australia> to 15.75 pct from 16.25,
effective June 24.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6859" NEWID="19023">
<DATE>18-JUN-1987 21:15:11.47</DATE>
<TOPICS><D>money-fx</D><D>dlr</D></TOPICS>
<PLACES><D>japan</D></PLACES>
<PEOPLE><D>miyazawa</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT>
<TITLE>JAPAN STILL WANTS SPECULATIVE DLR DEALS LIMITED</TITLE>
<DATELINE> TOKYO, June 19 - </DATELINE><BODY>The Finance Ministry is still asking
financial institutions to limit speculative dollar dealings,
Finance Minister Kiichi Miyazawa told reporters.
He was responding to rumours in the New York currency
market overnight that the Ministry was reducing its pressure on
institutions to refrain from excessively speculative dollar
dealings.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6860" NEWID="19024">
<DATE>18-JUN-1987 21:32:28.55</DATE>
<TOPICS></TOPICS>
<PLACES><D>india</D></PLACES>
<PEOPLE><D>gandhi</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT>
<TITLE>GANDHI PARTY BADLY DEFEATED IN INDIA STATE POLL</TITLE>
<DATELINE> NEW DELHI, June 19 - </DATELINE><BODY>Prime Minister Rajiv Gandhi's Congress
(I) party was swept from power in the northern state of Haryana
by an opposition landslide.
The loss was a major personal setback for Gandhi whose
vote-winning ability was on trial after political scandals in
Delhi and a string of electoral losses since he took command of
the party in 1984.
With 53 results in for Haryana's 90-seat assembly, Congress
had won only two seats against 63 previously. Before the poll,
Congress politicians in Delhi said privately that a loss in
Haryana could open a party leadership debate.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6861" NEWID="19025">
<DATE>18-JUN-1987 21:34:55.99</DATE>
<TOPICS></TOPICS>
<PLACES><D>south-korea</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT>
<TITLE>SOUTH KOREA THREATENS EMERGENCY MEASURES</TITLE>
<DATELINE> SEOUL, June 19 - </DATELINE><BODY>The government will take emergency
measures if the present wave of violent protest demonstrations
continues, state radio said.
The radio, which did not specify the measures, said the
decision was taken today at a meeting of top ministers and
security officials attended by Prime Minister Lee Han-key. It
said a special statement would be made shortly.
Thousands of demonstrators took to the streets of Seoul and
other cities yesterday, battling riot police and demanding the
resignation of President Chun Doo Hwan. It was the ninth
successive day of violent protests.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6862" NEWID="19026">
<DATE>18-JUN-1987 21:56:40.46</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT>
<TITLE>COURT ORDERS INT'L MEDICAL INSURER TO SHOW CAUSE</TITLE>
<DATELINE> TALLAHASSEE, Fla., June 18 - </DATELINE><BODY>A Circuit Court judge ordered
the company that insured the solvency of International Medical
Centres Inc to show cause why it should not honour its contract
with International, according to Florida's Department of
Insurance, which had filed a petition on the matter.
As previously reported, International, the largest health
maintenance organisation in Florida was declared insolvent on
May 14. Federal regulators had also told the company its
Medicare contract would be terminated on July 31 because of the
company's financial and management problems.
Michelle McLawhorn, Florida Department spokeswoman, said
International's insurer, State Mutual Life Assurance Co of
America, had made clear it would fight activation of the policy
because International did not provide it with accurate
financial records. State Mutual could not be reached for
comment.
McLawhorn said it was not yet known how many creditors
International had or how big its debt was. The court gave State
Mutual 20 days to show why it should not be obliged to pay
claims against the solvency policy.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6863" NEWID="19027">
<DATE>18-JUN-1987 22:26:37.58</DATE>
<TOPICS></TOPICS>
<PLACES><D>brazil</D></PLACES>
<PEOPLE><D>sarney</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT>
<TITLE>BRAZIL RULING PARTY TO DECIDE ON PRESIDENTIAL TERM</TITLE>
<DATELINE> BRASILIA, June 18 - </DATELINE><BODY>The ruling Brazilian Democratic
Movement Party (PMDB) will hold a national convention on July
18 and 19 to discuss the length of the Presidential term, a
PMDB spokesman said.
Although the country's constitution allows for a six-year
term, Sarney said he would remain only five years after he came
to power in 1984.
The Constituent Assembly is drawing up a new constitution
and severe economic problems have increased the pressure on it
to call early elections. A faction of the PMDB favours a poll
in November next year.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6864" NEWID="19028">
<DATE>18-JUN-1987 22:33:01.85</DATE>
<TOPICS><D>money-supply</D><D>money-fx</D><D>dlr</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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u f BC-FED-DATA-SUGGEST-NO-C 06-18 0086</UNKNOWN>
<TEXT>
<TITLE>FED DATA SUGGEST NO CHANGE IN MONETARY POLICY</TITLE>
<AUTHOR> By Kathleen Hays, Reuters</AUTHOR>
<DATELINE> NEW YORK, June 18 - </DATELINE><BODY>New U.S. Banking data suggest the
Federal Reserve is guiding monetary policy along a steady path
and is not signalling any imminent change of course, economists
said.
But they also said that if money supply growth remains
weak, as this week's unexpected eight billion dlr M-1 decline
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