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The Budget of London Essay Example

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The Budget of London

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The Budget of London. Budgets are particularly essential tools for event organizers and managers. They need to make correct estimations of the resources needed, costs and the number. Under-estimation of all these factors brings about losses on the part of the organizer.Citizens and small businesses in London paid keen attention to the budget contents on 28thMarch 2012. The chancellor delivered the budget speech. The London economy suffers a crisis despite moves like the Olympic game celebrations. Citizens hoped that the bill contained reputable news with the state of the economy slowly crumbling. The bill aimed at improving the integration between MPA/MPS businesses and financial planning. Majority of London’s enterprise leaders, optimistic that their 12 month prospects bear fruit.

This according to a research is the lowest level of confidence reading among citizens of London. However, with this budget the chancellor faces several challenges. The challenge comes in lowering the high budget deficit and at the same time encouraging growth. The people hope that the budget will not disclose a lot of information.Corporate tax refers to tax charged on institutions in a foreign country. The tax is for income that these companies generate in their business activities. Partnerships are not susceptible to tax. Majority of countries charges tax on all types of organizations conducting business in their jurisdiction. This helps in development strategies planned by governments. There are many businesses around the London capital. This provides some significance to the economy of London. With the growing number of organizations coming up, the tax derived from their incomes proves vital in the growth and development of industries, infrastructure, providing quality education and better health care (Cope, 2008).Financial transactions tax describes a levy placed on types of monetary transactions for purposes. This tax needs a transaction for implementation. If businesses do not indulge in transactions not described as taxable transactions, then it does not submit to the financial transactions tax.The chancellor delivering the speech has a task of making use of the budget attack the European Unions proposal to introduce the financial transactions tax. If the financial transactions tax works, it means that businesses that have no taxable transactions should not be taxed. In the light of trying to stabilize the economy, this is a leading setback to the. The Budget of London.

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Reference

Cope, J. M., 2008. Business Taxation: Policy & Practice the VNR series in accounting and finance. Taylor & Francis.
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