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Netherlands: New Stimulus Package

(Apr. 17, 2009) Prime Minister Jan Peter Balkenende of the Netherlands outlined his government's plan to “invest heavily in the Netherlands' future” in a statement made to the Dutch House of Representatives on March 25, 2009. (Press Release, Government of the Netherlands, Balkenende Presents Measures to Tackle Crisis (Mar. 26, 2009), available at The […]

Taiwan: Stimulus Plan to Expand Public Construction

(Mar. 18, 2009) On January 23, 2009, Taiwan's Special Statute for Revitalizing the Economy and Expanding Public Construction was promulgated, in 17 articles. It will remain in effect until December 31, 2012. The goals of the Statute, which was issued in accordance with the Budget Law (art. 83), are to stimulate the economy, effectively expand […]

Vietnam: Public Debt Law to Be Debated

(Mar. 13, 2009) A draft law on public debt was discussed on March 9, 2009, in committees of Vietnam's National Assembly, as well as by the Assembly's Council on Ethnic Nationalities. The debate centers on whether or not the debts of state-owned enterprises should be included in the law's provisions on pubic debt management. As […]

Organisation for Economic Cooperation and Development: Proposed Strategies to Address Global Fiscal/Economic Crisis

(Mar. 4, 2009) The Organisation for Economic Co-operation and Development (OECD), a 30-member body founded in 1961 that “brings together the governments of countries committed to democracy and the market economy from around the world,” recently published a booklet entitled OECD STRATEGIC RESPONSE TO THE FINANCIAL AND ECONOMIC CRISIS: CONTRIBUTIONS TO THE GLOBAL EFFORT [OECD […]

Nicaragua: Presidential Decree Directs Measures of Austerity

(Feb. 27, 2009) On January 15, 2009, the President of Nicaragua, Daniel Ortega Saavedra, issued a decree on “austerity and savings.” Presidential Decree 02-2009, published in LA GACETA, DIARIO OFICIAL [the official gazette] of January 21, 2009, contains the measures that governmental institutions should take to generate savings within public agencies, with the aim of […]

Taiwan: Consumer Vouchers Issued as Part of Financial Stimulus Package

(Feb. 4, 2009) On December 5, 2008, the Special Statute for Distributing Consumption Vouchers for Revitalizing the Economy was promulgated and took effect in the Republic of China (on Taiwan) (ROC). It will remain in force until September 30, 2009. According to ROC President Ma Ying-jeou, “Taiwan is the first country in the world to […]

Taiwan: Financial Stimulus Package

(Dec. 11, 2008) On November 24, 2008, Taiwan's Executive Yuan (Cabinet) approved two draft bills on the government's economic stimulus package. The estimated NT482.9 billion (about US$15 billion) program was divided between the two bills in an effort to gain fast-track legislative approval and smooth the process. Splitting up the legislation, according to Government Information […]

China: Law on Enterprise State-Owned Assets Passed

(Nov. 25, 2008) On October 28, 2008, after years of debate and repeated revisions, the Law on Enterprise State-Owned Assets of the People's Republic of China was approved by the Standing Committee of the 11th National People's Congress (NPC). Effective from May 1, 2009, the Law is designed to strengthen protection and management of the […]

Mexico: Fiscal Reform Measures Published in Federal Official Gazette

(Nov. 2, 2007) On October 1, 2007, the Mexican government officially published a fiscal reform package to increase the government's revenue. The fiscal laws amended are: the Income Tax Law, the Federal Fiscal Code, the Special Tax Law on Production and Services, and the Value-Added Tax Law. The package newly establishes an employment subsidy; the […]