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Korean business failures rise
More than a hundred businesses are failing a day in South Korea and analysts say almost no enterprise was immune to the trend, least of all the corporate Goliaths blamed for leading the economy into crisis. The Korea Institute of Finance predicts business failures will triple to around 53,000 in 1998, due to sky-high interest rates and near-zero economic growth resulting from International Monetary Fund (IMF) strictures.
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Cos asked to defer Modvat claims
The central excise department of the Union ministry of finance has issued circulars to leading chambers of commerce asking their members not to claim Modvat benefits on excise outgo till March 31, 1998. The department has sought the help of large corporate groups like the Tatas, Castrol and M&M, among others to postponer claiming modvat benefits till the next fiscal.
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VDIS inspires tax mobile scheme
Taking cue from the success ofthe Voluntary Disclosure of Income Scheme (VDIS), a novel "tax mobile" scheme is being contemplated to widen the tax net. Equipped with a computer, mobile phone and adequate staff,the new scheme will provide services ranging from filling up of income tax forms to securing a permanent account number (PAN) to the tax payers, all under one roof. The scheme has been mooted by the Delhi income tax department.
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FIs to fix date for MRL stake sale
Financial Institutions (FIs) have decided to fix a deadline for sale of their 45% equity stake in Modi Rubber Limited (MRL) to the two brothers, B K Modi and V K Modi. According to FI sources a time frame would be fixed at the heads of institutions meeting scheduled to be held next week in Mumbai within which the Modis would be told to come up with a concrete offer for purchase of the institutional holding.
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