India has increased the windfall tax on diesel and aviation turbine fuel (ATF) exports for the fortnight starting June 16. The special additional excise duty on diesel is now Rs 14 per litre, and on ATF is Rs 12.5 per litre. The duty on petrol exports remains Rs 1.5 per litre.
Russia's Finance Ministry is considering an excise tax on imported steel, with a decision potentially made by autumn. Discussions are ongoing with the Ministry of Industry and Trade regarding the scope and feasibility of the measure.
Russia's Finance Ministry states no current discussions on introducing a windfall tax, with decisions to be made comprehensively during the 2027-2029 budget planning based on macroeconomic forecasts.
The Supreme Court has demanded records from the Finance Ministry regarding the 2023 write-off of Yes Bank's Rs 8,415 crore AT-1 bonds. The court questioned the validity of the Cabinet decision and asked for meeting minutes and quorum details by 3 PM.
South Korea's finance ministry announced plans to stabilize consumer prices, citing economic achievements like overcoming a martial law bid and AI-driven industrial transformation. The economy grew 1.7% in Q1, and major banks project 2.6% growth for 2026.
According to the Russian Finance Ministry, the high deficit figures at the beginning of the year are primarily due to accelerated financing of expenditures
According to the Finance Ministry’s preliminary estimate, federal budget revenues for the first four months of 2026 amounted to $156.52 bln
South Korea’s Finance Ministry has reportedly confirmed for the first time that a 22% tax on crypto gains will proceed as scheduled in January 2027.
The finance ministry has said the West Asia conflict should be treated as a 'war' to invoke the force majeure clause in public contracts, allowing 2-4 month extensions without penalties. The department of expenditure issued an office memorandum enabling relief for companies whose contractual obligations were affected by supply chain disruptions from Feb 27 onwards. Sectors including defence, drone manufacturing, fertiliser and chemicals will benefit.
Banks in India have paused gold and silver imports since April 1, awaiting the annual finance ministry notification that exempts nominated banks from integrated goods and services tax (IGST). Over a dozen RBI-authorized banks are waiting for the FY27 notification, which has been delayed without explanation. The delay is causing disruptions in the gold trade, with jewellers reporting export orders being held up. Gold imports surged 24% to $71.98 billion in FY26, though volume dipped 4.7% to 721.03 tonnes.
In a statement, the Finance Ministry also announced that the road and infrastructure cess on diesel exports will be waived for the next fortnight starting May 1. Meanwhile, the export duty on petrol will continue to remain at zero.
Japan's finance ministry has reported that approximately 250 private universities, representing about 40% of the nation's 624 private higher education institutions, are likely to face closure or merger due to enrollment shortfalls and financial pressures. Education experts blame the education ministry for approving new university openings in the last decade despite the well-known declining birth rate, creating the current oversupply problem.
Indian banks have suspended gold and silver imports since April 1, 2026, waiting for the annual finance ministry notification that exempts nominated banks from integrated goods and services tax (IGST). Over a dozen banks, authorized by RBI and DGFT to import bullion from international banks like JP Morgan Chase, UBS, and Standard Chartered, have halted imports until the FY27 notification is issued. The jewellery trade has warned of serious disruptions, with export orders getting held up. The government may be encouraging reduced gold imports to help the rupee amid current account and balance of payment concerns.
Ryanair will close its Berlin base on October 24, removing seven aircraft and cutting flights by 50%. The airline called Berlin 'the most failing airport in Europe,' citing a 27% passenger decline since 2019 and doubling aviation taxes. Aircraft will be reallocated to lower-cost EU airports in Sweden, Slovakia, Albania and Italy.
Brazil’s Finance Ministry cited investor protection concerns and rising gambling addiction as it blocked platforms like Polymarket and Kalshi.
Cyber criminals hacked Sri Lanka's finance ministry and stole $2.5 million in what the government calls the largest cash heist ever from a state institution. The money was destined as debt repayment to Australia. Four senior officers at the Public Debt Management Office have been suspended as criminal investigators examine the breach.
Cyber criminals have hacked Sri Lanka's finance ministry, stealing millions of dollars destined to repay Australia.
Cyber criminals have hacked Sri Lanka's finance ministry, stealing millions of dollars destined to repay Australia.
