Reduction in each band would be based on linear cuts, with developing countries subject to lower cuts (two thirds of the developed country cuts), with the element of progressivity across the bands with higher tariffs subject to deeper cuts.

As a result of the Uruguay Round, tariffs on these products will be reduced by 35 per cent in North America and 29 per cent in Western Europe.

Formulas for tariff cutting under NAMA should be determined expeditiously so as to drastically reduce tariff peaks and tariff escalations, with adequate SDT made available to developing countries.

Discussion of the formula for tariff cuts was delayed pending the resolution of the methodology for calculating ad valorem equivalents.

The decisions relating to the improvements in market access for non agricultural products adopted at the Doha Ministerial Conference, inter alia, state that the negotiations in this area shall aim to reduce and, as appropriate, to eliminate tariffs, including through the reduction or elimination of tariff peaks, high tariffs, tariff escalation, and non tariff barriers, in particular those relating to products of export interest to developing countries.

8 The Swiss formula produces steeper cuts on higher tariffs and leads to harmonization of tariff structures across the board.

The ad valorem equivalents emerged as key, as they determine the level of the base rate to which tiered formula cuts will be applied for those products subject to non ad valorem duties.

(a) Substantial reductions of tariffs, the rolling back of tariff peaks and the removal of tariff escalation

Provision for staff assessment has been reduced by a 5 per cent turnover factor.

The continual decline of tariff rates as the result of eight GATT rounds of multilateral trade negotiations (MTNs) has increased the relative importance of NTBs both as protection and as regulatory trade instruments.

Under the GSP scheme of Japan, GSP rates on various agricultural and fishery products have been reduced to maintain the preferential margin following the MFN tariff cuts of the Uruguay Round MFN tariff reductions.

The Ozone Secretariat's request for granting observer status to the WTO Committee on Trade and Environment is still pending.

Romney acknowledges that large spending cuts, along with the scheduled expiration of tax cuts at the end of this year, could throw the economy back into recession in 2013. But he vows to steer the economy from the fiscal cliff by extending the tax cuts enacted under George W. Bush, doubling down with a further 20 across the board cut in income tax rates and cutting the corporate rate from 35 to 25 .

WTO has given prominence to the potential for further reduction of tariff barriers to foster an expansion in South South trade.

Finally, in addition to extending Bush s tax cuts, Romney promises an across the board 20 reduction in marginal personal income tax rates and a significant cut in the corporate rate to encourage businesses to hire more workers. Despite large cuts in marginal income tax rates at the start of the Bush administration, however, job growth between 2000 and 2007 was half the rate of the previous three decades.

Although some cuts in traditional outlays should be part of efforts to rein in spending, this approach should be supplemented by reducing tax expenditures the special features of the tax code that subsidize health care, mortgage borrowing, local government taxes, etc.. Limiting tax expenditures could reduce the annual deficit by as much as 2 of GDP, thereby reducing the debt to GDP ratio in 2021 by more than 25 percentage points.

The reduction of agricultural subsidies (which will, nevertheless, continue to some extent) by major developed countries is likely to be more critical than the reduction of tariff rates for developing country exporters competing with developed countries.

The export tax on unprocessed cashews has been cut from 26 per cent in 1994 95 to 14 per cent this year.

An increase in VAT raises the price of imported goods, as foreign firms face a higher tax. To ensure that domestic firms do not have an incentive to raise prices, an increase in VAT needs to be accompanied by a cut in payroll taxes.

Robert Baldwin (1984), for instance, writes Not only have these measures become more visible as tariffs have declined significantly through successive multilateral trade negotiations but they have been used more extensively by governments to attain the protectionist goals formerly achieved with tariffs .

Discussion continues on the possibility of the elimination of tariffs (voluntary or otherwise) in key sectors said to be of export interest to developing countries, or even cutting tariff rates to zero (zero for zero) among a critical mass of key countries.

While numerous peak tariffs were substantially reduced during the Round, this was not a general pattern.

Tariff escalation will also decline.

Extensive negotiations are expected on the number of tariff bands, the criteria for setting such tariff bands and the modalities for reducing tariffs in each band.

Besides extensions of product coverage, across the board tariff cuts and reductions of non tariff barriers, which are not, at present, covered by the GSTP, are important areas for future negotiations.

The traditional path to increasing intra African trade by cutting tariffs presents difficulties for many countries because they rely on import duties for a significant portion of government receipts.

Also, while tariff barriers were coming down, non tariff barriers were going up many times over.

The main focus of the work of the negotiating group on non agricultural market access has been on the appropriate formula for tariff cuts.

Moreover, the impact of the Uruguay Round apos s MFN tariff reduction on preference margins would not be uniform in all preference receiving countries.

In spite of tariff reductions as a result of the Uruguay Round, however, the post Uruguay Round bound rates will continue to display considerable tariff escalation for processed products, particularly in the EU and Japanese markets.

This requires reaching agreement on the rapid elimination of export and trade distorting domestic subsidies in agriculture as well as a substantial advance in reducing tariff peaks and escalation in manufactures of interest to developing countries.

Going over the fiscal cliff would have had the attraction of seriously cutting government spending, although the composition of the cuts nothing from entitlements and too much from defense was unattractive. The associated revenue increase was, at least, across the board, rather than the unbalanced hike in marginal tax rates at the top that was enacted.

Those who see the need for such a growth strategy, but who also want to help their friends, like the idea of tax cuts especially for the rich. This knocks a hole in current deficit reduction plans, but, provided government continues to cut spending, it has the benefit (from a conservative s point of view) of shrinking the state s role over time.

Developing countries would have recourse to the special safeguard mechanism to address unforeseen events arising from possible import surges as a result of tariff reduction.

In his July 8 budget announcement, Chancellor of the Exchequer George Osborne proposed to cut 12 billion ( 18.6 billion) from the welfare bill over the next four years as part of his deficit cutting plan. Of this, 9 billion will come from cutting the tax subsidies for working families.

Eliminating special interest loopholes, like tax breaks for oil and gas, or for corporate jets, would not yield enough revenue to pay for a meaningful rate cut. And curtailing accelerated depreciation, the manufacturing production deduction, and the R amp D tax credit which account for about 80 of corporate tax expenditures would involve significant tradeoffs.

Eliminating special interest loopholes, like tax breaks for oil and gas, or for corporate jets, would not yield enough revenue to pay for a meaningful rate cut. And curtailing accelerated depreciation, the manufacturing production deduction, and the R D tax credit which account for about 80 of corporate tax expenditures would involve significant tradeoffs.

Reduced as a result of the drawdown.

Apart from questions of fairness, cutting top tax rates is an inferior way to increase spending, because the rich have a higher propensity to save. Tax reductions should be targeted specifically at the poor if one wants the money to be spent to stimulate the economy.

33. A further concern is the decline in tax revenues forecast for 1999, owing to the repeal of the Act on a Single Property Tax, tariff reductions, the ending of the commercial and agricultural enterprise tax, which is expected to occur in mid 1999, and the planned cut in income tax rates.

Express their concern with the sharp reduction of 20.001 per cent in the 1998 1999 programme and budgets, and call for this to be regarded as the last reduction in the UNIDO budget, and for reversing this trend

Tax policy, along with other legislative measures, have been increasingly focused on reducing wealth and higher incomes.

These revenue losses could be offset by curtailing so called corporate tax expenditures deductions, credits, and other special tax provisions that subsidize some economic activities while penalizing others and broadening the corporate tax base. Both President Barack Obama s plan for business tax reform and the Simpson Bowles deficit reduction plan propose reducing such expenditures to pay for a reduction in the corporate tax rate.

Little progress has been made on the tariff reduction formula.

Express their concern at the sharp reduction of 20.001 per cent in the 1998 1999 programme and budgets, and call for regarding this as the last reduction in the UNIDO budget and for reversing this trend