UPDATE 1-U.S. money mkt fund assets hit record--report

(Reuters) - Taxable money fund yields rose 1 basis point in the week to
an average 4.72 percent. Tax-free money fund yields rose 2
basis points to an average 3.07 percent.




The report is based on reports from 1,264 taxable and 542
tax-free and municipal money-market funds.


Read more at Reuters.com Bonds News

UPDATE 1-US money market fund assets reach record-iMoneyNet

(Reuters) - The inflow was the largest since July 8, 2003, when $43.8
billion flowed into the funds, according to the report released
by iMoneyNet Inc. of Westborough, Mass.




Taxable assets climbed by nearly $33.4 billion, while
tax-free assets grew by almost $5.7 billion.


Read more at Reuters.com Bonds News

Eaton Vance's Tooke Turns Around Small-Cap Fund With `Unloved' U.S. Stocks

(Bloomberg) -- Nancy Tooke, the third manager of
Eaton Vance Corp.'s Tax Managed Small Cap Growth Fund since 2003,
is turning the fund around after a six-year slump.

The fund ranks first this year in its class of 235
competitors after rising 17 percent, data compiled by Bloomberg
show. The 60-year-old Tooke revived performance by investing in
what she calls ``unloved, undervalued'' companies such as
seismic-data designer Input/Output Inc. and ball-bearings maker
RBC Bearings Inc. Shares of Input/Output surged 67 percent in the
past year and RBC Bearings advanced 54 percent.


Read more at Bloomberg Exclusive News

Court victory – taxpayers beat Sars

Taxpayers have scored a victory over the South African Revenue Service (Sars). A Supreme Court of Appeal decision has put millions of rands back into businesses.

In a judgment that has important implications for franchise businesses and others that pay for the continual use of trademarks and other intellectual property, the Supreme Court of Appeal has held that royalty payments are tax-deductible in terms of the Income Tax Act.

Read more at Moneyweb.co.za

Deadline for tax returns moves

Income tax returns for 2007 will be issued later than usual this year, the SA Revenue Service (SARS) said on Friday.

"Taxpayers are encouraged to record accurate odometer readings if they are in receipt of a motor vehicle allowance and to retain such information for the submission of their returns later this year," SARS said in a statement.

Read at FIN24.co.za

Tax honeymoon over in China

The tax honeymoon for foreign investors in China is ending.

For two decades, China has rewarded new investors with hefty tax breaks, helping lure the nearly US$700bn in investment that has helped make the country the world's fourth largest-economy, but fuelling growing complaints by Chinese companies about unfair treatment.

Read more at FIN24.co.za

Who'll be the Budget winners?

The government could offer much-needed tax relief for struggling companies on Wednesday when it unveils, as widely expected, the country's first budget surplus.

Finance Minister Trevor Manuel presents his 2007/08 budget proposals to parliament against the background of booming consumer demand that has led to a gaping current account deficit and weakened the rand.

Read more at FIN24.co.za

Smokers, drinkers in for a shock

Although sin taxes - alcohol and cigarettes have seen an upward tax increase in the last few years, tax specialists predict that Finance Minister Trevor Manuel will announce a further increase on these items in this year's eagerly awaited Budget.

Read more at FIN24.co.za

No large-scale tax relief seen

South Africans should not expect large-scale tax relief in this year's Budget.

It is likely the focus will fall, instead, on social spending with, among other things, the planned national pension fund and possibly a basic-income subsidy as the core issues, notwithstanding the fact that room for tax relief for individuals does exist.

Read more at FIN24.co.za