This week, the Nihon Keisai, Japan's main business daily, reported that the mandarins want to eliminate many tax exemptions, such as those for loss-making companies and reserves set aside for bonuses, to offset the proposed 2.5 percentage point reduction in the nominal tax rate.

ECONOMIST: Tax reform runs late

However, the USPTO is fiscally unique, since it can offset its costs because of its authority to set its own fees for the services it provides to patent applicants.

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Mr Cable also used his conference speech to set out proposals for an increase in tax on "high alcohol" drinks to be offset by a cut in the VAT on fruit juices from 17.5% to 5%.

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Set in a creaking old town house, the 15 rooms possess the original 19th-Century bones to offset their Rose Bowl-sourced and individually furnished interiors, a cosy of velvet settees, fringed lamps and sepia-toned writing paper.

BBC: Brand new old New York