Vietnam 

HCM City Tax Department releases list of firms in tax debt – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  People submit tax documents at HCM City’s Tax Department. —VNA/VNS Photo Hoàng Hùng HCM CITY — HCM City’s Tax Department has announced a list of nearly 1,700 companies with total unpaid tax debt of almost VNĐ4.5 trillion (US$193.5 million). Thành Ngân Real Estate Ltd Company owes the biggest debt – more than VNĐ190 billion ($8.17 million). The second biggest debtor is the HCM City branch of Bình Dương Stone Construction Ltd Company, owing VNĐ120 billion ($5.16 million), and the third is No. 8 Construction and Investment Joint Stock Company with debt of…

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Vacancy tax is a short-term solution to Hong Kong’s long-term housing shortage crisis

The Hong Kong government plans to introduce a vacancy tax on empty new flats to pry open supply bottlenecks by imposing fines on developers for hoarding new homes. Under the proposed legislation, a tax equivalent to twice the estimated annual rental value will be levied on flats that remain unsold after 12 months of receiving an occupation permit. According to the Rating and Valuation Department, the preliminary findings in the Hong Kong Property Review 2019 indicate that the vacancy rate of… Source link

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Hong Kong’s health insurance and pension saving ‘tax deducting schemes’ find traction in the first two weeks since launch

Two government programmes to encourage individuals to buy private health insurance and save more for retirement have been well received in the first two weeks since launch, providing what could be a long term growth engine for local insurance companies, according to industry players and credit rating agencies.Several major insurers including Prudential, AXA, AIA, Manulife and HSBC Life all told the Post that they have recorded strong sales in the new tax-deductible schemes over the first two… Source link

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China’s tax cuts were meant to boost its slowing economy, but will they end up hurting debt-ridden regions?

In implementing tax cuts to help businesses stay afloat, China has unwittingly made life harder for thousands of debt-ridden municipalities across the country.The impact on local government budgets may also have the unintended impact of reducing support for new infrastructure projects due to a lack of sufficient funding, analysts warned.As companies and individuals pay less tax to local government’s under 2 trillion yuan (US$298 billion) worth of tax cuts this year, it is the regions that will… Source link

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Corporate tax secrecy is hurting everyone – even investment funds want to see more transparency

Who would dream of putting an end to the culture of secrecy shielding multinational companies’ account books and fortunes hidden in tax havens? There are the usual suspects, of course: tax activists including academics, churches and trade unions, who are up in arms over revelations from the likes of the Panama Papers or Paradise Papers.But not only them. A recent consultation exercise by the Global Reporting Initiative reveals that the strongest advocates of tax transparency may be investment… Source link

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Money 

China cuts tax on personal items bought overseas in move to boost consumption

China has cut a controversial tax on personal items bought overseas, ranging from iPads to books, in an effort to boost consumer confidence.The government will slash the “tax on baggage and articles accompanying incoming passengers and personal postal articles”, a three-in-one tax consisting of value-added tax, consumption tax and import duties on April 9, according to a notice posted online by the Ministry of Finance on Monday.The tax rate on products including computers, foodstuffs, gold and… Source link

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The political message of Hong Kong’s proposed vacancy tax speaks louder than its efficacy in bringing down home prices

Some cities in Australia and Canada have introduced some sort of vacancy tax to motivate owners to put their homes for sale or rental on the market.Vancouver, a city which Hong Kong people are very familiar with, introduced a tax, equivalent to 1 per cent of the assessed value of a property deemed to vacant for more than 180 days. The tax was introduced two years ago when 5 per cent of Vancouver’s homes either stood empty or were underutilised, amid skyrocketing prices and soaring rents… Source link

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Vietnam 

Tax reform crucial for State budget sustainability – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

People pay tax at a branch of Hà Nội Tax Department. Taxes that Việt Nam may expect to increase in the future include personal income tax, excise duty, natural resources tax and property tax. — VNA/VNS Photo Hoàng Hùng Viet Nam News *Võ Trí Thành Taxes and duties are a very important source of State budget revenue and provide major finance for the Government’s socio-economic development programmes. In Việt Nam, tax revenue is starting to decline while…

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Hong Kong’s impending vacancy tax unlikely to derail new-found housing price momentum

The recent stock rally and US Federal Reserve’s dovish attitude on interest rates have muted the threat of the proposed vacancy tax in a bid to cool home prices by raising supply, say market watchers.The introduction of vacancy tax came a step closer after the Legislative Council’s housing panel started discussions on the proposal on Monday.According to the proposal, the Rating and Valuation Department will determine whether a developer needs to pay vacancy tax, which would be equivalent to… Source link

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HSBC, BOCHK and AXA to mobilise entire networks as Hong Kong rolls out tax incentive schemes

Financial companies including HSBC and Bank of China (Hong Kong), two of the city’s three currency-issuing banks, as well as insurers AXA and Sun Life on Sunday said two tax schemes the government is launching on Monday will be available throughout their networks in Hong Kong.Hong Kong is launching a Voluntary Health Insurance Scheme (VHIS), under which the government will offer HK$8,000 in tax incentive per person per year for the purchase of health insurance cover up till the age of 100 years… Source link

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