Vietnam 

The Ministry of Finance postpones plan of tax increase on hot rolled steel coil – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Hot rolled steel coil of Hữu Liên Á Châu JSC. The Ministry of Finance scrapped its plan of increasing MFN tax rate to 5 per cent on hot rolled steel coil products. — Photo huulienasia.com.vn HÀ NỘI – The Ministry of Finance has postponed its plan of increasing the most-favoured nation (MFN) tariff on imported hot rolled steel coil (HRC) from zero per cent to 5 per cent after collecting opinions from businesses and experts. In its latest proposal for revision of Decree No 125/2017/NĐ-CP on export duty…

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China 

China government spending flat in August as tax cuts drain revenue, delay projects

Government spending in China was virtually flat in August, the first time this year it has not increased, as lower revenue following personal and business tax cuts held back projects meant to help stabilise growth.Total government expenditure in August – including both the central and local governments – declined 0.2 per cent to 1.511 trillion yuan (US$212 billion) compared to the same month last year, based on calculations from data released by the Ministry of Finance this week. Total… Source link

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Vietnam 

BSR earnings get boost as crude import tax turns zero – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Bình Sơn Refinery and Petrochemical Co Ltd’s Dung Quất plant. The company shares soared 8.6 per cent on Wednesday. – Photo bsr.com.vn HÀ NỘI – The latest scrapping of the crude import tax could help local firm Bình Sơn Refinery and Petrochemical Co Ltd (BSR), securities firms have reported. The Government on Tuesday decided import tax on crude oil would be slashed to zero per cent from the current 5 per cent on November 1. BSR will get indirect benefit from the decision as a zero tax rate will…

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Vietnam 

Crude import tax zeroed in November – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Oil and gas tanks at a PV Oil facility. The tax rate on crude imports will be zeroed from the current 5 per cent in November. — Photo vietnambiz.vn HÀ NỘI — The Prime Minister announced import tax on crude oil will be scrapped from the current rate of 5 per cent. The decision takes effect on November 1, 2019 The decision numbered 28/2019/QĐ-TTG was released to amend Article 2 of Decision 45/2017/QĐ-TTg dated November 16, 2017 regulating tax rates on imports. The new decision also changed the description…

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Pressure from Beijing, looming vacancy tax will force Hong Kong’s developers into faster and cheaper project launches, say analysts

Hong Kong’s developers are coming under mounting pressure to slash their prices and offload new projects as quickly as possible, according to analysts.The pressure is coming from two sources: a looming tax on unsold flats, and a series of Chinese state-media commentaries last week urging the Hong Kong government to boost housing by seizing land being hoarded by developers with “vested interests”.Downbeat sentiment stemming from the social unrest gripping the city and the US-China trade war has… Source link

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Money 

Chinese billionaire Huang Xiangmo has Australian assets frozen over US$96 million tax bill

Huang Xiangmo, the Chinese billionaire political donor who was last year stripped of his Australian residency and barred from returning to the country, has now reportedly has his Australian assets frozen and is being pursued by the country’s tax office for A$140 million (US$96 million).Huang has been at the centre of a series of political interference concerns, having donated millions to Australia’s two main political parties and been photographed with key figures including former prime… Source link

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Home 

Hong Kong builders urge government to defer roll out of vacancy tax as they fear it will intensify market slowdown

Hong Kong developers have urged the government to consider a temporary suspension of the proposed vacancy tax, as they fear it would intensify the slowdown in the property market already reeling from the US-China trade war and social turmoil.“The introduction of the vacancy tax at the moment certainly will add fuel to the fire,” the Real Estate Developers Association of Hong Kong (Reda), said on Friday.“The Hong Kong government forecast shows that the city’s economy is undergoing adjustment. If… Source link

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China 

Explainer: Why Beijing cut the tax rate on rare earths amid the escalating US-China trade war

Last month, the Chinese government cut the resource tax on companies mining heavy rare earths to 20 per cent from 27 per cent, as part of its efforts to support the vital sector and maintain the country’s dominance amid a raging trade war with the US.The Post spoke to a number of industry observers, who agree that the latest policy move, which takes effect next September, is meant to boost production and make it economically feasible for miners to exploit low-grade deposits.Right now, the cost… Source link

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Vietnam 

Grab drivers want to put the brakes on tax – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Grab drivers in Hà Nội. Many in the capital city believe the tax threshold needs to be increased. — Photo 24h.com.vn HÀ NỘI — Grab drivers say they pay too much tax – and are calling on government officials to reduce the amount. Around 100 drivers met with tax officials last week and delivered a petition claiming the amount they pay is too much. Drivers who earn VNĐ100 million (US$4,300) annually must pay 4.5 per cent of their revenue in taxes. The petition was organised by 50-year-old Hoàng Mi Sên from…

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