The Ministry of Finance (MOF) says that personal income tax (PIT) rates have become out of date after six years of application and need amendment. According to Ta Thi Phuong Lan, deputy director of the PIT Tax Management, under the PIT Law, which took effect on July 1, 2013, when the CPI increases by more than 20 percent, the government will report to the National Assembly to adjust tax deductions for family circumstances. The Ministry of Finance (MOF) says that personal income tax rates have become out of date after six years of application and need amendment. Bui Sinh Quyen, a lawyer for the Hanoi Bar Association, has proposed amending both the taxation threshold and the deduction for family circumstances for every independent person. He said that it would be better not to set the same taxation threshold for many different zones. It would be better to refer to minimum wages applied for Zones 1, 2, 3 and 4 to set the thresholds. Kim Chi Vietnam’s GDP per capita … [Read more...] about Personal income tax rates out of date, need amending
Income tax proposals
In its boldest gambit yet to stir up the economy, the government on Friday issued an ordinance to reduce the corporate tax rate for domestic firms and new manufacturing units by 10 to 12 percentage points, effectively bringing India’s tax rates on par with its competing Asian peers.Finance Minister Nirmala Sitharaman said that the effective tax rate for domestic corporates, inclusive of surcharges, will fall from 34.94% to 25.17% if they stop availing any other tax sops. For new manufacturing firms set up after October 1, 2019 and commencing operations by March 31, 2023, the effective tax rate will fall from 29.1% to 17%.The slew of measures unveiled by Finance Minister Nirmala Sitharaman, including a rollback of the enhanced surcharge levied on foreign portfolio investors in the Budget, and a reduction in the Minimum Alternate Tax (MAT) rate from 18.5% to 15% for all businesses, is estimated to cost the exchequer ₹1,45,000 crore a year in terms of revenue foregone.Ms. … [Read more...] about Govt. cuts corporate tax to spur investment, jobs
Voters are becoming more open to calls for a radical change to the way the economy is organised and more accepting of the role of government in pushing through significant reforms, according to a major poll of public attitudes last week. Sixty per cent of respondents to a YouGov poll of more than 1,600 people were in favour of the next government making “moderate” or “radical” changes to the way the British economy is run, while only 2% said the government should leave the economy as it was. Those in favour of change split between 29% who backed moderate policies and 31% who wanted a more radical agenda. A breakdown of respondents by their political allegiance showed Labour voters were the biggest supporters of radical change with 59% in favour. But a substantial number of Conservative supporters also said they wanted either “moderate” (35%) or “radical” (9%) change to the way the economy was run, highlighting demand across the political … [Read more...] about Are voters ready for Britain’s economy to be rewired?
Today, eight people have the same wealth as the poorest half of the world’s population. Stop and think about this. It is a mind-boggling concept. Last year we said we would have needed a double-decker bus to transport the 62 people we thought owned the same as the poorest 3.6 billion on the planet. In 2017, thanks to more accurate data, we find that in fact this group would fit in a single golf buggy. Today nearly 800 million people – one in nine – across the world will go to bed hungry or undernourished. The adults will wake up uncertain when they will next eat, whether they will have work, fearful for their health and the costs that illness in the family might bring. The eight men – yes, they’re all men – and their fellow billionaires will wake up having slept rather better, and their wealth, invested across the world, will have increased by countless millions even as they slept. It would be easy to vilify the eight, to make each individual a … [Read more...] about Eight men own more than 3.6 billion people do: our economics is broken
New Delhi, Nov 16 () State-owned NBCC Ltd is likely to take the responsibility of selling Rs 1,750-crore worth of unsold flats of Jaypee Infratech instead of offering them to lenders in its fresh bid to acquire the debt-laden realty firm through insolvency process, sources said. This was one of the reasons for lenders voting out the NBCC's resolution plan in June this year. NBCC and Suraksha Realty are likely to submit their revised offers on Sunday as sought by Interim Resolution Professional (IRP) Anuj Jain. A meeting of Committee of Creditors (CoC) has been convened on November 18 to discuss the resolution plans. Earlier, NBCC had offered 2,207 unsold flats worth Rs 1,756 crore to lenders, but bankers were reluctant to acquire these apartments. NBCC had revised this offer to flats worth Rs 1,300 crore, still bankers were not convinced. Jain, the IRP, has sought revised bids from NBCC and Suraksha Realty and called the CoC meeting as per the direction of the apex court. On … [Read more...] about NBCC may revise bid for Jaypee Infra, likely to keep unsold flats of Rs 1,750 cr