Tax cuts

For a government better known for its daring — and often audacious — political decisions, Friday’s announcements will go down as the most impressive gamble till now on the economic front: bold and long term, sudden yet tenable. It surprised financial markets, which were scrounging for a story and were beginning to believe that a regime, riding on a stunning political mandate, has chosen to disregard the slowdown that is putting off investors and crimping the ability of businesses. The big questions now are: how soon, how wide will be the trickledown effect? Will Corporate India share a slice of its windfall with customers, suppliers and employees? Rarely, if ever, has New Delhi changed direct tax in the middle of a financial year. And when it did, it refrained from lowering tax on individual income — unless there’s another, though less likely, dose of surprise awaiting in the weeks before Diwali. Acut in personal income tax (I-T) might have buoyed … [Read more...] about Corporate tax cut: Hope for quick trickle-down effect

Editor's Note: The Ministry of Finance published a draft document of the consumption tax law on Tuesday soliciting public opinions. 21st Century Business Herald comments: According to the newly released consumption tax law draft, the current tax framework, tax burden level, and consumption tax rates on cigarettes and alcohol remain unchanged from the existing Provisional Regulations on Consumption Tax. Under the general trend of emphasizing the rule of law and the legalization of taxation, the replacement of an administrative regulation by a law aims to implement the principle that the top legislature is responsible for taxation legislation to determine tax rates and tax items. According to the draft document, the State Council, China's Cabinet, can carry out a pilot reform of the consumption tax and adjust tax items, tax rates and the procedures for tax collection, and submit the pilot plan to the top legislature for the record. That means the current consumption tax law still does … [Read more...] about Consumption law will adjust tax revenues

In the two decades since its return to the motherland, the Macao Special Administrative Region's economy has made great achievements thanks in no small measure to the Chinese mainland's expanding economy, the central government's preferential policies and the efforts of hardworking Macao residents. Macao's economy has grown rapidly, especially after the mainland joined the World Trade Organization in 2001, launched the Individual Visit Scheme for Hong Kong and Macao in 2003, and began opening up the gambling industry in the SAR and launched the yuan's internationalization process. In the two decades preceding its return to China, Macao's average GDP growth rate was 4.9 percent, while the average GDP growth rate in the two decades since its return has been as high as 8.1 percent. Macao's GDP grew from 103.4 billion Macao patacas ($12.82 billion) in 1999 to 416.2 billion Macao patacas in 2018. And at the end of last year, Macao's per capita GDP was $82,000, second highest in the world, … [Read more...] about Structural reform can drive Macao’s growth

The Aam Aadmi Party on Friday released a populist manifesto for Punjab, promising laptop for all government school students, waiver on residential property tax, setting up of an NRI board, 33 per cent reservation for woman in government jobs and giving the state a Dalit deputy chief minister if it comes to power. The manifesto, on the lines of the party’s promise in Delhi in 2015, also says the AAP government will set up Aam Aadmi canteens at sub-division and district levels where one time meal will be available for Rs 5, and reduce the power tariff to half for usages up to 400 unit. A team of AAP leaders led by Punjab in-charge Sanjay Singh released the manifesto in Patiala, which also promises that Amritsar and Anandpur Sahib will be declared as holy cities. Singh, who is national general secretary of AAP, said all promises made by them in the previous six manifestos released for different categories “are an agreement with the people of Punjab and AAP will … [Read more...] about Laptops for students, Dalit deputy CM: AAP’s promises in Punjab’s poll manifesto

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