The government is inclined to extend the temporary measure of halving the land-value incremental tax rates for another year, Finance Minister Lin Chuan (林全) said yesterday. \nLin said the government's proposal to permanently lower land-value incremental tax rates may not receive legislative approval by the end of this month. \n"There's not enough time for the [current] legislature, which has its last session on Jan. 21, to review and finalize the tax-cut proposal," Lin told reporters yesterday. \nLast month, the Executive Yuan submitted the proposal to cut the rate of the top tax bracket from 60 percent to 40 percent for legislative review, which left the law-making body less than one month to complete amendments to the Land Tax Law (土地稅法). \nBut Lin yesterday vowed not to return to the original land tax brackets, set at 60 percent, 40 percent and 20 percent in February, after the current reduction measure expires at the end of this month. \nAs a measure to boost the slumping property market, the legislature had agreed to temporarily halve the land tax for a year, taking effect in January last year. \n"If the amendments fail to be passed, [we will] resort to inter-party negotiations and propose extending the temporary reduction measure for another year," Lin said. \nLin admitted that no consensus has been reached on either the temporary measure or the permanent land-tax cut amendments. \n"We hope the land tax system won't return to the previous rates in February, which will have a negative impact on the local property market," Lin said. \n"We will therefore try our best to see the temporary measure passed, during inter-party negotiations if necessary," he added. \nLin said that if both proposals are killed in the legislature, the finance ministry will not rule out the possibility of enacting a retroactive clause into its land-tax law amendments to include a tax rebate. \nAccording to the ministry's taxation department, a grace period of 30 days will be given to land-tax applicants to receive the halved rates after the temporary reduction measure expires on Jan. 31.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion