Incoming minister of finance Lee Sush-der(李述德) said that the new government may delay the planned taxation on overseas earnings, which is part of the alternative minimum tax (AMT) system, local media reported yesterday.
Lee told the Chinese-language Economic Daily News and Commercial Times that the new taxes at a 20 percent rate — which will be levied on more than NT$1 million in taxpayers’ overseas incomes from next year — will be delayed for at least another year.
The new AMT system was approved in 2005 during former minister of finance Lin Chuan’s (林全) term.
It was launched the following year with the taxation on overseas earnings scheduled to take effect next year.
Lee said that the incoming government will re-evaluate public opinions on the AMT system to facilitate the next stage of tax reform by considering taxation fairness, social justice and economic development.
Wang Wanli (王萬里), head of research at HSBC Securities (Taiwan) Co (匯豐證券) said the new taxes on overseas earnings will scare away high-income earners, who may park their assets in places such as Singapore and Hong Kong where tax rates are lower, local media reports said.
“The new taxes do not reflect the new government’s plan to encourage a repatriation of capital flight,” the Economic Daily News quoted Wang as saying.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained