Greece deal on schedule
Greece is on track to complete a draft deal with international creditors on a third bailout by Tuesday, with a possible first disbursement by Aug. 20, a source familiar with a conference call of senior EU finance officials said on Friday. Talks are proceeding smoothly and might be completed over the weekend, the source said. If a draft memorandum of understanding and an updated debt sustainability analysis are ready on Tuesday as planned, the Greek government and parliament would be expected to approve them by Thursday. Eurozone finance ministers could then meet or hold a teleconference on Friday to endorse an up to 86 billion euro (US$94.33 billion) three-year loan program for Athens, the source said.
Fitch says outlook ‘positive’
Fitch Ratings Inc raised its outlook on Ireland to “positive” from “stable,” citing the country’s strengthening economy after exiting an international bailout in 2013. Fitch highlighted that tax revenue increased by 11.7 percent in the first half of this year compared with the same period a year ago, notably on strong corporate tax receipts. Revenue from value-added tax and personal income tax grew by 8 percent and 6 percent respectively. Ireland also benefited from a low interest rate environment, which has allowed it to make an 18 billion euro repayment of its IMF loan ahead of schedule, resulting in interest savings, Fitch said.
Thailand to tax inheritance
Thailand is to start collecting inheritance tax for the first time in February next year. The Inheritance Tax Act 2015 stipulates that a 5 percent tax is to be imposed on inherited assets worth more than 100 million baht (US$2.85 million) for parents or direct descendants and 10 percent for others. The act became law with its publication this week in the Royal Thai Government Gazette, after passage in May by the interim National Legislative Assembly. The gazette said the purpose of the law was to combat social injustice arising from economic inequality, and to use the revenue to develop the country.
Debt collection gripes triple
Complaints about harassment by debt collectors have more than tripled in Mexico, with Mexicans unhappy over late-night or early-morning telephone calls dunning them for debts they often do not even owe. The head of the country’s agency for protecting bank clients, Mario di Costanzo, on Friday said that it has levied about US$12 million in fines against collection agencies that work for banks or other financial entities. Di Costanzo said 16,201 complaints were registered in the first six months of this year, compared with 4,997 in the same period last year.
FIRS targets tax evaders
The Federal Inland Revenue Service (FIRS) on Friday said it would crack down on tax evaders by denying access to banking facilities for individuals and companies that failed to join its register. FIRS Chairman Sunday Ogungbesan told a news briefing in Lagos there were more than 440,000 companies in the country, which has Africa’s biggest economy, but only about 120,000 paid taxes. Tax evasion can be punished with up to five years in prison.
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Shin Kong Financial Holding Co (新光金控) yesterday said that its insurance unit would adjust its investment portfolio after being banned from buying new stocks a day earlier by the Financial Supervisory Commission (FSC). “We will research what we can do based on the commission’s specific instructions after we receive the regulator’s formal documents,” Shin Kong Financial spokesman Sunny Hsu (徐順鋆) told the Taipei Times by telephone. The commission on Tuesday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$941,722) for reckless investment, and demanded that the insurer reduce its overseas investment ratio from 43 percent to 39 percent. The fine would affect
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to
NO VIRUS BLUES: A SEMI Taiwan official said that the virus does not slow down the global semiconductor industry’s investment in manufacturing equipment The production value of the nation’s semiconductor industry is expected to grow 16.7 percent this year from last year, outpacing the global industry’s 3.3 percent growth, industry association SEMI said yesterday. That would help Taiwan safeguard its second spot in the global semiconductor market with a production value of more than NT$3 trillion (US$102.73 billion), SEMI Taiwan president Terry Tsao (曹世綸) told a media briefing in Taipei for the Semicon Taiwan trade show beginning today. The global semiconductor industry’s production value is expected to increase to US$426 billion this year, SEMI said. In terms of semiconductor equipment investment, equipment billings from Taiwanese firms