The Ministry of Finance, the Financial Supervisory Commission and the National Development Council on Tuesday night reached a consensus on extending the transaction tax cut for day trading for two or three years after it expires at the end of this year, local media reported yesterday.
The three agencies will report the conclusion of their meeting to the Executive Yuan by the end of this month to finalize the extension plan, the reports said.
The government cut the tax for day trading from 0.003 percent to 0.0015 percent in 2017. With the tax cut set to come to an end at the end of this year, concern has risen that the impending end of the incentive led many day traders and investors in old economy stocks to dump their holdings in the past few days.
Photo: Kelson Wang, Taipei Times
However, investors seem optimistic about the tax cut extension, leading to buying yesterday of old economy stocks, including shipping and raw material stocks, Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang (黃國偉) said.
The bellwether electronics sector yesterday also reversed earlier losses, giving an additional boost to the broader market, Huang said.
Taiwanese shares yesterday recovered earlier heavy losses caused by volatility on US markets overnight to end a nine-session losing streak and finish the day above the 16,800-point mark, as bargain hunters took advantage of the initial downturn.
The TAIEX closed up 164.91 points, or 0.99 percent, at 16,826.27. Turnover was NT$417.49 billion (US$14.99 billion), with foreign institutional investors selling a net NT$2.24 billion of shares on the main board, Taiwan Stock Exchange data showed.
“Further gains are possible before the TAIEX moves closer to the nearest technical resistance ahead of the 120-day moving average at around 16,960 points,” Huang said.
Shiina Ito has had fewer Chinese customers at her Tokyo jewelry shop since Beijing issued a travel warning in the wake of a diplomatic spat, but she said she was not concerned. A souring of Tokyo-Beijing relations this month, following remarks by Japanese Prime Minister Sanae Takaichi about Taiwan, has fueled concerns about the impact on the ritzy boutiques, noodle joints and hotels where holidaymakers spend their cash. However, businesses in Tokyo largely shrugged off any anxiety. “Since there are fewer Chinese customers, it’s become a bit easier for Japanese shoppers to visit, so our sales haven’t really dropped,” Ito
The number of Taiwanese working in the US rose to a record high of 137,000 last year, driven largely by Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) rapid overseas expansion, according to government data released yesterday. A total of 666,000 Taiwanese nationals were employed abroad last year, an increase of 45,000 from 2023 and the highest level since the COVID-19 pandemic, data from the Directorate-General of Budget, Accounting and Statistics (DGBAS) showed. Overseas employment had steadily increased between 2009 and 2019, peaking at 739,000, before plunging to 319,000 in 2021 amid US-China trade tensions, global supply chain shifts, reshoring by Taiwanese companies and
Taiwan Semiconductor Manufacturing Co (TSMC) Chairman C.C. Wei (魏哲家) and the company’s former chairman, Mark Liu (劉德音), both received the Robert N. Noyce Award -- the semiconductor industry’s highest honor -- in San Jose, California, on Thursday (local time). Speaking at the award event, Liu, who retired last year, expressed gratitude to his wife, his dissertation advisor at the University of California, Berkeley, his supervisors at AT&T Bell Laboratories -- where he worked on optical fiber communication systems before joining TSMC, TSMC partners, and industry colleagues. Liu said that working alongside TSMC
TECHNOLOGY DAY: The Taiwanese firm is also setting up a joint venture with Alphabet Inc on robots and plans to establish a firm in Japan to produce Model A EVs Manufacturing giant Hon Hai Precision Industry Co (鴻海精密) yesterday announced a collaboration with ChatGPT developer OpenAI to build next-generation artificial intelligence (AI) infrastructure and strengthen its local supply chain in the US to accelerate the deployment of advanced AI systems. Building such an infrastructure in the US is crucial for strengthening local supply chains and supporting the US in maintaining its leading position in the AI domain, Hon Hai said in a statement. Through the collaboration, OpenAI would share its insights into emerging hardware needs in the AI industry with Hon Hai to support the company’s design and development work, as well
RSS