he US dollar and the Japanese yen maintained a strong tone in the past fortnight as risk aversion flows continued to dominate trading in financial markets. Investor sentiment was hit by a slew of bad news, including weaker than expected reports and poor earnings at major global banks. In addition, the downgrades or potential downgrades to sovereign ratings of some of the euro zone and other economies, including Greece, Spain, Portugal, Ireland and New Zealand due to their deteriorating fiscal conditions also hurt confidence.
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Categories: News Tags: bank, banking, Banks, BUSINESS, Credit, despite, Economic, ENTERPRISE, financial, growth, Investors, marke, markets, Monetary, Obama, SAFE, Stock, tax, UK
It has been a 13-year journey from the preliminary work in 1994 to the passing of thePRC Enterprise Income Tax Law (referred to as “the EIT Law” hereafter) on 16th March 2007, which marked the completion of the unification of two tax systems for domestically funded and foreign funded enterprises in China. It is a system innovation in the process of building socialism and a harmonized society within the country. To reap the benefits of the new tax system depends very much on its implementation in an effective manner. A few days ago, the State Council announced the long-awaited Implementation Regulations of the PRC EIT Law (referred to as “the Implementation Regulations” hereafter), which is to come into play with the implementation of the EIT Law.
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Categories: Tax Tags: Administration, Agreement, Asia, bank, BUSINESS, china, consumption, Credit, development, Economic, ENTERPRISE, finance, income, Infrastructure, innovation, Investmen, Investment, Investors, Management, marke, payment, policies, PRC, Regulations, SAFE, Stock, tax, Taxation, taxes, TURNOVER TAX, UK, VAT
Largely upbeat corporate results saw the FTSE 100 index reach the 6400 level for the first time since December 2000. Major corporate news saw a major mining group announce strong earnings and a share buy back, which boosted the mining sector as a whole around the middle of the month. However, speculation that the South African government is considering imposing a windfall tax on resource companies saw share prices fall sharply at the end of the month. The positive comments about the US economy from the chairman of the Federal Reserve did provide UK equities with some support based on increased optimism that both the US and the global economies would experience reasonable growth levels in 2007. Despite this, the market volatility in Asian and Emerging Markets saw investor’s risk aversion rise sharply and selling pressures take hold, leaving the FTSE 100 index 0.5% lower.
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