BEIJING - Buyers of super-luxury cars in China will have to pay a 10% consumption tax at the time of purchase, under a new policy effective from December 1. The Ministry of Finance announced the new tax on its website, and said it will apply to cars costing 1.3 million yuan (US$188,700) before the addition of value-added taxes.
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BEIJING - Profits made by individual investors from the link between the Shenzhen and Hong Kong stock exchanges will be temporarily exempted from personal income tax, China’s Finance Ministry said yesterday. Individual mainland investors buying shares in Hong Kong through the program will be exempt from personal income tax on profits for three years, but will still be liable for tax on dividends.
SINGAPORE - Affirming its 'BBB-' long-term issuer credit rating on State Bank of India (SBI) today, S&P Global Ratings said it does not see any upside potential because it would not rate the bank above the sovereign rating “and we do expect to upgrade the sovereign rating on India in the next 18-24 months.
MELBOURNE – The recently-listed Broo Limited (ASX: BEE) has signed with China’s Jinxing Beer Group in a deal which will see the company’s Broo Premium Lager added to Jinxing’s national product portfolio list. Broo will be Jinxing’s only international label on offer toits entire nationwide Chinese distribution network.
SYDNEY - Qantas Freight has been named exclusive air freight partner for VAN Dairy’s fresh Tasmanian milk exports to Ningbo, China. In the first half of 2017, subject to Government and regulatory approvals, Qantas will carry more than 50,000 litres of fresh VAN milk from Hobart to Ningbo, the second largest city in Zhejiang Province, which has a population of 55 million people.
HONG KONG - The China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission have announced December 5 as the start date for Shenzhen-Hong Kong Stock Connect (Shenzhen Connect), a mutual market access programme of the Hong Kong and Shenzhen stock markets.
SYDNEY – Australia’s Solar D Sunscreen, manufacturer of the world’s first vitamin D promoting sunscreen, and KW International, a US-based supply chain and distribution company specialising in introducing innovative products into the marketplace, have formed a strategic partnership to sell the product into Asia and North America.
HONG KONG - If the share of China’s global ODI stocks is not under-represented vis-à-vis its share of global GDP, what other factors could be behind this year’s surge in Mainland outbound flows?
HONG KONG - China’s share of global ODI stocks may be larger than previously thought if Hong Kong’s role as an offshore centre is factored in, according to a research report from BBVA. “That said,” the report says, “our estimates show that MOFCOM figures overstate ODI flows, raising questions regarding the country’s status as a net creditor.”
JAKARTA - CIMIC Group’s global mining services provider, Thiess, has secured a contract expansion and extension at the Bayan Resources Group’s Melak Coal Mine in East Kalimantan, Indonesia.
HONG KONG – The SWIFT RMB Tracker shows the euro is now the second-most-active currency for trade finance, while the RMB has slipped to position number three, behind the US dollar.
MANILA - The Philippine economy grew by 7.1% y/y in Q3, ahead of market expectations. Despite the weak export outlook, domestic demand still remained robust. Growth was driven by stronger manufacturing sector performance (Q3: 6.9% y/y versus Q2:6.2% y/y) as foreshadowed by the strength in recent industrial production prints.
HONG KONG - The gaming industry in Macau is showing signs of a revival that is likely to gain traction in 2017, according to ratings agency Standard and Poor’s. "The opening of new casinos, better infrastructure connecting Macau with mainland China, and stabilisation of regulations are the major factors
that will fuel a rebound in the gaming industry," says S&P Global Ratings credit analyst, Sophie Lin.
TAIPEI – Taiwan’s Executive Yuan has approved expenditure of NT$10.94 billion (US$346.32 million) in 2017 to help transform Taiwan into a centre of biotechnology and medical R&D in Asia. Overseen by the Ministry of Science and Technology, the plan requires new legislation on foreign investment, overseas talent recruitment, tax breaks and current restrictions on the development and production of experimental medical devices and pharmaceuticals.
NEW DELHI – The surprise move by the Modi Government to curb the menace of black money and counterfeit notes by declaring that India’s highest-denomination currency notes of INR500 and INR1000 are no longer legal tender from November 9 could, depending on the intensity of withdrawals by the public, lift banking liquidity in India by anywhere between INR1.5 trillion and INR3.5 trillion, according to a research note from ANZ Bank.
TOKYO – Japan’s GDP in Q3-16 has surprised on the upside by growing +0.5% QoQ, with net exports making the largest contribution. However, private demand remained weak overall, on the back of subdued real wages, low operating rates and falling corporate profits.