Economic conditions
The Chinese national legislature is deliberating on a draft amendment to the personal income tax law, which would raise the tax collection starting line from 800 yuan to 1,500 yuan, exempting at least a tenth of current taxpayers from paying tax and benefiting the rest with higher net earnings.
Economic conditions
The Asian Development Bank (ADB) is extending technical assistance to the Philippines to boost its institutional capacity in fighting money laundering. This effort is part of a broader initiative to support the country's anti-money laundering (AML) regime, with a focus on identifying vulnerabilities, bottlenecks, and obstacles to effective
Banking industry
Philippine President Gloria Macapagal Arroyo has appealed to Congress to give utmost priority to the P1.05 trillion (US$18.7 billion) General Appropriations Act of 2006, calling it a strategic tool to fight poverty and protect against the looming oil crisis. The 2006 budget, which is 14.7% higher
Banking industry
South Korea's antitrust regulatory body will hold a second hearing on allegations that Microsoft Corp. has violated the nation's fair trade laws and exploited its dominant market position to the detriment of smaller competitors. The hearing comes as a result of complaints filed by Daum Communications
Industry regulations
The Supreme Court of the Philippines is set to lift the freeze order on the Value-Added Tax (VAT) law, which could lead to a significant increase in oil prices. Industrialist Raul T. Concepcion, chair of the Consumer and Oil Price Watch (COPW), has warned that oil prices will surge further
Industry regulations
The Philippine government remains committed to implementing the expanded value-added tax (VAT) law, despite ongoing public concerns about the potential impact on inflation. According to Finance Secretary Margarito Teves, the government needs the revenue generated from VAT to achieve fiscal consolidation and avoid a budgetary crisis that could exacerbate hardships
Industry regulations
Taipei's Chunghwa Telecom workers, union members of the Chunghwa Telecom Labor Union, are set to go on strike in a bid to halt the government's plan to privatize the state-run company. The strike date remains undisclosed, with union leaders planning to inform members via SMS text
Industry regulations
Labor disputes and negotiations have been ongoing between management and union representatives at Asiana Airlines since July 17, when the strike began, resulting in significant losses for the company, impacting the national economy, and inconveniencing passengers. The failure to reach an agreement on key issues, including pilot qualification review and
Economic conditions
Thailand and Japan have reached a free trade agreement in principle, with both countries agreeing to reduce tariffs on various goods. The agreement, reached after years of negotiation, is expected to boost bilateral trade, which reached $36 billion last year and $20.5 billion in the first half of this
Economic conditions
China's most populous nation is expected to face increasing environmental pressure unless a new law is introduced to promote a "circular" economy. Sun Youhai, an official with the Environment and Resources Committee of the National People's Congress, announced that a law to support the
Banking industry
The South Korean government is seeking to encourage state and private investment in rental housing to combat skyrocketing home prices. Officials have proposed a range of incentives, including tax breaks and guaranteed returns, to persuade public and private funds to invest in the construction of mid- and large-size rental homes.
Economic conditions
Taipei is bracing for economic turmoil as China, Japan, and South Korea move closer to forming a free trade agreement (FTA), potentially leaving Taiwan's manufacturing sector struggling to compete in global markets. The Ministry of Economic Affairs (MOEA) has released a sobering assessment, warning that exclusion from the
