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The first wave of bullishness as China began abandoning its zero-Covid policy in December lifted airline stocks and online travel agencies like Trip.com Group Ltd. But with global airlines being slow to add capacity to connect China with the U.S. and Europe and Chinese travelers preferring trips closer to home, a new set of stocks is benefiting. Thailand has re-emerged as a favorite destination for Chinese travelers, and also for investors. "We were active earlier in terms of domestic travel, lodging space and airports, where we've done quite well," said Elaine Tse, portfolio manager at Allspring Global Investments. Tse said the firm has locked in some profits from those bets. "We are optimistic on a rebound in regional and international travel and continue to get exposure through airports and airplane leasing." Shares of airports, such as Airport of Bangkok and Shanghai International Airport have underperformed the big three Chinese airlines Air China, China Eastern and … [Read more...] about China travel rebound bets turn toward airports, away from airlines

In December, the EU officially approved a directive for companies to pay a minimum tax rate of 15 per cent from 2024. Our neighbouring markets such as Malaysia, Singapore, and Hong Kong are heading towards the official application of GMT policy from 2024 or 2025. Thomas McClelland - Country tax leader Deloitte Vietnam Countries with foreign investment in Vietnam, like South Korea and Japan, will implement new tax policies or announce a draft tax reform, moving towards the application of the GMT from the fiscal year 2024. The impact of the policy on Vietnam is clear and urgent, and requires the authorities to take timely action before it is too late. Firstly, to protect tax collection, Vietnam could consider the immediate solution of implementing a qualified domestic minimum top-up tax to gain the right to collect the top-up tax rather than the tax going to another country. This mechanism can simply be understood as a domestic mechanism in which the calculation of … [Read more...] about Vietnam must revisit policies to develop implementation of global minimum tax

Workers loading products at a warehouse of Hoa Sen Group. — Photo courtesy of the company Hoa Sen Group was sanctioned for violation of tax regulations by the Tax Department of Binh Duong Province, with a total fine and tax arrears of more than VND2.8 billion (US$119,174), the company said on March 21. In a decision dated March 13 sent to Hoa Sen Group, the Tax Department of Binh Duong Province said that the steel producer has misreported revenue, expenses and other incomes for 2020-2021, leading to underpayment of corporate income tax (CIT) and VAT of VND2.08 billion to the State budget. Therefore, Hoa Sen Group is fined VND415.76 million for the violations. And besides the unpaid amount of CIT and VAT, the company also has to pay for the late payment VND317.6 million. The final payment for fine and tax arrears is VND2.81 billion. In a recent General Meeting of Shareholders 2022-2023, Le Phuoc Vu, chairman of the Board of Director of Hoa Sen Group, said that even though … [Read more...] about Hoa Sen Group fined for tax arrears

The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs after the recent collapse of two U.S. banks. Fed Chair Jerome Powell sought to reassure investors about the soundness of the banking system, saying that the management of Silicon Valley Bank "failed badly," but that the bank's collapse did not indicate wider weaknesses in the banking system. "These are not weaknesses that are running broadly through the banking system," he said, adding that the takeover of Credit Suisse seemed to have been a positive outcome. The Federal Open Market Committee policy statement also said the U.S. banking system is "sound and resilient." Even so, Wall Street ended sharply lower after Powell told a news conference that officials were still intent on fighting inflation while also eying the extent to which recent bank failures had cooled demand and slowed lending. The … [Read more...] about U.S. Fed delivers small rate hike amid global banking turmoil