The UAE is to introduce a new tax that will see companies pay 9% on corporate profits of over Dh375,000 ($102,000). The tax will come into effect on 1 June 2023. Profits generated up to that threshold will be taxed at a 0% rate, in order to support small businesses and start-ups. Companies operating in […]
Businesses and consumers have filed almost 13,000 complaints against banks and non-banking finance companies (NBFCs) since April 2021 about illegal loan apps, including harassment by recovery agents. The grievances were made during the past 19 months (April 2021-November 2022) to the Reserve Bank of India (RBI), according to Bhagwat Karad, Minister of State at the […]
Most of China’s medium-sized firms are optimistic about their business expansion in 2023, a new survey by HSBC has found. Some 77% of the companies surveyed expected business revenue growth next year, the report said. For these firms, improved efficiency from technological innovation and increasing domestic demand will be the two main drivers of business […]
Average Malaysian in worst-ever financial position. The global recession and spiralling inflation means the average Malaysian is in their “worst-ever financial position”, according to the latest RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2022. RinggitPlus director Hann Liew described the findings as a “wake-up call to all parties” to take action, as the economic effects of […]
Change to filing rules boosts India’s tax take: Changes to the rules to allow taxpayers to update their tax returns after they have initially filed them had led to 500,000 people re-filing, raising an additional Rs 400 crore ($49m), the Indian government has revealed. The Finance Act 2022 introduced the idea of updated returns, which […]
China’s foreign trade grows as both imports and exports rise China’s foreign trade grew 8.6% year-on-year to 38.34 trillion yuan ($5.78 trillion) from January to November 2022, according to figures from the General Administration of Customs. They show that the country’s exports rose 11.9% year-on-year to 21.84 trillion yuan, while imports were up by 4.6% […]
UAE to crack down on Abuse of wage subsidy scheme The UAE government is set to crack down on companies that abuse Emiratisation rules and cut salaries for employees in the Emirates. The Minister of Human Resources and Emiratisation (MoHRE), Dr Abdulrahman Al Awar, said that the government had discovered that some companies were cutting […]
Covid continues to put pressure on China’s economy China’s major industrial firms’ earnings shrank in the first 10 months of 2022, putting pressure on the government to boost support for sectors hurt by Covid-19 outbreaks and weak factory-gate prices. Despite facing pressures brought about by the resurgence of Covid-19 outbreaks and slackening domestic and external […]
Global slowdown to dampen Indian Exports, says Finance Ministry India is set to grow at a moderately brisk rate in the coming years on the back of macroeconomic stability despite the global economic slowdown, the country’s Finance Ministry said in its latest monthly economic review. So far in 2022, India’s food security concerns have been […]
