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Thursday, December 18, 2014
Committee postpones stock gains tax for 3 years
A legislative committee yesterday approved a three-year delay on a capital gains tax targeting major market players, dashing investor hopes that the tax would be removed.
Even before Mao Chi-kuo (毛治國) took over as the fifth premier of the Ma Ying-jeou presidency in six years, he had been expected to lead a “caretaker Cabinet.” The lame duck president humbled in the Nov. 29 local elections is no longer able to push his policies, the argument goes, so all the Ma administration can do is to sit on its hands and wait for the end of the president's term.
Taiwan's economy will grow 3.43 percent in 2014 and 3.5 percent in 2015, the Chung-Hua Institution for Economic Research (CIER) said yesterday.
Shares in Taiwan took a beating Wednesday as selling focused on large-cap stocks across the board amid fears that foreign institutional investors will continue to unload their holdings, dealers said.
The U.S. dollar rose against the Taiwan dollar Wednesday, gaining NT$0.03 to close at NT$31.357 after moving in a quiet session ahead of the conclusion of the U.S. Federal Reserve's policymaking meeting due later in the day, dealers said.
DBS Bank is scheduled to launch a U.S. dollar fixed deposit program for Taiwanese investors intrigued by the recent drop in the United States' financial deficits, said Seraph Sun (孫可基), head of Consumer Banking at DBS Bank (Taiwan).
Global stocks were mostly lower Wednesday as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy.
Dubai's main stock market and Abu Dhabi's index closed on Tuesday at their lowest points of the year amid mounting anxiety over plunging oil prices.
The embattled ruble clawed back some losses in Asian trade on Wednesday after crashing to unprecedented lows, but market players were not convinced of the authorities' ability to reverse the downward trend.
Oil suffered fresh losses in Asia Wednesday, sinking to new multi-year lows as dealers watch Russia's ruble crisis and await the latest U.S. crude supply report, analysts said.
  
  
  
  
  
  
  
  
  
  
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