Search Results for: hong Kong

THE HONG Kong government has proposed a 75% reduction of profits tax, salaries tax and tax under personal assessment for the 2014-15 assessment year, up to Hong Kong dollars HKD20,000 (USD2,578) per case. Announced in the government’s budget, the tax cut will cost HKD17.7 billion (USD2.2 billion), benefitting about 1.95 million taxpayers.…

An amendment to China’s national environmental protection law that took effect on January 1 will probably spark more closures of dyeing and finishing factories, as well as of factories producing dye precursor chemicals, experts predict. Prior to its implementation, a series of crackdowns on polluting plants ordered by local authorities had already caused prices of certain chemicals, for instance 2-amino-4-acetylamino-anisole, to skyrocket. …

The Chinese government is tightening its controls on the movement of money abroad as the liberalisation of the Chinese Yuan Renminbi is expected to trigger a rush of money from the country, especially from China’s wealthy.

Some of China’s big spenders are reverting to big ticket purchases to get money out of the country.…

STAGNATION in international air freight traffic is not good news for the world economy, according to a new report from the Organisation for Economic Cooperation & Development’s (OECD) International Transport Forum.

This ‘ITF Transport Outlook 2015’ noted that air freight tonnes transported to and from the EU and the United States declined strongly after the shock of 2008, then rebounded quickly reaching pre-crisis peak by early 2010.…

Chinese travellers are increasingly venturing to Greece, offering great potential for its tourism industry. And while Greece’s exotic landscapes and architecture attract visitors from China, the tourism industry could prosper still further from developing services and infrastructure designed to cater to this growing market.…

The days of Italian consumer spending extra Euro on a high performing hydrating face cream or premium fragrance may be on hold as the majority of Italian consumers are currently seeking better value for money in their beauty and personal care (BPC) purchases.…

THE SOUTH Korean cosmetics sector is hoping that a new bilateral free trade agreement (FTA) struck between its country and China in November will ease sales of their products into the world’s largest market.

This is despite the fact that the deal did not make much headway in reducing Chinese duties, given the FTA leaves cosmetics in a ‘hyper-sensitive goods’ category for Beijing.…

Malaysia’s finance ministry has released a comprehensive plan to boost the strength of the accountancy profession in the country. Drafted by a special committee to strengthen the accountancy profession (CSAP), the policy is designed to ensure Malaysia has sufficient numbers of professional accountants and reform the profession’s governance.…

THE MANILA-based Asian Development Bank (ADB) has urged Cambodia to upgrade its manufacturing sector, including by developing textile production and finishing, to successfully transition from a low-income to a middle-income country, according to the bank’s November report.

In its ‘Cambodia: Diversifying beyond garments and tourism – country diagnostic study’, the bank noted the key challenge in the survival of the country’s garment sector was the country’s focus on low-value, labour-intensive cut-make-trim activities.…

SINGAPORE’S Accounting and Corporate Regulatory Authority (ACRA) has released a revised code of professional conduct and ethics for public accountants and accounting entities, to take effect from February 1. 

The regulator has stressed that the standards will ensure Singapore continues to be aligned to international benchmarks.…