Training site.

It is understood that since the comprehensive implementation of the combined declaration of property and behavior tax nationwide on June 1, the declaration process has been simplified, and the quality and efficiency has been optimized, which has changed the “multiple entries, more forms, and repeated data collection” that existed in the past fiscal and banking tax declarations. Problems to further facilitate taxpayers.

The staff provides on-site counseling for taxpayers.

In order to better promote the implementation and improvement of Daxiang’s consolidated tax declaration work, the State Administration of Taxation, Daxiang District Taxation Bureau of Shaoyang City, centered on the focus of the consolidated financial and tax declaration work, organized party members to pioneer and set up a professional counseling team to go to the front line of the tax hall to pay taxes. Provide meticulous and considerate counseling services for merger declaration At the same time, through various channels such as tax enterprise work WeChat group, taxpayer school, etc., carry out online and offline promotion and push, accurately push the policy interpretation materials, system operation guides and precautions and other documents to each enterprise, and make full use of The “contact-type” tax processing platform has continuously improved the taxpayers’ ability to “contactlessly” handle consolidated declarations, and truly effectively reduce the taxpayers’ burden of filing.

“In the next step, we will collect and summarize the difficulties and hot spots encountered by taxpayers in the process of consolidated declaration, and formulate solutions one by one, so as to achieve multiple types of tax:’one table, one declaration, one payment, one voucher’, and a substantial Reduce the burden of taxpayers to fill in and ensure the smooth progress of Daxiang Finance and Banking Tax Consolidation Declaration.” said the person in charge of Daxiang District Taxation Bureau

Actually,Hyaluronic acid is added as a raw materialordinaryFood is not the first in the domestic market,Hyaluronic acid foods abroad have become popular30for many years,inconsumerThe current health consciousness is getting stronger,Like collagen drinks, hyaluronic acid foods are very popular.once,Domestic consumersCan onlyPurchasing hyaluronic acid food through overseas shopping or purchasing agents,butthis yearAt the beginning of the year, the National Health Commission approvedAfter taking the hyaluronic acid,Policy restrictions have been broken, and domestic consumers can finally eat cost-effective hyaluronic acid foods that do not require imports.

However, there are questions about whether the consumption of hyaluronic acid is good for health, whether it can be absorbed and used by the body, and whether it is an “IQ tax”. In fact, many innovative products have to face doubts when they first appear. This is due to the fact that the public has little understanding of new products, and on the other hand, it shows that the market is paying attention to this product. Let’s take a look at the knowledge of hyaluronic acid food presented in the information.

Does our body really need to supplement hyaluronic acid??

in the past,Hyaluronic acid is often known as a skin care ingredient and medical beauty products. The public has alreadyAgainstFormed an existing impression, so when hyaluronic acidAdd inAfter the food is on the market, consumers will regard its safety as a foodQuestion.

The scientific name of hyaluronic acid is hyaluronic acid, which is a self-derived substance of the human body. It is widely present in the joint cavity, skin, vitreous body, cartilage, umbilical cord and other tissues of the human body, and plays a role of lubrication and moisturizing. As we age, the speed at which the human body synthesizes hyaluronic acid will weaken, and the decrease in the hyaluronic acid content in the body will cause a series of problems such as fine lines on the skin, dry eyes, and poor joint movement. Therefore, hyaluronic acid and products based on it are allowed to be added to food or dietary supplements in Japan, South Korea, the United States, the European Union, Australia, New Zealand and Brazil. All this shows that oral hyaluronic acid is indeed reasonable, at least it has been confirmed by many countries.

Also this year, the National Health Commission officially approved the application of sodium hyaluronate (hyaluronic acid) declared by Huaxi Biotech as a new food raw material, allowing it to be used in ordinary food. Breaking the policy restrictions, domestic consumers can finally eat cost-effective hyaluronic acid. After hyaluronic acid was approved to be added to foodis called”Functional foods” refer to foods that can enhance the body’s anti-epidemic function, regulate the body’s rhythm, prevent diseases and promote health, and other related physiological regulation functions for the human body.Current consumerBest knownFunctionalityfoodIs a probiotic, itsAs active microorganismsCan regulate gastrointestinal digestion and improve immunity,Often usedYogurt, lactic acid bacteria drinks, etc.The feature of functional food is that although it is not a medicine, it canIt can improve immunity and prevent diseases by eating. The deputy director of the National Functional Food Engineering Technology Center and Professor Lu Wenwei from the School of Food Science and Technology of Jiangnan University pointed out at the functional food development trend roundtable forum hosted by the Health Times that functional foods such as hyaluronic acid are the bridge between food and medicine in the industry to meet individual health concerns. Demand, functional foods can be used to improve and improve the level of health, which also confirms that oral hyaluronic acid can bring benefits to the human body. Food-grade hyaluronic acid has a high standard, and its physical value cannot be equal to the product price The “White Paper on Hyaluronic Acid Application Scenarios” released by iResearch shows that2020The global food-grade hyaluronic acid end product market is expected to reach25Billion yuan,2016-2024The annual compound annual growth rate of the global food-grade hyaluronic acid terminal product market is7%.According to Mintel’s global new product database search, as of2020year5In September, the global foods containing hyaluronic acid shared2000Many, of which ordinary food554A. Faced with such a huge market prospect, many players such as food and beverage companies, hyaluronic acid manufacturers, etc. are gearing up to enter this new category. According to the company’s check4month25According to the statistics of Japan, there are currently a total of345Companies related to hyaluronic acid,2020Annual registration volume of relevant companies is17Home. However, not all companies have the technical standards for the production of food-grade hyaluronic acid. Industry insiders pointed out that if hyaluronic acid companies want to prove that the quality of their hyaluronic acid raw materials is the same as the hyaluronic acid raw material standards approved by the National Health and Health Commission, they can apply for “substantial equivalents” to relevant departments to prove that their food-grade hyaluronic acid raw materials meet the standards. Otherwise, you may not be able to immediately become a supplier of a regular food company. The application time will take about six months to more than one year. “Achieving standards” is not an easy task. Hyaluronic acid foods carry many years of research and development, technology, etc., and also contain many “black technologies”. Therefore, the value of hyaluronic acid foods far exceeds ordinary foods both at home and abroad. With the opening of the policy this year, the National Health Commission officially approved the application of sodium hyaluronate (hyaluronic acid) as a new food raw material declared by Huaxi Biotech. Domestic consumers have finally ended their history of purchasing high-priced hyaluronic acid food from overseas. , The prosperity and rise of domestic hyaluronic acid foods will become an important new trend in public health consumption

Exclusive

Housing market Tax tricks with Interest settlements

Status: 06/17/2021 10:42 a.m.

Financial investors speculate with billions on the German housing market, but hardly pay taxes – thanks to a legal trick. The federal government wanted to close this loophole. But loud monitor – Research won’t come of it.

By Lutz Polanz and Jan Schmitt, WDR

“Behind this house is an American company, the trail of the owners leads via Luxembourg to the Cayman Islands” , tells Coni Pfeiffer, activist and spokeswoman for the # 200Houses network. Tenants from Berlin have come together to defend themselves against the conversion of their apartments into expensive condominiums and the greed of financial corporations. It is similar with the other houses on the opposite side, explains Pfeiffer. Here the trail of investors leads to tax havens such as Gibraltar or the Virgin Islands. The Berlin real estate market has long since become an Eldorado for major investors who want to remain anonymous. The official owners are companies with names such as Magenta Properties S.à.rl or Berlin Project-1 Property III S.à.rl The names often conceal complex corporate structures with a whole chain of companies. In the end, they lead to well-known tax havens, for example in the Caribbean.

Interest trick to save taxes

The elaborate company structures apparently also serve to avoid paying taxes to the German tax authorities. A completely legal interest trick helps the companies: The parent companies lend money to their subsidiaries who own the houses and land in Germany. In return, they charge them high internal interest rates – much higher than they would otherwise have to pay at banks. The interest payments of the subsidiaries reduce the profit in Germany and thus the taxes that would have to be paid here.

“The profits go to countries in which no tax is levied on interest income”, explains Gerhard Schick, board member of “Citizens’ Movement Finanzwende”. “Thanks to these high interest payments, it is practically possible to push the income abroad, so that in Germany you can tell the tax office that we have actually not earned any money, but that the profit is generated abroad.”

Billions are being lost to the Treasury

“Every year the German state loses five to seven billion euros as a result of the interest rate trick”, adds Christoph Trautvetter from “Network tax justice”.

So far, the tax authorities have been able to do next to nothing about it. There is no corresponding legal regulation. Specialists have been calling for them for years, for example Manfred Naumann, an expert in international tax law and head of department in the Federal Ministry of Finance for many years: “I am frustrated that the legislature and the Federal Ministry of Finance are unable to find such a regulation”, said Naumann in an interview with the ARD -Magazine monitor . For him the state wears one “complicity” because financial resources run into the billions “flow untaxed”. Proposals for such a regulation have long been on the table. Accordingly, the interest rate would always be used as a benchmark at which a group can borrow money from the bank. Demanding higher interest rates internally would only be possible if the group can justify it well. That would be a kind of reversal of the burden of proof, which experts believe would prevent a large part of the tax damage.

Paragraph disappeared

The Federal Ministry of Finance under Olaf Scholz (SPD) had proposed precisely such a new regulation in a draft law. But the CDU / CSU parliamentary group intervened and the corresponding passage was deleted from the draft. The Federal Council then made a new attempt to resume the regulation. But this was also thrown out at the instigation of the Union.

“Braking measures against money laundering, aggressive tax avoidance and tax evasion by the CDU / CSU has a long tradition”, criticizes Sven Giegold from the Greens in the European Parliament. However, he is also surprised that the SPD did not protest against it.

The Union faction wanted to get up monitor -Do not answer the request. The Federal Ministry of Finance, led by Scholz, is now apparently at a distance from its original approach. Corresponding changes “should ideally be coordinated internationally”, it says in a response from the ministry to a request from monitor .

Now the match ball lies with the Federal Council. He wants to decide at the end of June whether to call the mediation committee or wave the law through with the loophole

Hearing before the BGH Are CumEx transactions a criminal offense?

Status: 15.06.2021 4:41 p.m.

The first proceedings on CumEx transactions have begun at the Federal Court of Justice. The judges must decide whether the deals are a criminal offense as tax evasion. The verdict will have far-reaching consequences. From Klaus Hempel, ARD legal editors They led to one of the biggest tax scandals in German history, in which the German tax authorities were duped and the state suffered billions in damage: the CumEx business. Investors used loopholes in legal regulations to make big money. They were supported by banks and top lawyers who work in large commercial law firms.

The state escapes taxes running into billions

Essentially, these CumEx deals were about stock dividends. These are profits from stock corporations that are distributed to shareholders. Taxes are deducted directly from this and transferred to the tax office. The shareholders can get the money back under certain conditions. In the CumEx business, investors have used an extremely sophisticated system and have taxes reimbursed that were never paid. At some point the dizziness was exposed. In March 2020, the first defendants were convicted by the Bonn District Court: two British stock traders involved in such transactions. Because they cooperated closely with the prosecutor, they were sentenced to relatively mild suspended sentences. Nevertheless, they appealed to the Federal Court of Justice. He must now clarify in a landmark judgment whether the CumEx business is actually a criminal tax evasion. “In the present proceedings, the Federal Court of Justice is dealing for the first time with so-called CumEx transactions from the point of view of tax evasion,” explains Chief Public Prosecutor Thomas Heise from the Federal Prosecutor’s Office. “He will decide whether the peculiarities of these transactions allow a tax that has not actually been paid to be reclaimed from the tax authorities.”

June 15, 2021

Warburg-Bank rejects responsibility

One of the two stock traders had earned 14 million euros from the deals, which he is supposed to repay. The private bank MM Warburg was also involved in the business. According to the judgment of the Bonn Regional Court, 176 million euros are to be collected from her. The bank is defending itself against this at the BGH. Your lawyer Ali Norouzi believes that the law does not justify skimming off the funds. “There were no representatives of the bank in the dock, but traders from other companies who traded for their own account and not for the bank,” argues Norouzi. “They made substantial profits and damaged the bank considerably. Their actions cannot be attributed to the bank.”

06/01/2021

Judgment expected at the end of July with far-reaching consequences

Nevertheless, the public prosecutor said that the millions in profits would have to be collected. The Bonn Regional Court followed this legal opinion. The Federal Court of Justice now has the final say. He plans to announce his verdict at the end of July. His decision is very significant for the lower level of justice. Hundreds of suspects are being investigated for tax evasion nationwide. If the BGH evaluates the CumEx transactions as criminal tax evasion, there will probably be further convictions in which those primarily responsible must expect long prison sentences. File number: 1 StR 519/20

Receivables from the tax office Many short-time workers have to pay taxes

Status: 14.06.2021 2:49 p.m.

The short-time work allowance saved many jobs. But many recipients are now realizing that the tax office is demanding an additional tax payment: an additional burden for an already lower income. From Iris Sayram, rbb It is now the third amendment to the short-time work regulation that is going through parliament this week. “With short-time working we secure millions of jobs through the crisis and get the German economy important skilled workers for a quick start now in the summer”, Federal Labor Minister Hubertus Heil (SPD) repeated only recently. This statement is not disputed; but after more than a year of short-time work, there are also side effects.

Short-time work requires a tax return

These are particularly noticeable now, as those receiving the benefits have to submit their tax returns for the 2020 pandemic year. Everyone who has “applied for more than 410 euros in the calendar year” has to make the declaration, according to the website of the Federal Employment Agency (BA). The calculation that as an employee subject to wage tax you usually get something back does not always apply here. Some even have to pay back large sums of money to the tax office. “This mainly affects the recipients who were not sent 100 percent on short-time work, but only partially,” says the managing director of the Federal Association of Wage Tax Aid Associations, Uwe Rauhöft tagesschau.de . The Berlin Left MP Sebastian Schluesselburg knows exactly such a case from his public consultation: A woman from the hotel industry was put on short-time work at the beginning of the pandemic. “Your cash flow is already greatly reduced by the high rent and having a small child,” said Schluesselburg. But she has now been completely “blown away” by the additional tax payment of more than 1000 euros – payable within four weeks.

background 05/19/2021

With the decision comes the tax shock

“This is not an isolated case,” says Uwe Rauhöft from the income tax aid association. “If the regular working hours are reduced to 50 percent and short-time work allowance is granted for the other 50 percent, then the wage tax is sometimes reduced very sharply,” explains the expert. The reduced wage tax will fall disproportionately because of the progressive tax rate. “As a result, however, too little wage tax is paid over the year,” Rauhöft continues. With the income tax return this is now noticeable. Those affected often only noticed this when they received the payment notification. “If you don’t expect it beforehand and don’t know, you now have a problem.” The Federal Employment Agency cannot give precise figures on how many recipients are now confronted with back payments. It is only clear that there are not just a few isolated cases. Several million employees have received short-time allowance since the beginning of the pandemic. According to the latest projections by the BA, it was around 2.6 million in March.

05/05/2021

Experts complain that there is insufficient information

In the FAQ area of ​​the employment agency there is a note in the last sub-item that “short-time allowance as wage replacement benefit is tax-free”. It also states that the service will be taken into account when determining the tax rate. “This can lead to additional tax claims”. This should have been pointed out more clearly, says tax law expert Sandra Inioutis. The tax advisor knows the problem. “It is a highly complicated process and it is not possible to say in general who it affects.” It is all the more necessary to better educate the recipients here. “Perhaps one should have said from an official point that the basically tax-free service is provided with a” but “”, says Inioutis tagesschau.de .

05/22/2021

Little indulgence in repayment

“As if that weren’t bad enough, the tax office is proceeding with full force here,” reports the left-wing politician Schliisselburg. The young family wanted to pay the 1000 euros in two installments, but that would only be possible if all of their own funds were practically exhausted. A credit line must also be used beforehand in order to get a deferral approved. “That is unbelievable. People are being driven into over-indebtedness,” the politician said indignantly. But the law on the possibility of deferral requires that an installment payment is only to be granted in the event of “considerable hardship”. “Unfortunately that is the legal situation. But I would not recommend a deferral either, the interest rate is six percent per year. That will then be even more expensive,” advises expert Rauhöft from the income tax aid association. However, the interest rates for an overdraft facility are likely to be in a similar range or even higher.

Assets in Dubai Scholz can buy data on tax fraud

Status: 11.06.2021 5:57 p.m.

Finance Minister Scholz has initiated an explosive deal. An anonymous informant obtained data on thousands of Germans who own assets in Dubai. It is about uncovering tax fraud, said Scholz. Federal Finance Minister Olaf Scholz wants to intensify the fight against tax fraud. “At my instigation, the Federal Central Tax Office procured a CD containing tax-relevant data from the Emirate of Dubai,” he said in Berlin. These data would soon be evaluated by the federal states. It is about uncovering possible crimes such as tax fraud. “Tax evasion is not a trivial offense, but a criminal act.”

Exclusive 08/12/2020

Assets hidden from the tax authorities?

The “Spiegel” had first reported on the process. An anonymous informant offered the data. The purchase cost the Federal Central Tax Office around two million euros. According to the magazine, millions of taxpayers are said to be affected, including several thousand Germans who, among other things, have land and real estate in the Gulf emirate. The data provided insights into assets that were hidden from the tax authorities in Dubai, according to the ministry report. In addition to clearing up criminal offenses, the data also ensured that the tax authorities would have full access to cross-border transactions. This would avoid loss of income.

07/12/2019

Handover to the federal states next week

After the secret handover of the material, the data is now, according to the “Spiegel” report, at the Federal Central Tax Office in Bonn. Next week they should be sent to the tax authorities of the federal states so that they can examine aspects of criminal tax law and, if necessary, initiate investigations. So far, only federal states had bought tax data. The then North Rhine-Westphalian finance minister and today’s SPD leader Norbert Walter-Borjans bought several tax data CDs. He was NRW Minister of Finance from 2010 to 2017.

Bundestag resolutions Higher tobacco tax and more protection for “coffee trips”

Status: 11.06.2021 8:26 a.m.

The Bundestag passed numerous laws into the night. Among other things, the redistribution of EU agricultural subsidies was decided and the rules for so-called coffee trips tightened. Smoking will become more expensive in the future. An overview. The plenary session began on Thursday morning – it was only ended on Friday morning at 0.59 a.m. by Parliament’s Vice-President Wolfgang Kubicki. The agenda in the Bundestag was tough. In the last few weeks before the summer break, the grand coalition is trying to get as many projects as possible through parliament. An overview of the most important resolutions of the night session.

Tobacco tax is rising – and also applies to liquids

Germany’s smokers are asked to pay more. The Bundestag decided that the tobacco tax for a pack of 20 cigarettes will rise by an average of ten cents in the coming year. A year later, a further ten cents will be added, in 2025 and 2026 another 15 cents per pack will be added. Vaping e-cigarettes and tobacco heaters is also taxed higher. So-called liquids for use in e-cigarettes are to be subject to tobacco tax in the future; up to now they have been subject to sales tax. An additional tax is to be introduced for heated tobacco, so that in future there will be a taxation similar to that of cigarettes.

More consumer protection with “coffee trips” and online marketplaces

The sale of insurance, home loan and savings contracts, medical products and dietary supplements on so-called coffee trips will be prohibited in the future. In addition, the participants of such trips must be better informed about their rights by the organizer. The fine for violations will be increased from 1,000 euros to 10,000 euros. The new law also provides for a regulation according to which consumers may not be asked to pay before the end of the day on which the contract is signed for contracts that have come about as part of an unsolicited visit to the home. In the future, online marketplaces such as Amazon or eBay will have to disclose the essential criteria for their rankings of search results. They must also inform consumers whether the potential contracting parties are entrepreneurs or private individuals. Rankings in search results must not be influenced by hidden advertising or hidden payments. The platforms must also explain how they ensure the authenticity of user reviews. Fake reviews are expressly prohibited in the future. Advertising in online networks should be more recognizable in the future – this applies to influencers, for example. Labeling is not necessary if the advertiser has not received any money or similar consideration from a company.

Protection of package tours

Consumer protection is also being strengthened for package tours: a multi-million dollar fund will in future protect package travelers from possible damage in the event of bankruptcies. Tour operators are to pay 750 million euros into the fund. The fund is also intended to prevent the state from having to step in when tour operators go bankrupt. The new fund is to guarantee prepayments by customers, the repatriation of stranded holidaymakers and their accommodation until they are returned. It basically replaces the previous protection through insurance or bank guarantees. The background to this is the bankruptcy of the travel company Thomas Cook in September 2019.

Fight against tax havens and money laundering

Capital flight to so-called tax havens is expected to become less attractive in the future. If the Federal Council also approves the new regulation, operating and advertising costs for cross-border transactions can only be claimed for tax purposes if the respective states adhere to international tax standards. In addition, regulations on withholding tax, which are incurred on investment income abroad, are being tightened. The basis is a “black list” of the EU, in which “non-cooperative countries and areas” are listed, which from Brussels’ point of view facilitate tax evasion or unfair tax competition. There are twelve countries such as Panama, Fiji and the Seychelles. However, this list is controversial – mainly because it does not contain any tax havens within the EU. In order to combat money laundering and terrorist financing more effectively, the German transparency register will also be expanded and better linked internationally. Additional reporting obligations for the economy should make it easier to track down letterbox companies and to identify the people behind nested company structures. At the same time, this is intended to protect reputable companies from coming into contact with questionable business partners and criminal machinations. In addition, the investigators in Germany should work more closely with the authorities in other EU countries.

Compensation for phasing out nuclear power

The Bundestag also gave the green light for the compensation of energy companies for the accelerated nuclear phase-out. The adopted amendment to the Atomic Energy Act empowers the responsible federal ministries to conclude a public law contract “on the payment of financial compensation” which ends “all national and international legal disputes”. In March, after years of dispute with the energy companies RWE, Vattenfall, EnBW and E.on, the federal government reached an agreement on compensation: Germany pays the companies compensation totaling a good 2.4 billion euros. This compensates for residual amounts of electricity that the companies can no longer generate in their own plants, as well as investments that the companies made in reliance on the nuclear power plant life extension that came into force in 2010.

Distribution of EU agricultural subsidies approved

The Bundestag also approved the federal government’s legislative package for the distribution of EU grants for German farmers. In the coming years, this will increasingly be based on criteria such as environmental protection and animal welfare. From 2023, a quarter of Brussels direct payments will be linked to certain ecological requirements. For example, there is additional money for not using pesticides or for more nature conservation in meadows and pastures. In total, it is about six billion euros that Germany’s farmers will receive annually from the EU until 2027. So far, the distribution of such funds has largely been based on the area of ​​the farms – regardless of the impact on the environment and landscape. With the reform, small and medium-sized businesses are to receive significantly more support. Young farmers up to the age of 40 also receive more money. In addition, there will in future be a premium for grazing animal owners who have so far benefited little from the area premium. The Federal Cabinet had already adopted the new requirements for the national structure of the Common European Agricultural Policy (GAP) in April. At EU level, however, there is still a struggle about how the reform of the EU agricultural policy should be designed. The aim is to reach an agreement by the end of June. The legislative package that has now been passed, which is aimed at a Agricultural Ministers’ Conference Compromise goes back, then changed again. Previously, the Bundestag had, among other things the powers of the protection of the constitution expanded . In the course of the day, the parliament wants to pass a number of other laws of the grand coalition – for example on care reform and on Compliance with human rights in global supply chains .

VinFast is building electric car charging stations The Ministry of Finance has just sent a document to the Ministry of Industry and Trade, the Ministry of Justice, the Ministry of Natural Resources and Environment and the Ministry of Transport, to respond to tax incentives for battery electric cars. Proposals for tax incentives only mention battery electric vehicles (BEVs). Currently, according to statistics, battery electric vehicles account for about 1% of electrified vehicles in Vietnam. Electric vehicles include many types of vehicles. In addition to gasoline-powered vehicles combined with electric energy (including HEV, PHEV) and Hydrogen-fueled cars (FCEV), there are currently BEV (pure electric) battery electric cars. Completely electrically charged from an external source. The two types of hybrid vehicles move mainly with internal combustion engines, in parallel taking advantage of the benefits of an electric powertrain consisting of an electric motor with a battery. FCEVs have an advantage over BEVs when the charging time is short, but the production of water makes hydrogen fuel-powered electric vehicles only suitable for island nations, arid areas, and unsuitable for urban areas. big. Meanwhile, BEV battery electric vehicles have a minimalist structure, run short distances, can consume electricity everywhere, have great advantages in urban areas. With three types of vehicles HEV, PHEV and FCEV all use gasoline and gas, so they have more impact on the environment than BEV models. Electric cars are becoming an advantageous choice to replace vehicles using internal combustion engines, especially battery electric cars (BEVs). Many countries around the world have had preferential policies and tax support to prioritize the development and production of battery electric vehicles. According to the Ministry of Finance, Vietnam has a number of preferential policies for electric vehicles. Accordingly, electric cars carrying passengers with less than 9 seats are entitled to the special consumption tax rate of 15% (ie 10% reduction compared to cars of the same type using fossil fuels; 10-16 seats are allowed to be used for cars of the same type using fossil fuels. tax rate of 10% (5% reduction compared to cars of the same type running on gasoline) and the tax rate of 16 to less than 24 seats is applied at the tax rate of 5% (5% reduction compared to cars of the same type running on petrol). At the same time, the Law on Special Consumption Tax No. 27/2008/QH12 also stipulates the special consumption tax rate for environmentally friendly vehicles. Specifically, vehicles running on gasoline combined with electric energy and bioenergy, in which the proportion of gasoline used does not exceed 70% of the energy used by the vehicle, is entitled to a tax rate of 70% for vehicles of the same capacity. species. For cars running on bio-energy, the special consumption tax rate is only 50% compared to cars of the same type. Meanwhile, about the current registration fee, there are only preferential rates for buses using clean energy while there is no policy applicable to other environmentally friendly vehicles. To encourage production and stimulate consumers to use BEVs, contributing to reducing the emissions released into the environment by vehicles, contributing to the protection of the ecological environment and based on the outstanding advantages of vehicles. BEV, the Ministry of Finance is planning to propose new incentives for this model. An electric vehicle charging station in Ho Chi Minh City Specifically, incentives related to excise tax fall under the jurisdiction of the National Assembly. Therefore, the National Assembly must amend the excise tax law. The Government has also assigned the Ministry of Finance to preside over the overall assessment of the implementation of the excise tax policy on automobiles in the past time to study and amend the excise tax law accordingly. Regarding the registration fee under the authority of the Government, when there is a need to change, it will amend and supplement Decree No. 14/20216/ND-CP on registration fee. The Ministry of Finance said that in the past time, it has also received recommendations from a number of associations on adjusting registration fee rates to remove difficulties for businesses. Therefore, the Ministry of Finance is also evaluating the overall policy on registration fees and is expected to submit it to the Government in October. The Ministry of Finance also asked agencies to propose specific content on special consumption tax incentives and registration fees related to battery electric vehicles to summarize and report to the Government. Battery-powered electric vehicles currently account for a very small percentage in Vietnam. According to data from the Vietnam Automobile Manufacturers Association (VAMA), the number of electrified vehicles registered in Vietnam is still very modest, accumulating just over 1,000 units by the end of 2020. of which BEVs only account for about 1%, the rest are HEV and PHEV models. According to the Ministry of Finance, currently only VinFast invests in producing electric vehicles, according to reports, VinFast has now launched the first battery-powered electric car model. The factory has a capacity of 250,000 vehicles per year and the brand is focusing on battery electric vehicles with 9 seats or less and electric buses with 24 seats or more. Also according to the Ministry of Finance’s assessment, the biggest obstacle facing Vietnam today is the lack of charging station infrastructure, the main source of power for power supply is using fuel sources with high CO2 emissions, accounting for nearly half of the total mobilized electricity output, while the electricity generated from renewable energy accounts for a small proportion, about 4.3% and this is considered an unstable power source.

On the afternoon of June 15, the Ministry of Industry and Trade issued Decision 1578/QD-BCT, applying anti-dumping tax and anti-subsidy tax on a number of cane sugar products originating from the Kingdom of Thailand. Specifically, imported sugar cane under HS codes 1701.13.00, 1701.14.00, 1701.99.10, 1701.99.90, 1702.90.91 will be subject to an official anti-dumping tax of 42.99% and an anti-dumping duty rate. the official subsidy is 4.65%. These two taxes are additional import taxes, applied to imported sugar cane originating from Thailand, including imports under tariff quotas. This decision has a term of 5 years, effective from June 16, Before that, the final investigation conclusion of the investigating agency determined that some Thai sugarcane products had dumping behavior, subsidized imports of the goods under investigation; The domestic industry is suffering significant injury and there is a causal relationship between the imports of the dumped and subsidized goods and the substantial injury to the domestic industry. In order to have a basis for determining the origin of imported goods subject to the application of anti-dumping and anti-subsidy tax, the customs authority will check the documents certifying the origin of goods, including: origin of goods (C/O), or proof of origin in accordance with the ASEAN Trade in Goods Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the Free Trade Agreement between Vietnam and EU (EVFTA), UKVFTA… Previously, on May 12, the Trade Remedies Administration (Ministry of Industry and Trade) held a public consultation (online form) with the participation of 80 delegates representing groups of stakeholders including: Governments, businesses, associations of Thailand and Vietnam. At the consultation, a representative of the domestic industry said that the Thai sugar industry is supported by the Government from controlling the domestic market (supporting fixed prices, dividing market shares), controlling imports, export subsidies, direct financial support of 1.3 billion USD/year, debt financing, input subsidies, so when entering Vietnam, it caused serious damage to the industry, so it is recommended to impose taxes. Pursuant to the provisions of the Law on Foreign Trade Management, on September 21, 2020, the Ministry of Industry and Trade issued Decision No. 2466/QD-BCT on the initiation of anti-dumping and anti-subsidy investigation on cane sugar with originating from Thailand on the basis of the application dossier of the representative of the domestic industry. Implementing Vietnam’s commitments in ASEAN regarding the application of tariff quotas under the WTO, Vietnam has abolished tariff quotas on sugar imports for ASEAN countries since January 1, 2020. In the first eight months of 2020, the amount of cane sugar imported into Vietnam increased dramatically, reaching nearly 950,000 tons, an increase of more than 6 times over the same period in 2019. In which, the amount of cane sugar imported from Thailand into Vietnam accounting for a major proportion, reaching nearly 860,000 tons (compared to the same period in 2019 it was 145,000 tons and the whole year 2019 was 300,000 tons). According to a representative of the domestic industry, the sudden increase in imports is the main cause of damage to the domestic sugar industry. The domestic production of cane sugar in the 2019-2020 crop year is estimated at less than 800,000 tons, down from 1.2 million tons in the 2018-2019 crop year. In addition, the domestic industry has also provided information and evidence that cane sugar products imported from Thailand are being dumped into Vietnam and the Thai Government has been maintaining some subsidy policy for sugarcane farming activities of farmers and the sugar industry.

G7 agreement Who will benefit from the global minimum tax?

As of: 06/09/2021 8:49 a.m.

The G7 agreement on a minimum tax is celebrated as an epoch-making one. But there are still many hurdles waiting for it to come into effect. There are reservations, especially in countries that make a living from their reputation as tax havens. By Klaus-Rainer Jackisch, MR Luxury yachts lie in the port of Nassau, sun-hungry people loll on the beaches and people know how to celebrate at the colorful Junkanoo, the national carnival: The Bahamas comprises 700 islands on the edge of the Caribbean. For many, they are a little paradise – also in tax matters. Since the island nation became independent in 1973, the country has lived on luxury, tourism and customs duties – and on its reputation as a tax haven. There is no income or corporation tax here, and tax evasion is not a criminal offense. That could soon be over. The Bahamas are also one of the 139 countries that have committed themselves to the so-called BEPS project under the umbrella of the OECD. BEPS (Base Erosion and Profit Shifting) wants to combat tax evasion and prevent the relocation of profits by multinational corporations abroad. The project is, so to speak, the backbone for the global minimum tax, the implementation of which received a strong boost last weekend: There the finance ministers of the seven leading western industrial countries agreed (G7) for the introduction of such a tax. It should be at least 15 percent worldwide and thus prevent tax dumping in many countries. At the same time, companies should in future not only be taxable where they are based – but everywhere they sell their goods or services.

G20 summit as the next hurdle

The agreement is intended to end the practice that companies like Amazon, Facebook or Google are making billions in profits worldwide, but are looking for and finding so many loopholes when paying taxes that in the end only peanuts remain for the tax authorities. Federal Finance Minister Olaf Scholz spoke of a “tax revolution” after the ministerial round in London. The British department head Rishi Sunak called the agreement “historic”, US Treasury Secretary Janet Yellen underlined it as an “unprecedented step”. When, after the finance ministers, the heads of state and government of the G7 countries meet at the end of the week in St. Ives in Cornwall, England, the decision should only be a matter of form. But the plan is far from being dry. In July, the finance ministers of the 20 most important industrialized and emerging countries (G20) meet in Venice, where they are supposed to approve the agreement. That should be much more difficult. While Europeans (Germans, French, British and Italians), Americans, Canadians and Japanese have similar interests in the G7 body, preferences in the G20, which includes China, Brazil and Russia, are less homogeneous. It is unclear whether they will come to an agreement in the end. Finally, all 139 BEPS states under the OECD umbrella would have to agree to the proposal.

Ireland fears revenue shortfalls

In order for the supposedly epoch-making work to really come into force, many interests have to be brought under one roof. Especially in smaller countries, the project is not only a source of joy: In Ireland, for example, where companies only pay 12.5 percent tax, which is why Apple and Google particularly like to romp around here, there are fears of large revenue losses. The minimum rate of 15 percent could theoretically flush more money into the coffers. But it is questionable whether the tech giants will continue to settle on the green island. Ireland’s finance minister, Paschal Donohoe, does not count on it and expects annual losses of up to 2.4 billion euros for his country: “Ireland could lose up to a fifth of its total corporate tax income,” he said in Dublin. There are worried looks in Switzerland too. Around 100 large companies have their headquarters here, because some cantons only charge around ten percent corporate tax after all discounts have been deducted. It is particularly cheap for companies in the cantons of Appenzell and Zug. In the capital, Bern, the opinion is that small countries in particular, which do not have the advantages of a large domestic market, can also score points in international competition with other advantages: low taxes are right at the top of the list, like a good infrastructure and a High standard of living. Before the G20 meeting, Switzerland wants to fight for every percentage point.

“German tax authorities do not gain much”

While small states in particular are already anticipating the worst, the US should be the big winner. Not only because most large companies are based here. But also because the complicated project plays into the hands of the big countries. Because even after a minimum taxation of 15 percent, no country is obliged to apply this rate. Ireland could stay at 12.5 percent. However, the mother country of the company can then collect an additional 15 percent difference. In the case of the numerous US companies, this additional levy then flows into the states. “Regardless of where a company is based and where it has subsidiaries, it always pays at least this minimum tax rate,” says the financial scientist Dominika Langenmayr from the Catholic University of Eichstätt-Ingolstadt. But that also means that more taxes are paid “above all in the USA, not in Germany,” said the economist. Clemens Fuest, President of the Ifo Institute, also sees it this way: “The German tax authorities will not gain much from the minimum taxation,” he told the “Augsburger Allgemeine”. His institute calculated that Germany would lose around 5.7 billion euros annually by shifting profits. But the minimum tax project should only allow “less than two billion a year” to flow into Germany, according to Fuest.

It depends on the details

Such an agreement also has other consequences for the export nation Germany: The car manufacturers, for example, sell a growing proportion of their products in China and the USA, but currently pay their taxes mainly in Germany. “If taxation rights are shifted to the sales countries in the future, Germany could lose tax revenues,” said Fuest. In the end, it depends on how the reform is designed. The last word has not yet been spoken and many a compromise is likely to come out. It is therefore questionable whether the EU will actually earn 50 billion euros more annually as a result of the reform, as Brussels loudly proclaims. This also explains why the multilateral corporations that the set of rules is supposed to meet are currently rather relaxed. The G7 agreement is “a welcome step” that will help stabilize the international tax system, a spokesman for the online shipping giant Amazon told the US news portal “Businessinsider”.

Will Amazon be spared?

The Amazon case in particular raises the question of whether the reform will actually be as effective as it has been described. The small print of the agreement also states that the reform should only affect the very large companies that have a profit margin of at least ten percent. However, Amazon only gives its overall margin of three percent and should get away with a final agreement on this rate largely unscathed – unless you tax the more lucrative business areas separately. However, this raises questions of tax justice and could trigger even more bureaucracy. It is also criticized that the minimum tax rate of 15 percent is much too low anyway. The British development organization Oxfam fears that this would lower the overall tax level worldwide rather than increase it. In any case, it is “absurd” that the G7 wanted to reform the tax system by “setting up a worldwide minimum tax that is similar to the low tax rates in tax havens such as Ireland, Switzerland or Singapore,” says Managing Director Gabriela Bucher. Meanwhile, the potential losers will do everything possible not to lose their advantage entirely. Until the rules come into force, many a yacht will moor in Bermuda’s capital Nassau. Because there are no high taxes in the island paradise (yet).

The G7 summit in Cornwall The heads of state and government of the seven leading industrialized countries (G7) will meet from June 11th to 13th in Cornwall, southwest England. For the first time in two years, they will meet again in person in the afternoon. In addition to climate change, the conference will also focus on trade issues and investments as well as the fight against the corona pandemic. In addition, the meeting will focus on the positioning towards Russia and China.
The G7 group includes the USA, Germany, Great Britain, Canada, France, Italy and Japan. Like-minded democratic states such as South Korea, South Africa, Australia and India are invited to the summit as guests.

Besides, European Commission President Ursula von der Leyen also expressed optimism that the two sides will reach an agreement as soon as possible. US and EU express cooperation on protection issues for Boeing and Airbus In March, the EU and the US also agreed to suspend counter-tariff actions for four months over a dispute related to protections for Airbus and Boeing. The US accused the EU of protecting aircraft maker Airbus to create a competitive advantage, while the EU also accused the US of taking similar measures against Boeing. The related lawsuits have dragged on for the past 17 years but have not come to an end. The dispute has led Brussels and Washington to repeatedly launch tariffs to punish each other. In March 2018, former US President Donald Trump imposed 25% tariffs on imported steel products and 10% on aluminum imports from the EU, Canada and Mexico. In response, the EU approved a regulation to impose tariffs on $3.2 billion in US goods, including a 25% tax on the country’s whiskey. In addition to the issue of Airbus-Boeing, the two sides are currently arguing about France, Spain and some EU countries imposing digital taxes on major US technology firms.

A representative of the Trade Remedies Department (Ministry of Industry and Trade) said that the investigation and application of trade remedies, specifically the application of anti-dumping and anti-dumping measures on a number of cane sugar products originating from Thailand imported from Thailand. imported into Vietnam, has been implemented by the Ministry of Industry and Trade in accordance with the provisions of the law on foreign trade management, as well as in accordance with international practices, based on objective and verifiable grounds and evidence. real. After more than 5 months of investigation (since September 2020), based on the investigation results, and before making the final conclusion of the case, on May 12, 2021, the Ministry of Industry and Trade held a meeting hold a consultation session to listen to the opinions of all interested parties. The final conclusion of the Investigation Agency of the case, determined that there was an act of dumping and subsidizing the imported goods under investigation (cane sugar products originating from Thailand), causing significant damage to the domestic manufacturing industry; there is a causal relationship between imports of dumped and subsidized goods and substantial injury to the domestic industry. On that basis, the Ministry of Industry and Trade has decided to impose an official anti-dumping tax of 42.99% and an official financial tax of 4.65%. Anti-dumping tax, CTC is an additional import tax, applied to imported cane sugar originating from Thailand, including imports under tariff quotas. The time limit for application of anti-dumping tax and financial tax is officially 05 years from the date on which the decision on application of anti-dumping tax and financial tax officially takes effect (unless it is changed or extended according to another decision of the Ministry of Industry and Trade. ). Illustration Regarding the application of anti-dumping and anti-dumping duties, effective retroactively, the Ministry of Industry and Trade said, based on the final investigation conclusions and data of the General Department of Customs on the import situation of investigated goods. The Ministry of Industry and Trade determined that there was no sudden increase in the volume or quantity of dumped and subsidized goods entering Vietnam in the period from the time the investigation was conducted until the application of the CBGP tax. and temporary CTC. Therefore, there is not enough basis to apply anti-dumping and anti-dumping measures taken effect in advance according to Clause 4, Article 81 and Clause 4, Article 89, Law on Foreign Trade Management. In order to have a basis for determining the origin of imported goods subject to anti-dumping tax and CTC, according to Decision 1578/QD-BCT, the customs authority will check the documents certifying the origin of goods. , including: Certificate of Origin (C/O); documents certifying the origin of goods in accordance with the provisions of the ASEAN Trade in Goods Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the EU-Vietnam Free Trade Agreement, the EU-Vietnam Free Trade Agreement, and the EU-Vietnam Free Trade Agreement. Free Trade Vietnam – United Kingdom of Great Britain and Northern Ireland. Accordingly, if the customs declarant submits documents certifying the origin of goods from a country or territory other than the Kingdom of Thailand, the official anti-dumping tax and CTC is not required. If the customs declarant submits proof of origin from the Kingdom of Thailand or fails to submit the proof of origin, the official anti-dumping tax and CTC as mentioned above (anti-dumping tax is 42.99%, CTC tax is 4.65%). The Ministry of Industry and Trade also said that in case the anti-dumping tax and the official CTC are lower than the provisional anti-corruption tax and the provisional CTC (the tax rate is temporarily applied when there is no final investigation conclusion and the official tax is imposed). This tax difference will be refunded. Pursuant to current legal regulations, the Ministry of Industry and Trade and the investigating agency will notify the receipt of application for exemption after the Ministry of Industry and Trade issues a decision to apply trade remedies. A quick information to the reporter of the Industry and Trade Newspaper right after learning that the Ministry of Industry and Trade officially applied anti-dumping tax and CTC tax on imported sugar originating from Thailand, a leader of the Vietnam Sugar Association, said. : The Vietnam Sugar Association is quite satisfied with Decision 1578/QD-BCT of the Ministry of Industry and Trade. This is a timely decision, which will make an important contribution to support the development of Vietnam’s sugar industry, when in the context of integration, the sugar industry has faced great challenges due to the unfair competition of the sugar industry. imported sugar (mainly imported from Thailand) due to subsidies, dumping, and smuggling into the Vietnamese market. Compared with the previous decision to impose anti-dumping tax and temporary CTC, the official anti-dumping tax and CTC also eliminated the difference between raw sugar and refined sugar.

Disclosure report Bezos, Musk and Co. hardly paid any taxes

As of: 06/09/2021 05:04 a.m.

A new report reveals that the richest Americans hardly pay any income tax – among them Amazon founder Bezos and Tesla boss Musk. The tax authority wants to determine how the confidential data became public. By Torsten Teichmann, ARD studio Washington In 2007, multibillionaire Jeff Bezos didn’t pay a dime in US income tax. In 2011, too, the Amazon founder offset his income against losses so much that the US tax authority IRS granted him an income-related child allowance of 4,000 US dollars. This had often been speculated about. But now the numbers are known. The foundation for investigative journalism ProPublica quotes from Bezos tax return. These tax tricks are not illegal. But the network of loopholes and discounts remains denied to most Americans due to lack of assets. They move from salary to salary, as US President Joe Biden complains time and again: “Sometimes I argue with friends in the Democratic Party about it: It’s okay to be a billionaire or a millionaire, but pay your fair share.”

What tax amounts are fair for the rich?

But how much should the top 0.01 percent in the US contribute financially to society? There is a dispute about this. The ProPublica report rekindles this debate. The foundation has obtained official tax documents from thousands of the richest Americans, says the journalist Jesse Eisinger involved in the NPR radio station. They cover a period of 15 years. ProPublica initially refers to the reported income from the tax returns of the 25 richest Americans and the increase in wealth over the period that is not taxed. In addition to Bezos, Tesla founder Elon Musk, Facebook boss Mark Zuckerberg and New York’s ex-Mayor Michael Bloomberg will be there.

If we look at the actual tax on capital growth – which is essentially your income – then its tax rate is 3.4 percent. For people like Jeff Bezos or Warren Buffet, it’s even less.

Far from the top tax rate of 37 percent

The investor Warren Buffet paid 0.1 percent tax on income and asset growth between 2014 and 2018, ProPublica calculates. At Bezos it is just under one percent. Americans pay an average of 14 percent income tax. The top tax rate would be 37 percent. America’s billionaires are far from that. The Biden administration reacted cautiously to the findings. Any unauthorized publication of government documents is against the law, said Biden’s spokeswoman Jen Psaki. The Ministry of Finance is trying to clarify how the tax returns have come to the public.

Generally speaking, we know that more needs to be done to ensure that businesses and high-income citizens do more of their fair share. This is what the President says in his proposals, in his budget, and this is how he wants to pay for his proposals. A government proposal provides for higher taxes for households with an annual income of more than $ 400,000. According to the ProPublica report, however, it is completely unclear whether a corresponding reform will generate additional income as long as the loopholes in the tax laws of the USA are not closed.

Photo: Reuters Specifically, when asked about the possibility of Amazon and Facebook being affected by the new proposal, Ms. Yellen said: “It will include companies with large profits and those companies mentioned above, I believe, will be in the bottom line. among affected companies by almost any definition.” Photo: Reuters A joint agreement by the G7 finance ministers recently said it would solve the tax avoidance problem of “the largest and most profitable multinational enterprises”. Reuters says Amazon has a lower profit margin than most other tech giants, and European countries are concerned that Amazon could avoid additional taxes with the US’s initial proposals to the G7. Photo: Forbes For its part, Facebook is open to the changes the G7 team is discussing. The largest social network on the planet also accepts the fact that it may pay more taxes in many countries, Nick Clegg, Facebook’s global affairs director, told Reuters . Photo: Variety “Facebook has long called for a global tax overhaul and welcomes the significant changes introduced by the G7,” Clegg said on Twitter. “Today’s agreement is an important first step toward certainty for business and improving public confidence in the world tax system.”

At a meeting with leaders of the Government, ministries and sectors in mid-May, Vingroup applied for a pilot exemption of excise tax and registration fee for electric cars for 5 years in order to promote the electric vehicle market. . In fact, this is the first proposal in Vietnam but not new in the world. Many countries have also applied a combination of supportive policies, strong incentives for consumers and manufacturers to encourage the model transition from gasoline to electricity, typically China, the US and other countries. Europe. According to the Wall Street Journal, Mr. Hallgeir Langeland, 65, a former Norwegian politician and environmental activist, has not owned a car in 25 years. But when Ford launched an all-electric version of the Mustang last year, he didn’t hesitate. “I have to have it. I can’t wait until March,” Mr. Langeland said, recalling the Mustang he drove as a young man. Christian Burg, owner of an energy-efficient housing construction business in Germany, has been driving a petrol BMW X3 SUV for many years. When the German government increased subsidies for electric cars, he applied for a small business subsidy and switched to the iX3 rechargeable hybrid. “We received an incentive of 3,750 euros ($4,500),” he revealed. Governments are tightening emissions standards and supporting industries on the front lines of the fight against climate change. Photo: Reuters. From electric vehicle powerhouses China and Europe… Governments around the globe have introduced a variety of policies to boost the electric vehicle industry over the years, including reducing taxes, fees, subsidies, incentives, and administrative regulations. The common point is that governments have set a specific roadmap to transition from fossil fuel vehicles to electric cars. According to the CNBC Many Chinese drivers switch to electric cars because of the government’s preferential policies. For example, in 2016, Chinese buyers received a nationwide discount of 55,000 yuan ($8,599.01) for each BEV and 30,000 yuan ($4,690) for PHEVs. Municipal governments also provide additional support up to 55,000 yuan. Beijing also subsidizes electric vehicle manufacturers based on battery power density, driving range and energy consumption. For example, in 2020, a pure electric vehicle with a minimum range of 300 km will receive a subsidy of 16,200-22,500 yuan (2,532-3,517 USD). Along with that, it supports the construction of a battery charging network for electric vehicles. For taxes and fees, China offers 50-100% reduction in user registration fees from time to time, annual tax relief, free or low-cost charging. In addition, manufacturers will receive credit points if they produce many electric vehicles. China is the leading electric vehicle market in the world. Photo: Reuters. Buyers of electric vehicles in China also receive preferential registration fees, no need to wait for car registration for 6-12 months, free highways, and parking. In Shenzhen alone, taxis switching to electric vehicles will be able to receive subsidies. A 27-year-old customer, who lives in Hangzhou, has been waiting almost a year for a license plate for his petrol car. However, after seeing Xpeng’s G3 electric car, she decided not to wait any longer. “After applying the government subsidy, the car fits my budget of about 180,000 yuan (US$27,643),” she said. The European Union (EU) is also gradually tightening emissions standards and supporting industries on the front lines in the fight against climate change. Much of the support goes to initiatives that push consumers to buy electric vehicles, which in turn drives demand. After applying the government subsidy, the car fits my budget of about 180,000 yuan (US$27,643) A 27-year-old customer in Hangzhou In 2020, sales of new electric vehicles in European countries doubled, accounting for 43% of global sales. Rising momentum has brought the EU over China to become the world’s largest electric vehicle market. For example, Germany subsidizes up to 4,000 euros ($4,874) per BEV and 3,000 euros ($3,656) for PHEVs. The country also built a €1 billion fund for rebates and building charging stations. Meanwhile, France subsidizes 6,000 euros ($7,312) for cars that emit less than 20g of CO2, 5,000 euros ($6,093) per BEV, and nearly 10,000 euros ($12,187.01) for customers who switch from diesel vehicles to BEVs. Similar to France and Germany, Spain, Italy, Sweden, Denmark and Finland also apply different subsidies to electric vehicle customers. Denmark alone reduces sales tax up to 80%. Some major Spanish cities reduce taxes by 75%, while Finland has a minimum tax rate. …to North America Transportation is currently America’s largest source of greenhouse gas emissions. Therefore, US President Joe Biden’s plan to change gasoline cars to electric cars is essential to solving the problems of climate change. Biden’s proposals include incentives of up to $174 billion for electric cars. His plan is to increase discounts for customers who buy electric cars. In addition, the US president plans to push to increase the number of public chargers from 72,000 in 2019 to 500,000 in 2030. He also called for replacing the US government’s fleet of about 650,000 vehicles with models. electricity. Experts of Bloomberg It is estimated that 500,000 chargers may require about 6 billion USD of investment. Part of the $174 billion subsidy will also go directly to consumers to stimulate demand. Along with that are orders for electric vehicles directly from the federal government. To realize his climate ambitions, Mr. Biden needs to benefit as many electric vehicle manufacturers as possible. Bloomberg The above expenses all bring about the same effect. That’s increasing demand to accelerate the electrification of the US auto industry. Previously, the federal government and some states offered tax credits (up to $7,500) and incentives for buying electric vehicles, but the main federal incentive will begin to cut after manufacturers sold 200,000 electric cars. “To realize his climate ambitions, Mr. Biden needs to benefit as many electric vehicle manufacturers as possible.” Bloomberg comment. Meanwhile, the Canadian government requires that all vehicles sold starting in 2040 will produce zero emissions. The province of Québec will ban the sale of new gasoline-powered passenger cars from 2035. British Columbia will completely ban the sale or rental of gasoline-powered cars and trucks by 2040. Norway also introduced subsidy programs to boost sales of electric vehicles, including direct support of 4,000 euros ($4,874) to users, a 50% subsidy on vehicle prices and the cost of station construction and installation. charger for the manufacturer. A plan to change petrol cars to electric cars is necessary to address climate problems. Photo: Reuters. Along with that is a discount on fast charging service, free parking, fees for ships, boats, harbors, and the use of bus lanes; some road and ferry fees are waived. Taxes exempted for electric vehicles in Norway include fuel, road, and vehicle taxes. Meanwhile, Japan also exempts taxes related to vehicle ownership, purchase and tonnage. In 2020, electric car buyers will receive a subsidy of up to $7,700 depending on the vehicle’s battery capacity. According to Dr. Bui Quang Tuan, Director of the Vietnam Institute of Economics, government support is essential if Vietnam wants to develop the electric car industry to catch up with the world’s trends and achieve its goals. on green growth. “The support policy demonstrates the tectonic role of the State, its commitment to accompany businesses so that they can grow up, reach out to the world, and raise the level of Vietnamese people. Behind this policy is a very important political meaning, not just economic support,” said Dr. Bui Quang Tuan, Director of the Vietnam Institute of Economics.

In addition to the two companies above, tech giants including Amazon, Facebook and Apple will also be subject to a tax called “Google tax”. Accordingly, large technology companies will have to pay a certain amount of corporate tax, although there is no specific number for this tax. “The government will have grounds to tax them if a deal is reached. At the moment, everything is still incomplete,” an official from the Korean Ministry of Finance said on June 1. The move is part of a global wave to tax lucrative businesses based on the country that generates their revenue, not the country where they are headquartered. Many tech heavyweights around the world have long tended to set up headquarters in countries with low tax rates in order to reduce or avoid paying taxes. Meanwhile, the profits they earn come from all over the world through online business activities that are not limited to a specific country. The OECD’s plan is said to detail ways to modify the tax regimes of member countries, in light of the rapid transformation of digital business. It also seeks to address the problem of tax base erosion and profit shifting (BEPS), combating strategies that exploit loopholes or inconsistencies in tax rules to shift profits to areas where they are not. collect or have a low tax rate. Another point of contention in the plan this time around is the push to amend the law on a permanent establishment, or a fixed place of business that generates income and a value-added tax liability in a jurisdiction. Specifically. This also includes establishing a global minimum corporate tax rate. According to the Financial Supervisory Service’s electronic disclosure system, Google Korea said that on April 14, it recorded a revenue of 220.1 billion won (equivalent to 198 million USD), up about 3.6% from a year earlier. Google’s operating profit was 15.5 billion won, up 53.4% ​​year-on-year. Net profit for the same period was 6.2 billion won, up 741.2 percent. These numbers stand in sharp contrast to tech companies in Korea such as Naver and Kakao. According to the report, the annual sales of these two companies are 5.3 trillion won and 4.1 trillion won respectively. The staggering difference is the result of Google Play Store revenue being recognized as revenue by Google Asia Pacific, which is headquartered in Singapore, not Google Korea. Industry observers also estimate Google Korea’s domestic sales to be between 5 trillion won and 6 trillion won. According to the Mobile Internet Business Association, in the group of IT and telecommunications businesses, Google Play’s sales in 2019 in the country are estimated at about 5.7 trillion won. Just as fast as Google is Facebook Korea. According to FSS data, the business recorded sales of 44.2 billion won and operating profit of 11.7 billion won last year. Facebook’s sales in South Korea grew 10.3% from 40.1 billion won in 2019, and business profits are reported to have increased six-fold year-on-year. The company’s net profit also reached 6.3 billion won, up 33 times from 190 million won in 2019, thanks to a surge in advertising revenue from Instagram. Chang Pang Hyo, head of the IT Committee at the Citizens Coalition for Economic Justice, said the US tech giants actually exist in the virtual world, and their activities cannot be determined if based only on the tax code in the branch location “Calls are growing to amend the laws to come up with a clear statement that companies are taxed where their customers use their services, not where they are located. headquarters,” he said. Thuong Hai According to Korea Times

Icons of Google, Amazon, Facebook and Apple on mobile phones. Photo: VNA Washington has proposed a global minimum corporate tax rate of 15%, lower than that proposed by the Group of Top Industrialized Countries (G7), but higher than some other countries such as Ireland. But the UK is still concerned that this plan does not go far enough to tax giant technology corporations such as Amazon, Google and Facebook. In a recent statement, Mr. Sunak emphasized the importance of fair taxation for technology corporations and called on the US and G7 countries to discuss this issue next week. The meeting of G7 finance ministers is expected to take place from June 4-5. According to Mr. Sunak, companies like Facebook also want to solve this problem, which can bring certainty and stability to them. Besides, Mr. Sunak also mentioned that the UK is considering a separate online sales tax, when large multinational corporations, especially digital corporations, do not pay taxes in the right places, right place and this is not fair. In 2015, member countries of the Organization for Economic Cooperation and Development (OECD) agreed in principle to a plan to prevent multinational corporations from evading taxes by moving their headquarters to countries with low tax rates. . Despite years of negotiations, progress has been insignificant. However, discussions have been revived with the recent proposal of US President Joe Biden. Recently, the US government has proposed to the OECD a tax rate of at least 15% for multinational corporations. This is the first time the US has officially proposed a global minimum tax rate. France and Germany have voiced their support for the US proposal for a global minimum corporate tax rate of 15%, and expressed hope for an early breakthrough in negotiations on this issue.

Facebook icon. (Photo: AFP/VNA) According to Vietnam News Agency correspondent in Sydney, Facebook technology group has paid 20 million AUD (about 16 million USD). Sales tax in Australia in 2020. Figures from the Australian Securities and Investments Commission show that in the 2020 financial year, Facebook has weathered the worst effects of the COVID-19 pandemic; Accordingly, the total advertising revenue of this group in Australia is AUD 712.7 million (about USD 570 million), higher than the figure of AUD 674 million in 2019. However, Facebook paid A$559 million to an overseas subsidiary for “ad resale,” causing net income 2020 is only 155.3 million AUD, lower than 167.1 million AUD in 2019. Accordingly, the company’s pre-tax profit was AUD 37.9 million. With this profit, the company paid 20 million AUD, compared with 16.7 million in 2019. A Facebook spokesperson said that in the last financial year, the company has pay income tax in Australia at more than 30% under local tax laws. While the two “tech giants” Facebook and Google both recorded growth in 2020 in Australia, many local media companies had to cut costs and in some cases had to cut jobs due to advertising revenue. reported a drop of up to 30%. Facebook is currently actively negotiating with several Australian media outlets about paying for their news content to appear on Facebook’s Newsfeed feature. So far, Facebook has officially signed a contract with two major media agencies, Seven West Media and News Corp, and according to some sources, Facebook will sign an official agreement with Nine Entertainment Co within the next 2 weeks. . Facebook is also negotiating with Guardian Australia and national broadcaster ABC.

Facebook logo at headquarters in Menlo Park, California, USA. Photo: AFP/VNA According to the Vietnam News Agency correspondent in Sydney, data from the Australian Securities and Investments Commission shows that in the 2020 financial year, Facebook has overcome the worst effects of the recession caused by the COVID-19 pandemic and made a profit. Total advertising revenue in “Kangaroo country” was AUD 712.7 million (equivalent to USD 570 million), up from AUD 674 million in 2019. However, Facebook paid $559 million to an overseas subsidiary for ad inventory-related content, bringing the company’s net revenue to just $155.3 million. As a result, Facebook’s pre-tax profit was AUD 37.9 million, and with this profit, the company paid AUD 20 million (USD 16 million) in taxes, compared with AUD 16.7 million in 2019. A Facebook spokesperson said that in the last financial year, the company paid income tax in Australia at rates above 30% under local tax law. While tech giants Facebook and Google both recorded growth in 2020 in Australia, many local media outlets have had to cut costs and in some cases cut jobs due to business reasons. Advertising revenue dropped by 30%. Facebook is currently actively negotiating with several Australian media companies about paying for their news content to appear on the social network’s Newsfeed feature. So far, Facebook has officially signed contracts with two major media agencies, Seven West Media and News Corp, and according to some sources, will sign a formal agreement with Nine Entertainment Co within the next two weeks. Meanwhile, negotiations with Guardian Australia and national broadcaster ABC are still ongoing.

Amazon’s distribution center in Las Vegas, Nevada, USA, April 25, 2020. Documentary photo: AFP/VNA The appeal comes after the LuxLeaks scandal exposed in 2014 revealed 500 tax agreements between Luxembourg and more than 350 international businesses, including many billion-dollar tax frauds and involving corporations. such as Apple, IKEA, Pepsi… These corporations have had tacit agreements with the tax authorities of Luxembourg to enjoy lower tax rates than prescribed. In the case of Amazon, in 2017 European Competition Commissioner Margrethe Vestager accused Luxembourg of having an illegal arrangement with the online commerce giant to pay less tax than other businesses. other profession. Accordingly, Luxembourg has offered a preferential tax policy for Amazon, helping nearly three-quarters of the company’s profits not be taxed. At the heart of the EU’s allegations is Amazon’s violation of the so-called “market price principle”, which ensures that transactions between subsidiaries are based on prices that other independent companies in the market would charge. must return. At the time of the EU case, Amazon said it had not received any special treatment from Luxembourg, and insisted it had paid taxes in full in accordance with both Luxembourg and international tax law. However, analysts are not too optimistic about the ability of the EU’s requirements to be upheld. Less than a year ago, iPhone maker Apple won a spectacular victory in this same court against the European Commission’s request that Apple pay 13 billion euros in taxes to Ireland in 2016. But whether it wins or loses in the appeal, the European Commission will likely emphasize its goal of targeting corporate profits. The agency is also developing new rules to close tax loopholes, especially for tech giants. In recent weeks, the US side has gradually embraced the idea of ​​a global minimum corporate tax. Negotiations on cross-border corporate tax are underway at the Organization for Economic Cooperation and Development (OECD). If successful, this tax policy will make special transactions for multinational companies a thing of the past.

Mr. Le Duy Minh, Director of Ho Chi Minh City Tax Department According to Mr. Le Duy Minh, Head of Tax Department of Ho Chi Minh City, in order to control and manage taxes, their technology platform and business programs and software must be located in Vietnam and be managed by authorities. physical. Currently, the Ho Chi Minh City Tax Department can only verify from the bank account the revenues and expenditures of these units, that is only working at the “top”, but not yet able to do the “original part”. The City Tax Department is proposing to the Ministry of Industry and Trade to support this issue. “All these transactions, the Ministry of Industry and Trade, have to support the City Tax Department to be able to penetrate their system. We must have solutions and software to track online purchases and sales to be able to strictly manage them. I now just stop at the level of verifying that their accounts are opened in Vietnam, how they collect and spend taxes on that basis ”, said Mr. Le Duy Minh.

Apartments for rent in Ho Chi Minh City are subject to tax In the field of housing, land and real estate transfer, Ho Chi Minh City Tax Department proposes to manage tax collection in apartment rental activities in apartments and buildings. STRENGTHENING MONITORING AND COMBATING TAX LOSS Subjects proposed to collect tax are individuals and organizations that lease apartments, houses, and business premises in apartment buildings; individuals and organizations directly trading in and providing services in the apartment building; individuals and organizations leasing offices. The Ho Chi Minh City Tax Department proposes to pilot the tax collection above in some apartments and buildings in District 11 such as Res 11 Apartment, located at 205 Lac Long Quan, Ward 3; Thuan Viet commercial residential area at 319 Ly Thuong Kiet, ward 15; Bao Gia building, 184 Le Dai Hanh, ward 15; apartment building 70 Lu Gia, 70 Lu Gia, ward 15; Khai Hoan building, 624 Lac Long Quan, ward 5. This unit also proposes measures to prevent loss through management of leasing, collection of land use fees, registration fees, personal income tax in land management activities and real estate business. If approved, the City Tax Department will work with the apartment management board to propose a list of apartment rental households, direct business households in the apartment area; At the same time, coordinate with the local police in reviewing the list of newspapers of temporary residence, temporary absence, list with permanent residence registration, through the Management Board of the apartment building to propagate to owners of apartments with changes about Declaration of temporary residence, self-declaration of tax, and payment of taxes for house and apartment rental is also done; propagating individuals and organizations providing office leasing services to declare and pay property rental tax. Tax authorities should study the appropriate tax rates to encourage renters to file taxes. To do the above work, the tax authority will guide households and individuals that rent out houses, apartments or offices to prepare tax registration and tax declaration documents; instructions on how to electronically submit tax returns and declarations; guide to tax non-agricultural land use; answer questions of taxpayers. In addition, the tax authority will also mobilize individuals, rental businesses and office rentals to provide information on the lease to have a basis for determining and comparing the actual rental price and the declared price. Tax payment of apartments, individuals for rent houses, apartments, office rentals. Thereby, basing on and comparing tax declaration data for real estate transactions in the same area, area, size, and area respectively to take grounds to force taxpayers to declare tax with the correct value. actual assignment. In addition, the Ho Chi Minh City Tax Department requested the authorities to review the cases of land lease in order to have the correct collection regime. In cases where there is a decision on land allocation from the People’s Committee of Ho Chi Minh City but the financial obligations have not been determined, the Department of Natural Resources and Environment quickly determines the financial obligations to collect land use fees. When there is a notice of implementing financial obligations from the Ho Chi Minh City Tax Department but the enterprise has not paid the land use fee, it will be reported to the People’s Committee of Ho Chi Minh City for handling measures. RECOMMENDATIONS TO REVIEW TAX PAYMENTS Most experts in the real estate sector say that: The profit for renting apartments is not high, if based on the total value of investment in this segment. In particular, during the current epidemic outbreak, the rental rates of serviced apartments are low, increasing pressure on homeowners. Mr. Hoa Binh has an apartment for rent in District 10, Ho Chi Minh City that is quite frustrated by this proposal. He said: “My wife and I buy an apartment and have to borrow money from the bank, pay both principal and interest more than 12 million dong each month, while the apartment for rent is only 15 million dong, so only 13.5 million dong / month. If the tax authority calculates 10%, ie the tax rate of 16.2 million, it is almost only enough to repay bank loans interest. The threshold for tax calculation of 100 million VND / year is considered unreasonable, leading to many consequences, they have to circumvent the law to declare rent at much lower prices, change to the form of capital contribution for house loans … legal trouble when a dispute occurs. “Not to mention, there are months when customers pay their houses, have to find new tenants and lose commissions from 50% -100% / month, then this type of apartment investment becomes a loss. In addition, for the money to repair the house when it is damaged or when the apartment is profitable, I have already paid transfer tax. Therefore, the tax authority should study the reasonable tax rate to encourage people who have rental houses to declare tax, “Mr. Hoa Binh said. Many experts also suggested: Currently, the family allowances have been raised to 11 million VND / month (equivalent to 132 million VND / year), but the threshold for calculating tax of 100 million VND / year is not reasonable. That leads to many consequences, they have to circumvent the law to declare rent at much lower prices, switch to the form of capital contribution for home loans … causing many legal troubles when disputes occur. In particular, there are many people who cannot afford the economy, so they have to rent an apartment and rent it out to a cheaper place to live, the balance is used to offset the bank interest … At an apartment for rent in Gold View District 4 Ho Chi Minh City, Mr. Nguyen Minh Quang, a software engineer, worries: the tightening of apartment rental tax as today is very likely, the landlord will increase more money. renting and the pressure of husband and wife is even greater. Especially in Covid’s present occasion, the family’s income has decreased by 25%.

Recently, according to media reports, a person familiar with the situation revealed that Biden will formally propose a tax increase plan next week. This plan proposal is mainly aimed at the wealthy people with an annual income of not less than 1 million yuan. The capital gains tax rate is 39.6%, which is higher than the current rate. The 20% tax rate has nearly doubled, plus the existing 3.8% investment income surcharge, which means that the wealthy may face a capital gains tax of 43.4%.

What is capital gains tax?

Capital gains tax is a kind of temporary tax, which refers to a tax levied on the realized capital gains of taxpayers who are not specialized in the sale of real property and valuable securities.

The capital gains tax increase plan is undoubtedly a great negative for the U.S. stock market. As soon as this news came out, U.S. stocks fell sharply at the opening. The three major stock indexes all closed down about 1%. On the other hand, Bitcoin fell nearly 6%. Once dropped to around $50,000, Bitcoin’s fall is the first time its share of the cryptocurrency market has fallen below 50% in two years.

It is understood that if Biden’s tax increase plan is implemented this time, some capital gains taxes that were originally taxed may exceed 50%. Among them, New York and California will bear the brunt. The Biden administration’s view on the tax increase is to increase Capital gains tax will not have a negative impact.

However, many professionals still believe that Biden’s increase in the capital gains tax rate will stimulate selling. A large number of investors will reduce their positions in order to avoid higher capital gains taxes, leading to a large number of stocks being sold in the stock market. As a result, the value of the stock fell sharply.

Some professional organizations also said that the plan will cause greater turbulence in the market. The increase in capital gains tax will have a greater impact than the increase in corporate tax. Investors’ investment methods may change, and the investment market may experience a significant cooling in the future. .

Although many people think that Biden’s tax increase is not surprising, they did not expect the tax increase to come so fast, and the tax rate increase is so high, which many people did not expect.

Biden’s “rich man tax” levy plan has brought a heavy blow to speculators of cryptocurrency assets.

On April 23, cryptocurrencies plunged one after another. Bitcoin fell by more than 8%, Ethereum fell by 10%, Ripple fell by more than 17%, and Litecoin fell by more than 16%.

On the 23rd, Bitcoin fell below $50,000 per coin, the first time since March 8. It then further fell to 49465 US dollars per piece, a 24-hour drop of more than 8%.

At 0:00 on the 22nd, the price of Bitcoin was still at a high level of $56,000 per coin. In the early morning range of the 23rd, with the news of the tax increase plan, Bitcoin fell sharply. From April 22 to press time,Bitcoin has successively fallen below the six integer barriers of 55000, 54000, 53000, 52000, 51000, and 50000, and has fallen by more than US$6,000 in 24 hours.

According to Bitcoin Home Network,In the past 24 hours, a total of about 457,500 people liquidated their positions, and the liquidated capital was as high as US$3.211 billion, which is equivalent to about 20.86 billion yuan..

According to CBN News, foreign media reports that Biden plans to propose to nearly double the capital gains tax rate for the wealthy to 39.6%. Together with the existing investment income surcharge, it means that investors have the highest federal capital gains tax rate. Will reach 43.4%.

Image source: Visual China

According to sources, the capital gains tax rate for people with an annual income of not less than US$1 million will be raised to 39.6%, far exceeding the current basic tax rate of 20%. Coupled with the 3.8% investment income tax rate to fund Obamacare, the capital gains tax level is higher than the highest salary tax rate.

For people with an annual income of $1 million in high-tax states, the capital gains tax rate may exceed 50%. In New York State, the state and federal total capital gains tax rate may be as high as 52.22%. For California, it may be 56.7%.

U.S. investors who invest in crypto assets (these assets have risen by about 80% since December last year), if they sell cryptocurrencies after holding them for more than a year, they already face the risk of capital gains tax. The Internal Revenue Service has also increased its taxation on the sale of encrypted assets.

Source: Daily Economic News, Comprehensive Market News, Bitcoin Home Network, China Business News

(Every time this article is posted on the App for transmission

The tax law propaganda team planted the seeds of tax in the hearts of students, making the appearance of “tax” more clear.

Red Net Moment Hengyang, April 22 (correspondent Zhang Yi and reporter Wang Min) Recently, the tax law publicity team of the Taxation Bureau of Hengyang High-tech Zone came to Hengyang Chuanshan Experimental Middle School to carry out tax publicity on the theme of “Tax Yurun Childlike Taxation to Help Growth” In the event, the seeds of taxation were planted in the hearts of students through taxation promotion videos, tax knowledge contests, and taxation experience of the Tax Service Department, making the appearance of “tax” more clear.

In the class, the staff of the bureau played a small tax video “The Look of Taxation”, using easy-to-understand language and examples close to daily life to explain to the students the generation and development of taxation and the connection with the country and family. During the period, there was also a prize-winning answering session on tax knowledge. The students answered the questions enthusiastically and the scene was very enthusiastic. “With taxes, we can build parks, schools and other facilities to ensure our happy life.” “The planes, aircraft carriers, and tanks of the People’s Liberation Army can only be purchased because of taxes to ensure the safety of the country.” The students told the propagandists about themselves. Understanding of taxes.

Subsequently, the bureau also hired some student representatives as tax service experiencers to go to the tax service hall of the bureau, under the leadership of the staff to experience modern tax handling measures such as fast tax handling, self-service tax handling, self-service receipt, and online tax handling. The convenience.

The main person in charge of the bureau said that the bureau will continue to do a good job in tax publicity and enter campus activities, actively disseminate and popularize taxation knowledge to the majority of students, let the seeds of taxation and integrity take root in their hearts, and guide children to “pay taxes with integrity and pay taxes in accordance with the law”. The concept of “paying taxes” is passed on to the people around us, and the knowledge of taxation is passed on to more families, thereby expanding the coverage and influence of the tax law, and effectively achieving the effect of point-to-face tax law publicity.

Source: Red Net

Author: Zhang Yi Min

Editor: Wang Min

This article is an original article by Hunan Channel. Please attach the link to the original source and this statement for reprinting.

Link to this article: https://hn.rednet.cn/content/2021/04/22/9223196.html

In the early trading on April 23, the three major stock indexes fluctuated slightly, and individual stocks in the two cities fell more and rose less. 3184 individual stocks fell, and market sentiment was weak. As of the close, the Shanghai Composite Index rose slightly by 0.05%, the Shenzhen Component Index rose 0.75%, and the ChiNext Index rose 1.67%.

In terms of sector hotspots, the healthcare sector rose sharply, with Yihua Health, Dabo Medical and Gongdong Medical’s daily limit, and Aier Ophthalmology rose 11.74%. Resource stocks and technology stocks weakened, and individual stocks in the coal sector and digital currency sector led the decline. Beijing Capital bought 5.318 billion yuan in early trading, including 2.86 billion yuan in Shanghai Stock Connect and 2.457 billion yuan in Shenzhen Stock Connect.

In early trading, institutional holdings picked up. Among the leading stocks in the industry, the leading pharmaceutical companies have gained the highest momentum. Aier Ophthalmology rose 11.74%, Mindray Medical rose 5.97%, and WuXi AppTec rose 5.58%. Group stocks such as Haitian Flavour, Midea Group and Oriental Yuhong rose more than 3%.

U.S. stocks dive in the market, Biden wants to tax the rich

According to Bloomberg News, not only for companies, the Biden government also plans to increase taxes for high-income groups. According to people familiar with the matter, US President Biden will propose to nearly double the capital gains tax rate for the wealthy to 39.6%. Together with the existing investment income surcharge, this means that the federal tax rate for investors may be as high as 43.4%.

The person, who asked not to be named, said that the plan will increase the capital gains tax rate for people with an income of $1 million and above from the current 20% to 39.6%. The plan has not yet been made public. Biden is expected to announce this proposal next week as part of the tax increase to fund social expenditures in the upcoming “American Family Plan.” Then White House Press Secretary Jane Psaki said that Biden believes that the expenditures (planned by American families) may come from the richest people, but the plan has not yet been finalized.

As soon as the news came out, U.S. stocks plunged during intraday trading. The Dow once fell more than 400 points, closing down 0.94%, the Nasdaq fell 0.94%, and the S&P 500 index fell 0.92%. Although the news is still uncertain, the market reacted quite violently. On the one hand, the market is worried that the wealthy will dump a large amount of stocks at the capital gains tax rate, creating panic.

Public fund first quarter report disclosed

Yesterday, the disclosure of the 2021 first quarter report of public funds officially ended . Since the Spring Festival, the A-share market has adjusted downwards as a whole, and most of the holdings of public fund holdings have pulled back sharply, and many of the new foundations who entered the market in January and February have faced substantial losses. According to statistics from Tianxiang Company on April 22, due to the A-share market pullback, the overall loss of public funds during the first quarter of this year exceeded 210 billion yuan; in the fourth quarter of last year, the overall profit of public funds reached 820 billion yuan.

The Securities Times·Databao sorted out the heavy holdings of A-shares of public funds in the first quarter. From the perspective of the total market value of the holdings, compared with last year’s annual report, the top ten heavyweight stocks have not changed much. Kweichow Moutai and Wuliangye hold the first and second positions in public holdings. Hikvision gained a large number of public funds to increase positions and entered the top three positions. China Merchants Bank gained 18.462 billion yuan in public funds in the first quarter, and it newly entered the list of the top ten heavy stocks.

In terms of different industries, bank stocks ranked first in the amount of public fund increase in the first quarter, and the market value of holdings increased by nearly 70 billion yuan. In addition to China Merchants Bank, the market value of public equity funds held by Industrial Bank and Ping An Bank increased by more than 10 billion yuan. In terms of performance, bank stocks all had good returns in the first quarter, with an average increase of 6.26%, 13 bank stocks rose by more than 10%, and the Bank of Nanjing and Postal Savings Bank rose by 25.25% and 22.80% respectively in the first quarter.

Other industries that have a lot of increased positions include the pharmaceutical and biological, electronic, and chemical industries, and the total market value of holdings has increased by more than 30 billion yuan. In the first quarter, the increase of public funds in general tended to pro-cyclical and undervalued stocks, and the enthusiasm for the long-term track of medicine, food and beverage, etc. remained unabated.

While public funds increased their positions in bank stocks in large numbers, the market value of non-bank financial industry positions decreased the most, and holdings of heavy stocks decreased by 34.933 billion yuan. Other industries where the market value of holdings have decreased include electrical equipment and household appliances that have decreased by more than 10 billion yuan, and the market value of holdings of communications, media, computers, and national defense and military industries has decreased slightly.

Based on the statistics of changes in the market value of public fund holdings, there are 5 stocks each in the banking, electronics, and biomedical sectors among the top 20 stocks. The pharmaceutical and biological sector stocks include Zhifei Biotechnology, WuXi AppTec, Changchun High-tech, Meinian Health, and Kanglong Chemical. The electronic sector includes Hikvision, Weir, Sanhuan Group, Transsion Holdings, and Zhuoshengwei. In the first quarter, public fund plus positions rose by an average of 15.34%. Among them, Oriental Yuhong, Meinian Health, and Transsion Holdings rose by more than 30%.

China Merchants Securities pointed out that there are no obvious signs of collapse of public funds. The consumer sector, the food and beverage industry and the pharmaceutical industry are still the most important sectors and industries for public funds. The reason why active public funds have such “falling but not breaking up” results is related to the fact that the fundamentals of these group stocks have not significantly weakened. The high-growth white horse stocks are still the first choice of current public fund managers.

Early morning capital flows to these stocks

In the early trading, a total of 62 stocks received a net inflow of over 100 million yuan in main funds, of which BOE A received a net inflow of main funds of 1.073 billion yuan, which was the top , Rose 1.69% in early trading, Xiaokang shares, Kweichow Moutai, and Sungrow received a net inflow of more than 800 million yuan.

Xiaokang shares in the past five trading days received a total of 4 daily limits and 1 daily limit. The company previously issued a risk warning announcement, stating that the news report stated that the way for the company to expand the marketing channels of Cyrus was normal production with a third party (referring to Huawei). Operating cooperation, and reminded that the expected loss for 2020 is 1.38-17.8 billion yuan.

From an industry perspective, a large amount of the main funds flowed into the medical and biological, electrical equipment sectors in the early trading, and the net outflows from the computer, environmental protection and real estate sectors were the top ones. New energy vehicles have once again been favored by major funds, and Ganfeng Lithium, Tianqi Lithium, and Ningde Times have received a net inflow of more than 200 million yuan in major funds.

Photo is for illustration only. (Source: CNBC) Closing the last session of the week, the main indicators are above Wall Street stock market All went up thanks to positive data on economic activity and new home sales in the US, however, the rise of the 23/4 session did not compensate for the decline for the whole week of volatile trading. . In the first session of April 19, the US stock market went down due to profit-taking activities after the Dow Jones and S&P 500 index ended last week at record highs. The decline continued into the next session (April 20) when stock prices fell amid concerns about pricing and the spread of the COVID-19 pandemic that had a strong impact on markets and investor sentiment. private. Coming to session 21/4, the indices regained momentum after two previous declining sessions, with most sectors having an active session, when experts commented that market movements declined in The previous session is the signal for investors to buy. However, at the end of April 22, the indexes all declined significantly, although the number of applications for unemployment benefits for the first time in this country was lower than expected. Markets flooded in red after Bloomberg News and several other firms reported that President Joe Biden intends to propose an increase in capital-gains tax from 20% to 39.6% for individuals with income of more than 1 million USD / year. In the last session of the week 23/4, investor sentiment recovered thanks to a series of positive profit reports from large enterprises and data showing the “healthy” state of the US economy. Closing the session on April 23, the Dow Jones industrial index rose 0.7% to 34,043.49, the S&P 500 composite index advanced 1.1% to 4,180.17, and the Nasdaq Technology Index rose 1. , 4% and closed at 14,016.81 points. However, for the whole week, the Dow Jones decreased by 0.5%, the S&P 500 and Nasdaq decreased by 0.1% and 0.3 compared to the previous week. Regarding the proposed tax increase for the richest class of the US, experts say the plan is in line with Mr. Biden’s campaign commitments, but the rate of tax increase is likely to be narrowed in negotiations in the National Assembly of this country. Chris Weston, head of research at Pepperstone, commented that the 39.6% figure is not surprising, but actual developments show that the current financial market is more “sensitive” to bad news and this is the period. volatile paragraphs. American market strategist David Joy of Ameriprise Financial, also noticed stock prices are recovering after the market reacted unexpectedly to news that the White House would propose a tax increase while President Biden mentioned to this issue while campaigning. Besides, senior market analyst for America at OANDA, Mr. Edward Moya pointed out that factors contributing to the stock market’s rally are positive data about the US economy. According to a report by the US Department of Commerce, new home sales in March (seasonally adjusted to increase) reached 1,021 million units – up 20.7% from the previous month. The IHS Markit Purchasing Managers’ Index (PMI) in the manufacturing sector rose from 59.1 in March to a record 60.5 in April. Meanwhile, the PMI of the service sector also increased from 60.4 points to 63.1. The 50-point threshold defines whether an economy is growing or declining. The IHS Markit PMI is considered a prestigious indicator of “economic health.” In general, the profit of the companies that reported early were all higher than expected. According to IBES Refinitiv, the first quarter profit of enterprises is expected to increase by 33.9% over the same period last year. Ron Temple, head of the US equities division at Lazard Asset Management, said the US economy is expected to see its strongest growth in 50 years, with growth of more than 6% both this year and next year. Federal Reserve (Fed) will allow the economy to accelerate faster than before, further boosting prospects for high growth./.

【Close News】

1, Thursday, Gold and silver enter the downtrend channel , Rebounded slightly in late trading. Spot gold hit a daily low of $1,777 during the U.S. market, and finally closed at $1,783.24 per ounce, down 0.56%; spot silver fell below the $26 mark during the day, and finally closed at $26.10 per ounce, down 1.52%.

2. The U.S. dollar index fluctuates and rises , It broke through the 91 mark in the day, and finally closed up 0.21% to 91.3. On Thursday, the U.S. five-year inflation-protected Treasury bond (TIPS) yield fell to a record low.

3. International oil prices rebounded slightly , As of the close, WTI crude oil futures closed up 0.96% to 61.64 US dollars per barrel; spot silver closed up 0.80% to 65.59 US dollars per barrel. CME Group (CME) raised the maintenance margin requirement for the June WTI crude oil contract from US$5,100 per contract to US$5,300 per contract, an increase of 3.9%.

4. The cryptocurrency market suffered a huge shock . Ethereum once surpassed 10% overnight and hit a record high of US$2,646. However, the risk sentiment in the U.S. market suddenly changed and all cryptocurrencies plunged. Bitcoin once fell below US$51,000 per coin, setting a new low of nearly a month; Ethereum also once exceeded the day. The high retracement exceeded $300.

5. U.S. stocks , Reported that US President Biden intends to propose a capital gains tax of up to 43.4% on the wealthy. US stocks fell sharply during intraday trading. The three major stock indexes fell more than 1%. As of the close, the three major indexes closed down across the board. Among them, the Nasdaq fell 0.94%, the S&P 500 fell 0.92%, and the Dow fell 0.94%.

6. European stocks continued the previous day’s gains , The whole line received red. Among them, the German DAX index closed up 0.92% to 15,335.60 points.

7. Hong Kong stocks , Hong Kong’s Hang Seng Index closed up 0.47% yesterday to 28755.34 points.

8. A shares continued to fluctuate and consolidate on Thursday , The three major stock indexes collectively opened higher in the early trading. After the opening, the Shanghai Composite Index fluctuated downward. The ChiNext Index and the Shenzhen Component Index performed relatively strongly. As of the close, the Shanghai Composite Index fell 0.23%, the Shenzhen Component Index rose 0.41%, and the ChiNext Index rose 0.77%. On the disk, sectors such as medical beauty, digital currency, consumer electronics, semiconductors, steel, food and beverage, and coal ranked among the top gainers, while sectors such as banking, tourism, and wine brewing were among the top decliners.

【International News】

1. According to CME “Federal Reserve Observation”: The probability of the Federal Reserve maintaining interest rates in the 0%-0.25% range in April is 95.6%, and the probability of raising interest rates by 25 basis points to the 0.25%-0.50% range is 4.4%. The probability of maintaining interest rates in the 0%-0.25% range in June is 87.9%, the probability of raising interest rates by 25 basis points is 11.7%, and the probability of raising interest rates by 50 basis points is 0.4%.

2. Biden is reported to be planning to levy a capital gains tax of up to 43.4% on the wealthy

According to people familiar with the matter, Biden plans to raise the capital gains tax rate for the wealthy by nearly double to 39.6% , Together with the existing investment income surcharge, means that the federal capital gains tax rate for investors will reach 43.4%. According to sources, the capital gains tax rate for people with an annual income of not less than US$1 million will be raised to 39.6%, far exceeding the current basic tax rate of 20%. Coupled with the 3.8% investment income tax rate to fund Obamacare, the capital gains tax level is higher than the highest salary tax rate. Biden is expected to release the proposal next week, and part of the income from the tax increase will be used for social expenditures in the “American Family Plan.”

3. Influenced by U.S. President Biden’s plan to nearly double the capital gains tax on the wealthy, Bitcoin fell by 8% at one point, approaching a one-month low . U.S. investors who invest in crypto assets (these assets have risen by about 80% since December last year), if they sell cryptocurrencies after holding them for more than a year, they already face the risk of capital gains tax. The Internal Revenue Service has also increased its taxation on the sale of encrypted assets.

4. In response to U.S. President Biden’s $2.25 trillion infrastructure package, senior Republicans in the Senate on Thursday proposed a total of 568 billion U.S. dollars of opponents. Focus on more traditional infrastructure such as roads and bridges , And did not include the increase in taxes on companies sought by the Democratic Party.

5. The White House issued an international climate financing plan, which is the first such plan of the US government. Focus on international climate finance . The plan mentioned that Biden plans to triple the scale of adaptive financing by 2024. And considering that the scale of climate financing for developing countries will be doubled by 2024. In addition, the United States will end international investment in the field of high-carbon energy. Biden will help financial companies make decisions when they consider climate factors.

6. The number of initial claims for unemployment benefits in the United States reached 547,000 from the week of April 17th, continuing to hit the lowest level since the week of March 14th last year. The analysis said that with the advancement of the goal of vaccinating an average of 3 million people in the United States every day, the growth of the job market should further accelerate.

7. Lynn Franco, Director of Economic Indicators of the American Advisory Council: Consumer confidence has risen to the highest level since the outbreak of the epidemic in March 2020. Consumers’ assessment of current conditions and short-term prospects has improved significantly, indicating that economic growth may further strengthen in the coming months. The renewed optimism of consumers has boosted their willingness to buy houses, cars and some high-priced goods. However, the rise in short-term inflation concerns is likely to be due to rising oil prices and may curb consumer willingness in the coming months.

8, The latest interest rate decision of the European Central Bank maintains the three key interest rates, the speed of bond purchases remains unchanged, and does not update economic forecasts. However, the European Central Bank confirmed that it will significantly accelerate the purchase of PEPP in this quarter. European Central Bank President Lagarde reiterated the European Central Bank’s very loose monetary policy stance that negative interest rates are an effective tool to provide stimulus. At the same time, he pointed out that the issue of reducing purchases of PEPP has not been discussed and it is too early to discuss reducing debt purchases.

9. Market news: According to a draft agenda, OPEC+ will stick to its originally announced plan to hold a full ministerial meeting and a joint ministerial monitoring committee (JMMC) meeting on April 28. The specific time is to be determined.

10. CME Group (CME) raised the maintenance margin requirement for the June WTI crude oil contract from US$5,100 per contract to US$5,300 per contract, an increase of 3.9%.

11. EIA natural gas report: As of the week of April 16, the total US natural gas inventory was 1,883 billion cubic feet, an increase of 38 billion cubic feet from the previous week, a decrease of 251 billion cubic feet from the same period last year, a year-on-year decrease of 11.8%, and a year-on-year decrease of 12 billion. Cubic feet, an increase of 0.6%.

12. The BDI index, known as the vane of commodities, has continued to soar recently, approaching a new high since 2010 . Many cyclical industry traders said that due to factors such as rising upstream raw material prices and better downstream demand expectations, inventory levels have been generally low since the beginning of this year, and turnover has accelerated. The cyclical characteristics of the market’s initiative to replenish inventory are obvious. The prices of bulk commodities continue to be strong, and the evolution of the future inventory cycle is an important driving factor affecting the trend of commodities.

【Industry Data】

1. Energy Bureau: Printing and distributing the “Guiding Opinions on Energy Work in 2021” . The main expected goal in 2021 is to reduce the proportion of coal consumption to below 56%; add about 200 billion kilowatt-hours of electricity to replace electricity, and the proportion of electricity to final energy consumption will reach about 28%; energy consumption per unit of GDP will be reduced by about 3% , The allocation of energy resources is more reasonable, and the utilization efficiency is greatly improved; the utilization rate of renewable energy such as wind power and photovoltaic power generation has maintained a high level, and the average utilization hours of cross-regional transmission channels have increased to about 4,100 hours.

2. IDC: In 2020, the global IaaS market reached 67.19 billion US dollars, a year-on-year increase of 33.9%. AWS, Microsoft, Alibaba, Google, and IBM are among the top five in the market, together occupying 77.1% of the market share. In 2020, the overall global public cloud service market will reach US$312.42 billion, a year-on-year increase of 24.1%; the overall market size of China’s public cloud services will reach US$19.38 billion, a year-on-year increase of 49.7%, the highest growth rate in the world. It is estimated that by 2024, the global share of China’s public cloud service market will increase from 6.5% in 2020 to over 10.5%.

3. Information and Communication Institute: In the first quarter, my country’s Internet investment and financing remained high overall, with a slight decrease from the previous quarter. The number of cases decreased by 2% from the previous month and increased by 52.5% from the same period last year; the total amount decreased by 8.9% from the previous month and rose by over 170% year-on-year.

4. Ministry of Industry and Information Technology: In March, software business revenue increased by 33.0%. In the first quarter, my country’s software industry completed a software business revenue of 19903 billion yuan, a year-on-year increase of 26.5%, an increase of 5.2 percentage points from January to February; the industry realized a total profit of 237.1 billion yuan, a year-on-year increase of 25.9%, an increase of 2.9 Percentage points.

5. Online car-hailing supervision information interaction platform: As of March 31, a total of 227 online car-hailing platform companies across the country have obtained online car-hailing platform operating licenses, and a total of 3.364 million online car-hailing driver licenses and 1.255 million vehicle transportation certificates have been issued across the country. In March, all online car-hailing platform companies registered a total of 100,000 newly registered compliant drivers and 61,000 newly registered compliant vehicles.

6. The Legal Work Committee revealed that the main content of the draft futures law includes six points: The system stipulates the futures trading, settlement and delivery systems; stipulates the basic systems for other derivatives transactions; establishes the protection system for the rights and interests of futures traders; regulates the operation of futures business institutions, futures trading venues, futures clearing institutions and futures service institutions; clarifies the supervision of the futures market management.

7. According to real-time statistics from Worldometers, as of 07:20 on April 23, Beijing time, The number of confirmed cases of the new coronavirus worldwide exceeded 145.29 million, reaching 145,293,269, and the number of deaths exceeded 3.08 million, reaching 3083,658. . Among them, the number of confirmed cases of the new coronavirus in the United States exceeded 32.66 million, reaching 32,665,038, and the number of deaths exceeded 584,000, reaching 584,176.

[Finance data and events of focus today]

①07:30 Japan’s core CPI annual rate in March

②14:00 UK retail sales monthly rate after March seasonal adjustment

③15:15 French manufacturing PMI initial value in April

④15:30 German manufacturing PMI initial value in April

⑤16:00 Euro zone manufacturing PMI initial value in April

⑥16:30 PMI for manufacturing and service industries in the UK in April

⑦21:45 US April Markit manufacturing PMI initial value

⑧21:45 US April Markit service industry PMI initial value

⑨22:00 The annualized total number of new home sales in the United States in March

⑩The total number of oil rigs from the United States at 01:00 the next day to the week of April 23

Finance Minister Ho Duc Phoc works with the General Department of Taxation. The period of 2021 – 2025 is expected to collect about 6,558,500 billion VND On the afternoon of April 23, the Ministry of Finance held a conference to report on the implementation of the task of State budget revenue management (state budget) held at the headquarters of the General Department of Taxation. Director General of the General Department of Taxation Cao Anh Tuan affirmed that the revenue structure of the tax sector is becoming more and more sustainable, with the increasing proportion of domestic revenue in the total state budget revenue (on average, in the five-year period 2011-2015, it accounts for 67 , 5% of total state budget revenue, by 2020, accounts for about 85.6% – the set target is 84-85%). Meanwhile, crude oil revenue accounts for a decreasing proportion, from 12.9% on average in 2011-2015 period to 3.6% on average in 2016-2020 period. In which, the average rate of mobilization of state budget revenue in 5 years in the 2016-2020 period will reach 25.2% of GDP (the target of 23.5% of GDP), of which mobilization from taxes and fees approximately meets the set target. 21% of GDP. Regarding the State budget revenue target for the period 2021-2025 mentioned in the draft Financial Strategy for the period of 2021-2030, which is being submitted to the Ministry of Finance’s leaders for approval, in which, the General Department of Taxation sets targets on state budget revenue for the period of 2021-2025. paragraphs 2021-2025 as follows: First, the average rate of mobilization into the state budget in the period 2021-2025 will reach about 15-16% of GDP, of which mobilization from taxes and fees is about 13-14% of GDP. Second, the proportion of domestic revenue in total state budget revenue by 2025 will reach over 85% of total state budget revenue. Third, the proportion of crude oil revenue by 2025 will decrease to 1.4% of the total state budget revenue. In which, the expected state budget revenue collected by the tax authority in the period 2021-2025 has been reported to the National Assembly at the 10th session, the 14th National Assembly is expected to be about 6,558,500 billion VND, including: Crude oil revenue. VND 108,200 billion; Domestic revenue was VND 6,450,300 billion, of which, revenue excluding land use fees, dividends & profits, lottery, and the difference between State Bank revenues and expenditures was VND 5,311,600 billion. In addition, it is expected that the 5-year 2021-2025 collection to update the 5-year financial plan 2021-2025 has been coordinated by the General Department of Taxation and functional units to submit to the Ministry of Finance for updating the 5-year financial plan. 2021-2025. Accordingly, the estimated total state budget revenue managed by tax authorities in the five years period 2021-2025 is about VND 6,844,700 billion, 1.2 times higher than that of the 2016-2020 period; 286,200 billion higher than the expected revenue in the five years from 2021-2025 to report to the 10th session of the National Assembly, XIV National Assembly (6,558,500 billion). In the field of tax administration reform, General Director of the General Department of Taxation Cao Anh Tuan affirmed that the Tax Department is determined to reduce the time to implement tax administrative procedures to strive to be one of the leading countries by 2025. Southeast Asia is ranked as having a tax advantage. In which, striving: The rate of electronic tax declaration procedures at level 3 and 4 reaches at least 95%; The rate of online public services at levels 3 and 4 integrated with national public service portals reaches at least 70%. Director General Cao Anh Tuan reported at the Conference. Consider the regulation rate according to the specific mechanism of Ho Chi Minh City Speaking at the conference, the Minister of Finance Ho Duc Phoc noted important results in the management of state budget revenues in recent years. According to the Minister, in 2020, although the socio-economic situation of the country still faces many difficulties due to the Covid-19 pandemic, but with the drastic direction of the Party, National Assembly, Government, Prime Minister The Government and the entire Finance sector in general have made great efforts to fulfill their assigned political tasks. The Minister asked the leaders of the units under the Ministry of Finance to focus on leading, directing and meeting the task requirements in the new situation. In particular, it is necessary to regularly direct, review and evaluate cadres, civil servants and public employees as a basis for staff evaluation, ensuring good completion of assigned tasks. Minister Ho Duc Phoc requested the Tax Policy Department (Ministry of Finance) to preside over and coordinate with the General Department of Taxation and the General Department of Customs to advise early on the regulation rate according to the specific mechanism of Ho Chi Minh City, in order to avoid the improper application in the implementation process makes it difficult for the state budget management. The Minister noted that in the coming time, the taxation sector needs to focus on completing the estimate, this is the most important task, focusing on building and completing tax legislation, and strengthening the management of objects to combat revenue loss, especially in the fields of potential sectors such as electronic transactions, cross-border transactions, real estate, transfer pricing, transfer transactions. Tax Departments need to link with the land registration office; coordinating with banks to combat money laundering; Residential data connection; enhance propagation and settlement of complaints for taxpayers … In the field of tax consultancy, it is necessary to review and sum up and evaluate the effectiveness of tax agents. In particular, it is necessary to organize training and management organization in accordance with regulations. For the management of state budget revenues, the Minister suggested that the Taxation branch should strengthen the implementation of electronic taxation; expanding objects of electronic tax declaration; coordinating with authorities to determine financial obligations; Need to build big data about taxpayers and apply artificial intelligence in revenue control and build an electronic invoice database through which to promptly identify and handle incorrect invoices to promptly handle them. wrong issues. In addition, it is necessary to focus on researching and developing decrees and circulars on the implementation of e-invoices, proactively implementing appropriate tax and fee solutions to contribute to solving difficulties and supporting businesses. citizen. For tax data storage, it is necessary to continue to upgrade and modernize the server system, ensure the server operates 24/24 and have security and backup systems. At the same time, strengthen tax inspection and examination based on analysis of risk assessment data; strengthening professional capacity, inspecting and strictly enforcing violations and violations of the law; Promote international cooperation to combat tax evasion, create conditions to attract investment. Minister of Finance Ho Duc Phoc especially emphasized: “Promoting the tradition of construction and development, I hope that all units in the entire Finance sector continue to strengthen discipline, solidarity, creativity, and vigorously emulation for a comprehensive victory, exceeding the financial – budget targets and tasks, determined to strive to fulfill well the tasks assigned by the Party and State “.

Development is not sustainable The document states that in the past 15 years, the real estate market has grown rapidly but has not yet achieved the transparent, healthy, stable and sustainable development goals. The market still repeats many land fevers, especially the land fever that occurs consecutively on a large scale today, causing many negative consequences, losing opportunities to create housing for many income earners. On average, urban low-income people, labor workers and migrants, affect social security and order. Land fever in the area of ​​Phan Thiet airport in early March 2021. Photo: Hop Pho The main culprits of the land fever, house price fever, land price fever are the “head of the family, land storks, and dishonest businesses” who perform tricks to spread rumors, make prices – blow prices, take advantage ” crowd psychology – greedy “,” prey “on fake purchases and excess opportunities to” chisel the fat “, illegal profit and in some cases there was connection, support, “back against” of grassroots cadres. When the land fever subsided, many individual investors “surf” with the crowd due to lack of capital to borrow with high interest rates, not having enough information and skills, so they were trapped and lost heavily. even fell into the situation of accumulating debt. Many land plots became deserted, while land prices in some localities were pushed too high compared to their real value, negatively affecting the investment environment, making it difficult to attract investors, especially big investors. In addition to land fever, there is a situation of skyrocketing house prices, mainly due to a sharp decline in the supply of housing projects, a lack of housing products, especially a lack of affordable apartments. or low-cost commercial housing, social housing. The shortage of supply due to unapproved housing projects, congestion in construction investment procedures, and general intangibility have created advantages for some businesses that already have existing projects and have home products. In overwhelming the market “imposes” the selling price to get a very high profit. Tax against speculation Through the research, Mr. Le Hoang Chau, President of HoREA, proposed to the Prime Minister to consider solutions to “treat” land fever and stabilize house prices through the effective use of tax tools and the issuance of unjust tax. movables. Specifically, HoREA proposes to issue tax against speculation on housing and land; Income tax is imposed at a very high tax rate for the sale or transfer of houses and land right after establishment to eliminate the speculation of investors in case the market shows signs of speculation or fever. hot “bubbles”. “I hope the Prime Minister will consider and set a very high tax rate if selling or transferring houses and land in the first year and keep high tax rates in the second and third years. Cases of sale and transfer of houses, After being created for 3 years or proving that the need to sell or transfer houses or land is justified, the normal tax rate will be applied.As such, this tax will not affect home buyers. there is a need to create real houses “- stated by HoREA’s document. HoREA also recommends taxing people who own multiple properties that are subject to a progressive tax rate depending on the number of properties owned. In case the real estate market is speculated, very high tax rates can be applied to eliminate the will to speculate. The delay in putting land into use should also be high taxed to eliminate the will to “hold on to” the land, slow to put the land into use and to combat land speculation. Real estate tax In particular, the Association proposed to issue a “real estate tax”. Because at present, homeowners do not have to pay housing property tax, but only have to pay “non-agricultural land use tax”, including “residential land” at the rate of “residential land” in the term. the rate is 0.03% of the land price list, so the tax payment rate is very low, almost negligible. The association agreed with the Ministry of Finance’s proposal to consider issuing a “real estate tax” on the value of houses and land, to create a stable and sustainable source of revenue for the state budget. But the Association recommends carefully considering, to ensure that it is consistent with the common income of the majority of individuals and households who have middle income and low income in our country. However, in order not to have the “tax-stack tax” situation, it is necessary to replace the current “land use levy” collection method, which is a burden for home buyers in housing projects. Horea proposes to add the efficient use of monetary and credit tools of the State Bank. In addition, it is proposed to use measures to reduce the proportion of real estate loans to buy credit for “surfing” investment, as well as to strictly control “consumer credit”, to prevent the transfer of a part of sources. loans to build a house, repair a house, buy a house, to “surf” when the real estate market has a “bubble” fever. Tight control of “dirty money” In addition, HoREA proposes to strictly control the source of “dirty money” to buy real estate for “money laundering”. According to Mr. Chau, in the first 3 months of 2021, real estate credit growth of 3%, although higher than the overall credit growth of only 2.93%, but not too unusual. Thus, a big question is that the huge investment capital that makes the real estate market hot “bubble” now come from?

Closing the session on Thursday, the Dow Jones dropped by 321.41 points (1%) to 33,815.90 points. This index sometimes bottomed out when it dropped to 420 points. The S&P 500 index lost its momentum at the beginning of the session and lost 0.9% at the close to 4,134.98 points. The Nasdaq Composite also fell 0.9 percent, to 13,818.41 points. The Dow Jones decreased to 321.41 points (1%) to 33,815.90 points at the close of the session on April 22. Photo: AP Bloomberg News on April 22 reported that President Biden is planning to raise surplus tax to increase capital to 43.4% for wealthy Americans. The proposal would raise the capital gains tax rate to 39.6 percent for those earning $ 1 million or more, up from the current 20 percent, according to Bloomberg News. Then, Reuters news agency and The New York Times also reported on this issue. Jack Ablin, founding partner and chief executive officer of Cresset Capital Management, commented: “Mr. Biden’s proposal doubled the capital surplus tax rate for those earning $ 1 million. That is quite a cost increase for long term investors. According to Ablin, a wave of sell-off on Wall Street is expected to appear this year if investors feel this proposal has a chance to become law next year. The bulls led the decline in Thursday’s trading. Shares of Tesla and Amazon lost 3.3% and 1.6%, respectively. Before the news of the proposed tax increase, the major indexes fluctuated slightly as investors waited for the series of business results reports that major technology companies are expected to release next week. “Market cash flow is currently focused on a few growth stocks”, Mr. Mark Yusko – CEO and Chief Investment Officer of Morgan Creek Capital Management said. “Because investors are afraid of a shock increase in the securities interest tax, investors can sell off to take profits and push the market into an adjustment zone”. Shares of Southwest Airlines also turned down 1.6% at the end of the session, although the airline announced that the number of bookings for travel continues to increase and is expected to break even or make a profit next June. Shares Dow Inc. down 6% even after the chemical company surpassed expected revenue and profit in the first quarter of 2021. However, as of the beginning of this year, the stock Dow Inc. is still up nearly 10%. Most companies are currently recording results exceeding Wall Street’s expectations this earnings season, but the first quarter’s strong results did not help the market soar after repeatedly setting record levels. in recent weeks. Regarding economic data, the US Department of Labor on April 22 said that the number of people applying for unemployment benefits for the first time was 547,000 people last week, lower than the forecast of 603,000 by Dow Jones. Also on April 22, the Republican Party made a plan to oppose the US President Joe Biden’s $ 2,000 billion infrastructure investment package. Senators have proposed a $ 568 billion package that includes funding for bridges, airports and water systems. This proposal does not include tax increases. However, concerns about the capital gain tax increase could be overblown as Democrats hold a narrow majority in both the Senate and the House of Representatives, which may make it difficult to pass any proposals. Be positive ./.

Traphaco’s system of medicine blister blister machines Specifically, net revenue reached nearly 472 billion, up 20.4% over the same period, after subtracting COGS, gross profit reached 265 billion, up 21% compared to the first quarter of 2020. Profit after tax reached VND 55.3 billion, an increase of 35% compared to the same period of 2020; Parent company EAT is more than 51 billion. In 2021, Traphaco sets a double growth business plan with the goal of consolidated revenue and profit after tax of VND 2,100 billion and VND 240 billion, up 10% and 11% respectively compared to the performance of 2020. Thus, after the first quarter of the year, the Company has reached 20.8% of the revenue plan and 23% of the profit after tax plan of the year. In the period of 2021 – 2025, Traphaco expects that the growth rate of revenue and pre-tax interest can reach a compound rate of 13.3% and 15%. Traphaco also said that during this term the company will restructure the traditional and non-traditional medicine businesses, in which the company will increase the proportion of the western medicine industry. When consolidating the business segments, Traphaco believes that the growth rate will be even higher than the plan set out for the 2021 – 2025 term. At the close of the session on April 22, TRA shares increased slightly by 0.1% to VND69,900 per share.

Illustration. Source: Internet According to the US Federal Revenue Service (IRS), virtual currency needs to be taxed as an asset. When using virtual currency to trade, it also means that this type of asset is being sold. On the other hand, if the user is paid in bitcoins then that amount is valued as a taxable revenue. Almost every cryptocurrency transaction is taxable and requires registration. Despite the fact that bitcoin and other cryptocurrencies are virtual, they have a sizable impact on taxes in practice. Tax debtors will incur both interest and penalties, possibly even criminal prosecution in some cases. How does the IRS control the virtual currency tax? According to Mark Luscombe – a federal tax analyst at Wolters Kluwer Tax & Accounting, any business transactions over $ 600, whether issued to a non-employee or paid to an employee are required to be reported to the IRS. Additionally, at each individual income tax return, any federal taxpayer must honestly answer the question: “At any time in 2020, have received, sold, sent, or exchanged Or is there a financial gain in any virtual currency? “. Together with the US Department of Justice, the tax authorities are taking measures to ensure that people comply with regulations on taxes. The IRS has launched a “virtual currency tax compliance” campaign aimed at reaching and inspecting taxpayers extensively. In addition, the IRS sent documents to 10,000 people to remind citizens of their crypto-related tax obligations, urge them to check and revise their previous declarations if they owe taxes, interest or penalties. . States of the United States have tax electronic money transactions are not ? Cryptocurrency transactions in the US can be taxed. Most states do not have specific crypto legislation, meaning the majority of states will comply with the federal lead in income tax regulations. Any money people make from crypto investments or income payments will count towards the total personal income. Most states use the AGI (an individual’s gross income adjusted for allowable discounts) that federally regulates do. Cryptocurrency transactions continue to be taxed in 2021 By 2021, crypto dealers must report all of their business profits and losses. The tax on virtual currency will depend on the difference between a person’s virtual investment and earnings. If your virtual currency investment increases in value by the time the asset is sold, your earnings will be taxed as regular income. If the investment period is longer than one year, it is subject to capital gains tax. In addition, there is a loss on the sale, the loss of fixed capital can be offset by the gains that are incurred in other investments. The difference when using virtual money to pay Using bitcoin to pay also means that users are selling this property. Trading in bitcoin is likely to receive profit or loss in return. The IRS notes that Bitcoin’s rate is not anchored to any other currency, but entirely dependent on market supply and demand. Bitcoin is currently one of the purest free-market assets because it is freely traded in huge volumes globally without any control. Unlike credit cards, the cost of sending Bitcoin is completely voluntary by the sender (not the receiver). The higher the fee for sending Bitcoin, the more pre-processed the transaction is by the network. The fee for paying in Bitcoin is much cheaper than paying by credit card or wire transfer. The cost of sending money through Bitcoin is independent of the number of deposits, making Bitcoin very attractive to those who want to send money in bulk.

FTP stock price chart from the beginning of the year to now. FPT Joint Stock Company (FPT code-HOSE) has just announced business results for the first quarter of 2021 with revenue and profit before tax increasing by 14.4% and 22.3% year-on-year. Accordingly, at the end of Q1 / 2021, FPT’s revenue reached 7,586 billion VND and pre-tax profit reached 1,397 billion VND, up 14.4% and 22.3%, equivalent to 102% and 105% of the year plan. According to FPT, the strong growth in revenue and profit was due to the highest growth in technology sales in the last 4 quarters and the strong growth in the Telecommunications and Education sector. Specifically: Technology sector contributes 40% to the total profit after tax and 55% of the total revenue of the Group. New sales of Technology sector reached 5,834 billion VND, the highest level in the last 4 quarters and increased 46.3% over the same period. In addition, with the orientation of focusing on digital transformation for the customers of the Government and large enterprises, at the same time focusing on developing solutions, Made by FPT platforms, and information technology services for the market. FPT’s domestic market recorded high growth in both revenue and profit after tax, reaching VND 986 billion, up 40.1% and VND 59 billion, up 1,828.7% over the same period. In foreign markets, the revenue from IT services recorded VND 3,169 billion in revenue, up 9.6% over the same period. Profit after tax of this service sector reached VND495 billion, up 16.4% compared to quarter 1/2020, when the international market was not affected by Covid-19. With the strategy of “whale hunting” (focusing on large enterprises and high value contracts), FPT successfully signed 04 large contracts with sales of over 5 million USD / contract in Q1. / 2021. As a result, new sales of foreign markets increased by 43%, reaching VND 4,489 billion, which is the basis for accelerating the growth rate of revenue and profit in the remaining quarters of 2021. Telecommunication Division recorded 2,925 billion in revenue, up 9.6%, and 576 billion in profit after tax, up 29% over the same period. In which, the Telecom Services sector achieved VND 524 billion in profit after tax, up 30.7% thanks to the improvement in the after-tax profit margin of the Broadband Services segment as well as the new profit from the TV service segment. pay. Meanwhile, the revenue from the Education sector reached 698 billion VND, up 57% over the same period. It is known that the company’s General Meeting of Shareholders approved the business plan in 2021 with revenue of 34,720 billion VND, an increase of 16.4% and pre-tax profit of 6,210 billion VND, up 18%.

Biden intends to levy on the rich

Up to 43.4% capital gains tax

According to Bloomberg News, not only for companies, the Biden government also plans to increase taxes for high-income groups. According to people familiar with the matter, US President Biden will propose to nearly double the capital gains tax rate for the wealthy to 39.6%. Coupled with the existing investment income surcharge, this means that the federal tax rate for investors may be as high as 43.4%.

The person, who asked not to be named, said that the plan will increase the capital gains tax rate for people with an income of $1 million and above from the current 20% to 39.6%. The plan has not yet been made public.

Jack Ablin, founding partner and chief information officer of Cresset Capital Management, said: “Biden’s proposal actually doubles the capital gains tax rate.” For long-term investors, this is a huge cost increase. If investors think that the proposal may become law next year, they can expect to sell it this year. ”

This proposal may overturn a long-standing clause in the tax law that the tax on investment returns is lower than the tax on labor. In his campaign, Biden advocated balancing capital gains and income tax rates for the rich. He said that many of the rich pay lower tax rates than middle-class workers, which is unfair.

Biden is expected to announce this proposal next week as part of the tax increase to fund social expenditures in the upcoming “American Family Plan.”

Then White House Press Secretary Jane Psaki said that Biden believes that the expenditures (planned by American families) may come from the richest people, but the plan has not yet been finalized.

This is the first time that the media has exposed the Biden government’s specific tax increase targets for the wealthy. Prior to this, it was mainly to increase taxes on enterprises.

On the 7th of this month, Biden delivered a speech in Pittsburgh, the place where his 2019 presidential campaign began, and officially announced plans for infrastructure and economic recovery of more than 2 trillion U.S. dollars. The day before the Pittsburgh speech, the White House announced the details of the tax increase plan. Two of the tax increase measures to prevent the outflow of corporate profits have been the most aggressive-increasing the corporate income tax rate from 21% to 28%; The “global minimum tax” (“global minimum tax”) has been increased from the current 13% to 21%.

After the 15 trillion infrastructure plan

Biden may have another 6.5 trillion new plan!

According to Reuters, the capital gains tax increase proposal for the wealthy is mainly to provide financial support for the upcoming American Families Plan, which is expected to be around US$1 trillion, or approximately RMB 65,000. Billion.

The main measures of the plan include helping American workers learn new skills, expanding subsidies for childcare, and allowing everyone to receive free community college tuition.

According to Market Watch, Biden may officially announce the plan as early as April 28. So far, the White House has not provided details. But White House Press Secretary Jen Psaki confirmed that Biden will discuss the plan at a predetermined location in Congress next week.

According to CNBC, the plan will be distinguished from the US$2.3 trillion (approximately 15 trillion yuan) infrastructure plan. The main source of funding for the previously announced US$2.3 trillion infrastructure plan will be to raise the corporate tax rate to 28%.

U.S. stocks diving

The Dow plunged 400 points intraday

The news that the capital gains tax might be doubled, and the stock market reacted violently.

On the one hand, the market is worried that the rich may sell stocks before the capital gains tax rate increases (even if the increase in capital gains tax is still very uncertain); on the other hand, because the market expects that if the tax rate really increases, the enthusiasm of the rich to trade stocks will be Greatly reduced.

The Dow quickly dived from 34,126 points in intraday trading, hitting a low of 33717 at one time, and slumped about 400 points in intraday trading. Near the end, the Dow rebounded and closed down 0.94% or 321.41 points.

In the plate, the Nasdaq and S&P 500 became popular, but they also dived after the news of tax increases. As of the close, as of the close, the S&P 500 index fell 0.92% to 4134.98 points. The Nasdaq index fell 0.94% to 13,818.41 points.

Worried about selling by the rich

Technology stocks fell

Technological tycoons are a very typical group of wealthy people with more capital gains. Their capital gains come from the original holdings of the founders, equity incentive plans, and so on.

If the expected increase in capital gains gains becomes stronger, the more likely it is that technology stock holders will sell technology stocks in advance. Therefore, on Thursday, local time, when the market dived, technology stocks also generally fell.

Among the large technology stocks, Tesla fell 3.28%, Facebook fell 1.64%, Microsoft fell 1.31%, Amazon fell 1.58%, and Apple fell 1.17%.

Among chip stocks, Micron Technology fell 3.34%, Nvidia fell 3.32%, TSMC and Intel fell nearly 2%, and Broadcom fell more than 1%.

During the epidemic, the rich set a record

The fastest growth rate of wealth in human history

Since 2020, the impact of the new crown pneumonia epidemic on the world has long exceeded the health field. The virus itself and the measures that have to be implemented to prevent the epidemic have plunged the global economy into recession. The United Nations even issued a report saying that the new crown epidemic may cause the world to lose 10 years of development results, and the most vulnerable social groups will be most affected.

So, what about the wealthiest group?

On April 6, Forbes released the 35th “Global Billionaires List”. The data showed that during the epidemic, the wealth of the rich community ushered in unprecedented growth. This time, the number of billionaires on the list reached 2,755, with total assets of 13.1 trillion US dollars, both breaking historical records. Among them, the number of rich people on the list is 660 more than the previous year, and the total assets are more than 8 trillion U.S. dollars, and it is the first time that it has broken the historical mark of 10 trillion U.S. dollars.

Behind the wealth growth of the rich are the soaring stock market and large-scale economic stimulus programs launched by various countries. Take the United States as an example. The Fed’s unprecedented stimulus measures have propped up the stock market and pushed up asset prices. The wealthy who can buy financial assets can continue to maintain their value and increase in value, but not only does the wage growth of the working class fail to keep up with the investment and operating income of the rich. With the growth rate, there is often a dangerous working environment to continue working for the rich.

Regarding this “spectacle”, “Forbes” called it: “the fastest increase in wealth in human history.”

When Citigroup announced its financial report, it said that the company plans to “double its bet on wealth” management business and will focus its energy on international hubs where high-income groups gather: Singapore, Hong Kong, UAE and London. At Bank of America, driven by the strong stock market, the account balance of wealthy customers surged by 31% to a record US$3.5 trillion. Morgan Stanley’s new assets under management have also increased significantly.

Citigroup’s new CEO Jane Fraser told analysts, “I can talk about this for a few hours – I think we are in a very good position in wealth management.” She said that focusing on major markets means “we The capital, investment and other resources of the company can be better deployed to capture opportunities for higher returns in the wealth management field.”

According to the Bloomberg Billionaires Index, the world’s 500 richest individuals increased their wealth by US$1.8 trillion last year, reaching a total of US$7.6 trillion. In the United States, the economic recovery affects the people in an extremely uneven way: rising stocks and housing prices have pushed many Americans to become wealthier, but nearly 10 million people are still unemployed. Some people call it “K-shaped recovery.”

Batchelder, who served in the Obama administration, has long advocated the use of tax laws to reduce income inequality, especially the gap between the rich and the poor between races. She called for a substantial increase in inheritance taxes, and has written articles on wealth taxes for high-net-worth individuals and financial transaction taxes on stocks and bonds.

She and David Kamin, deputy director of the National Economic Council, mentioned possible tax reforms in a 2019 paper entitled “Taxing the Rich: Problems and Options”. In addition to abolishing the “basic incremental” inheritance tax, it also includes taxing the capital gains of wealthy Americans at a higher income tax rate and imposing a minimum tax rate on large companies.

According to people familiar with the matter, according to Biden’s 2020 election policy, part of the tax increase proposals currently planned or under consideration by the White House include raising the corporate tax rate from 21% to 28% and the personal income tax rate for income exceeding $400,000. Increasing and expanding the coverage of inheritance tax will increase the capital gains tax rate for individuals with an annual income of at least $1 million.

Batchelder conducted a study earlier last year. Americans estimated that they would inherit a $764 billion inheritance in 2020, and the average tax payment would only account for 2.1%.

Biden’s White House economic team is determined to honor his campaign promise to increase taxes on the rich, because more and more data show that the wealthy Americans are financially well during the epidemic. Last year, the wealthiest 1% of American households increased their wealth by more than $4 trillion.

Teacher Li Xunlei once analyzed that the root cause of the fiscal problems in the United States is that in the past four decades of globalization, the multiple tax avoidance of multinational corporations and the wealthy has greatly reduced the government’s ability to obtain tax revenue. While multinational corporations and executives are grabbing a lot of benefits in the process of globalization, they reduce taxable income in the home country through complicated related transactions between subsidiaries in various countries, and transfer profits to countries with lower tax rates as much as possible, thereby realizing reasonable tax avoidance . In 2018, the average effective tax rate for the 400 wealthiest households in the United States was 23%, one percentage point lower than the 24.2% for the bottom 50% of households in the United States. In other words, while enjoying the dividends of globalization, the affluent class refuses to bear related responsibilities. The US fiscal problem is also another manifestation of the increasing polarization between rich and poor.

What is the impact on the stock market?

GF Macro’s Zhang Jingjing team previously analyzed that in March, the Biden administration kept revealing the details of infrastructure and tax increase policies? The Biden administration may intend to release risks in US stocks during the year.

Infrastructure and tax increases may end the bull market logic in US stocks after the financial crisis. The financial crisis caused the U.S. real estate bubble to burst. The subsequent low interest rate environment and tax cuts stimulated U.S. stock repurchases and created a U.S. stock technology bull market. The ultra-low interest rates during Trump’s tenure also made U.S. stock valuations continue to refresh and the Nasdaq bubble burst. After the new high. Infrastructure construction will stimulate the real economy, and superimposed real estate is still in an upward cycle. It is expected that the US inflation center will be higher than before the epidemic (2012-2020) in the next 5-8 years, and inflation factors will have a positive impact on risk-free interest rates. Tax increases will weaken corporate profits and repurchase willingness.

In the third quarter, the Fed is likely to cut QE, and then there will be greater risk of US equity adjustment; Biden revealed details of infrastructure and tax increases or intends to release US stock risks during the year. In other words, in the context of high valuations and monetary policy changes, Q3 US stocks inherently have greater risk of adjustment. At present, the Biden administration continues to release details of tax increases and infrastructure policies or deliberately releases negative signals in advance and squeezes out the U.S. stock bubble when the monetary policy is officially turned.

Once the risks of US stocks clear up and regain gains next year, the Democratic Party’s victory in the 2022 midterm elections will also increase. Since the 1980s, U.S. stocks have the highest probability of falling in the first two years of each presidential term. Although there are economic factors, it also shows that the previous presidents were least concerned about the performance of U.S. stocks in the early days of office. On the contrary, the decline can depress the base and deliver better performance in the middle of their administration. Transcript”.

Specifically, with the above violation, Becamex was fined for false declaration of nearly 8.5 billion VND, the late payment of value added tax was more than 2.9 billion VND, the late payment interest of corporate income tax. industry is more than 1.4 billion. Becamex Industrial Development and Investment Corporation was fined and had to pay 57 billion VND. According to the decision of the Tax Department of Binh Duong province, Becamex corporate income tax to be temporarily paid in 2020 is 1.87 billion VND, temporarily not sanctioned for false declaration and late payment interest due to the deadline for the inspection conclusion. time of submission of corporate income tax finalization declarations. Thus, the total amount of fines and tax arrears that Becamex has to pay into the state budget is more than 57 billion VND. In particular, Becamex has fully paid the arrears of corporate income tax and value added tax of 2019 and 2020 into the state budget on February 25. Regarding the business situation, accumulated in 2020, BCM’s net revenue reached 7,723 billion VND, a decrease of 6% compared to the previous year, profit after tax reached 2,149 billion VND, a decrease of 18% compared to 2019. In 2020, Becamex planned Total revenue target is 6,016 billion VND, EAT is 931 billion VND, 40% and 65% lower, respectively compared to 2019. Accordingly, although the business result is lower than 2019, BCM still has completed. successfully exceeded 28% of its revenue target and reached 131% of its profit after tax target. As of 31/12/2020, BCM’s total assets increased by 10.7% compared to the beginning of the year to 48,190.8 billion dong. In which, main assets are inventories reached 24,165.6 billion VND, accounting for 50.1% of total assets; long-term financial investment reached 11,893.5 billion VND, accounting for 24.7% of total assets; Short-term receivables reached 3,655.4 billion VND, accounting for 7.6% of total assets. In the fiscal year, total short-term and long-term loans increased by 2.4% compared to the beginning of the year, corresponding to an increase of VND352.6 billion to 14,900.3 billion and accounting for 30.9% of total capital of BCM. . Thu Ha (Th)

The “14th Five-Year Plan” proposes the establishment of a modern fiscal, taxation and financial system, especially the establishment of a financial system that effectively supports the real economy, and promotes the balanced development of finance and the real economy; the plan also proposes to increase the proportion of direct financing and emphasize the improvement of the modern financial supervision system. Improve financial supervision transparency and the level of rule of law.

Recently, the gradual implementation of the A-share market registration system is continuously improving the inclusiveness and openness of the capital market, and increasing support for high-quality new economy enterprises and innovative enterprises, shortening the listing cycle and further improving financing efficiency. At the same time, many outstanding U.S. listed Chinese concept stocks have also returned to the Hong Kong stock market for secondary listings. In the relatively loose IPO market environment, private equity institutions have obtained more investment exit channels, and outstanding start-ups or unlisted companies are increasingly favored by private equity institutions, and the entire capital market has also shown a positive attitude towards IPOs. .

Over the years, Ernst & Young has accumulated rich experience in assisting companies in financing and listing domestic and overseas private equity. We sincerely invite you to participate in this seminar to explain the main process and challenges of corporate financing, financing valuation, potential investors’ main concerns on corporate operations and finances, domestic/overseas listing fiscal and tax issues, and Key points of equity incentives, etc. We hope to share the latest practical experience and thinking with you through this seminar.

Workshop agenda

Time: April 28, 2021 (Wednesday)

Address: Multifunctional Hall, 8th Floor, Block C, China Resources Land Building, 9668 Shennan Avenue, Nanshan District, Shenzhen, Guangdong Province

ways of registration

Please visit this address and follow the relevant prompts to register:

https://mp.weixin.qq.com/s/UefY_AK6dJUhNdAhiY0Phw

Due to limited seats at the venue, registration will be processed on a first-come, first-served basis. After registration, we will send you a confirmation letter by email, and look forward to your participation!

This article is written for the purpose of providing general information and is not intended to be relied upon accounting, taxation, legal or other professional advice.Please ask your consultant for specific advice

It is understood that Guoyuan Technology was listed on the New Third Board on December 24, 2015, focusing on the field of geographic information and agricultural big data, with geographic information development and application as the core, and through the integration of 3S technology with cloud computing, big data, artificial intelligence and other modern The combination of information technology provides customers with geographic information data engineering, industry application software development, and spatial information application services.

As of the end of 2020, Guoyuan Technology’s assets totaled 812 million yuan, an increase of 82.82% from the beginning of the period. Among them, 313 million yuan, an increase of 247.31% over the end of the previous year, was mainly due to the capital increase received from the public issuance of stocks to unspecified qualified investors; 1.8 billion yuan, a decrease of 38.26%, and contract assets of 182 million yuan, an increase of 100%, mainly It was due to the adjustment to contract assets in accordance with the new accounting standards; inventory was 2,290,100 yuan, a decrease of 42.00% from the previous year, mainly due to project acceptance and delivery of goods; other current assets were 313,800 yuan, an increase of 100% from the end of the previous year. Mainly due to input tax to be certified.

In terms of liabilities, Guoyuan Technology reported a total of 54.576 million yuan in liabilities at the end of the period, an increase of 27.06% from the beginning of the period. Among them, short-term loans were 6.064 million yuan, an increase of 499.69% from the end of the previous year, mainly due to new bank loans; advance receipts were 0 million yuan, a decrease of 100% from the end of the previous year, and contract liabilities were 6,558,700 yuan, an increase of 100% from the end of the previous year. , Part of the reason is due to the adjustment to contract liabilities and others in accordance with the new accounting standards; the estimated liabilities are 1,786,300 yuan, an increase of 100% from the end of the previous year, mainly due to the provision of maintenance expenses.