The Ministry of Finance, the Financial Supervisory Commission and the National Development Council on Tuesday night reached a consensus on extending the transaction tax cut for day trading for two or three years after it expires at the end of this year, local media reported yesterday.
The three agencies will report the conclusion of their meeting to the Executive Yuan by the end of this month to finalize the extension plan, the reports said.
The government cut the tax for day trading from 0.003 percent to 0.0015 percent in 2017. With the tax cut set to come to an end at the end of this year, concern has risen that the impending end of the incentive led many day traders and investors in old economy stocks to dump their holdings in the past few days.
Photo: Kelson Wang, Taipei Times
However, investors seem optimistic about the tax cut extension, leading to buying yesterday of old economy stocks, including shipping and raw material stocks, Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang (黃國偉) said.
The bellwether electronics sector yesterday also reversed earlier losses, giving an additional boost to the broader market, Huang said.
Taiwanese shares yesterday recovered earlier heavy losses caused by volatility on US markets overnight to end a nine-session losing streak and finish the day above the 16,800-point mark, as bargain hunters took advantage of the initial downturn.
The TAIEX closed up 164.91 points, or 0.99 percent, at 16,826.27. Turnover was NT$417.49 billion (US$14.99 billion), with foreign institutional investors selling a net NT$2.24 billion of shares on the main board, Taiwan Stock Exchange data showed.
“Further gains are possible before the TAIEX moves closer to the nearest technical resistance ahead of the 120-day moving average at around 16,960 points,” Huang said.
When an apartment comes up for rent in Germany’s big cities, hundreds of prospective tenants often queue down the street to view it, but the acute shortage of affordable housing is getting scant attention ahead of today’s snap general election. “Housing is one of the main problems for people, but nobody talks about it, nobody takes it seriously,” said Andreas Ibel, president of Build Europe, an association representing housing developers. Migration and the sluggish economy top the list of voters’ concerns, but analysts say housing policy fails to break through as returns on investment take time to register, making the
EARLY TALKS: Measures under consideration include convincing allies to match US curbs, further restricting exports of AI chips or GPUs, and blocking Chinese investments US President Donald Trump’s administration is sketching out tougher versions of US semiconductor curbs and pressuring key allies to escalate their restrictions on China’s chip industry, an early indication the new US president plans to expand efforts that began under former US president Joe Biden to limit Beijing’s technological prowess. Trump officials recently met with their Japanese and Dutch counterparts about restricting Tokyo Electron Ltd and ASML Holding NV engineers from maintaining semiconductor gear in China, people familiar with the matter said. The aim, which was also a priority for Biden, is to see key allies match China curbs the US
NOT TO WORRY: Some people are concerned funds might continue moving out of the country, but the central bank said financial account outflows are not unusual in Taiwan Taiwan’s outbound investments hit a new high last year due to investments made by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and other major manufacturers to boost global expansion, the central bank said on Thursday. The net increase in outbound investments last year reached a record US$21.05 billion, while the net increase in outbound investments by Taiwanese residents reached a record US$31.98 billion, central bank data showed. Chen Fei-wen (陳斐紋), deputy director of the central bank’s Department of Economic Research, said the increase was largely due to TSMC’s efforts to expand production in the US and Japan. Investments by Vanguard International
STRUGGLING TO SURVIVE: The group is proposing a consortium of investors, with Tesla as the largest backer, and possibly a minority investment by Hon Hai Precision Nissan Motor Co shares jumped after the Financial Times reported that a high-level Japanese group has drawn up plans to seek investment from Elon Musk’s Tesla Inc to aid the struggling automaker. The group believes the electric vehicle (EV) maker is interested in acquiring Nissan’s plants in the US, the newspaper reported, citing people it did not identify. The proposal envisions a consortium of investors, with Tesla as the largest backer, but also includes the possibility of a minority investment by Hon Hai Precision Industry Co (鴻海精密) to prevent a full takeover by the Apple supplier, the report said. The group is
RSS