Jakarta plans to pass tax amnesty bill in Q3

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/Jakarta-plans-to-pass-tax-amnesty-bill-in-Q3-30283462.html

Ayomi Amindoni
The Jakarta Post
HOME AEC AEC NEWS WED, 6 APR, 2016 11:42 PM

JAKARTA – A legislator has said that deliberations on the tax amnesty bill at the House of Representatives will be completed in the third quarter of 2016.

The House will begin its discussions on the bill on Wednesday.

“The deliberation process usually takes up two sitting sessions. We hope the tax amnesty bill will be passed in the third quarter of 2016 at the latest,” said Airlangga Hartarto, a member of House Commission XI overseeing banking and finance, in Jakarta on Tuesday.

In the tax amnesty bill, the government offers tax discounts to individuals and companies who declare their untaxed wealth.

Separately, the government plans to revise the state budget to a more realistic figure, including its tax revenue target.

For the 2016 state budget, the total tax revenue target is currently set at Rp 1.36 quadrillion (US$102.64 billion), or 28.2 percent higher than the Rp 1.06 quadrillion achieved in 2015.

Yustinus Prastowo, executive director of the Center for Indonesia Taxation Analysis, estimated that between Rp 130 trillion and Rp 150 trillion would enter the financial system after the amnesty was implemented.

Panama Papers: Leaked papers reveal tax secrets of Asia’s elite

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/Panama-Papers-Leaked-papers-reveal-tax-secrets-of–30283386.html

Kor Kian Beng
The Straits Times
HOME AEC AEC NEWS WED, 6 APR, 2016 1:00 AM

SINGAPORE – An unprecedented leak of tax documents has cast the spotlight on hidden financial dealings of relatives and aides of Asia’s ruling elite, including Chinese President Xi Jinping, Pakistani Prime Minister Nawaz Sharif and Malaysian Premier Najib Razak.

They were among 72 current and former world leaders named in a report on Sunday by a global journalist body, after a year-long study of 11.5 million documents leaked from Panama-based law firm Mossack Fonseca which handled their offshore deals.

In what is described as the world’s biggest insider leak, German daily Suddeutsche Zeitung obtained the data from an anonymous source and shared it with the International Consortium of Investigative Journalists (ICIJ), which reviewed it with some 370 reporters from over 70 nations.

While the Panama Papers detail complex financial arrangements benefiting the world’s elite, they do not necessarily mean the schemes were all illegal.

According to ICIJ, most of the services the offshore industry provides can be used for legal purpose and are by law-abiding customers. But the documents show that banks, law firms and other offshore players often fail to follow legal requirements to make sure clients are not involved in criminal enterprises, tax dodging or political corruption.

Their findings showed that Deng Jiagui, who is married to Xi’s elder sister Qi Qiaoqiao, became sole director and shareholder of two British Virgin Islands (BVI) firms registered in 2009 when Xi was on the Communist Party’s Politburo Standing Committee. ICIJ said the two firms were dormant when Xi assumed power in late 2012. Offshore firms or bank accounts offer benefits like anonymity but are seen as vehicles for money laundering and tax evasion.

Najib could face a backlash with data showing his second son Mohd Nazifuddin’s involvement with two BVI firms. “There may be questions about whether they had dealings with the government in a less-than-transparent manner,” said Wan Saiful Wan Jan, head of Malaysian policy think-tank Ideas.

The documents have led to embarrassment for figures like Iceland Premier Sigmundur Gunnlaugsson who faces calls for resignation after revelations of his wife’s dealings in an offshore haven. There have been accusations from Russia of a plot to destabilise the country. Lionel Messi is planning to sue a Spanish newspaper for defamation after the footballer was linked to tax evasion projects in the Panama Papers leak.

Foreign investors still keen on Philippines

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/Foreign-investors-still-keen-on-Philippines-30283390.html

Doris Dumlao-Abadilla
Philippine Daily Inquirer
HOME AEC AEC NEWS WED, 6 APR, 2016 1:00 AM

MANILA – Business and accounting guru Washington Sycip Monday said the money laundering case that has now become a global spectacle has not curbed foreign investors’ appetite on the Philippines.

He noted that a bancassurance partnership between Germany’s biggest insurance firm Allianz and the 20-percent buy-in of Japanese banking giant Bank of Tokyo-Mitsubishi in Security Bank were still consummated despite the controversy on the entry of dirty money to the banking system that ended up in the local casinos.

“That clearly shows foreign investments have not been affected,” Sycip said.

Sycip added that he had great respect for the Anti-Money Laundering Council (AMLC) and Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr.

“It’s not only for what he has done in the Philippines but compared to any other central bank governor, he has done a fantastic job,” he said.

Asked whether he would support calls to ease the bank secrecy law to better combat money laundering, Sycip said he would advocate for “whatever Tetangco feels is good for the country because he has done so well for us now.”

Sycip said that he was also hoping that the Filipino nation would elect an “honest” president this May in order to continue attracting foreign investments.

Sycip, who is turning 95 this year and still advises many of the country’s biggest corporations long after retiring from local accounting giant SGV that he co-founded, hasn’t picked any presidential candidate to support.

The SGV founder said he already knew Sen. Grace Poe and her father Fernando Poe Jr., who had consulted him when he ran for president two elections ago. Sycip said he also knew Mar Roxas very well. He noted that he would like to meet Davao City Mayor Rodrigo Duterte to discuss his advocacy and education agenda.

“I’d like to meet Duterte. I recently got an inquiry from Duterte through his intermediary,” he said.

As a personal advocacy, Sycip has set aside all the funds he could afford—totalling $1 million to date—to help educate poor people, working with the likes of Synergeia Foundation and the microfinance group Card Inc. led by Jaime Aristotle Alip.

Typically, for business service firms that expand outside of Manila end up having big operations in Cebu. But in the case of SGV, he said SGV now had a bigger office in Davao than in Cebu.

“They say that the businessmen in Davao are all for Duterte and if they are caught speeding, they have to pay (fine for violating speed limit),” he said.

As far as leadership was concerned, Sycip said that based on the experience of Singapore under the city-state’s former President Lee Kuan Yew, “western democracy may not be the best for emerging market countries.”

“We have all the freedoms we might say but in terms of per capita income everyone has passed us except Laos and Cambodia. Even Vietnam will pass us,” he said.

Asked whether he thought someone like Duterte could be a Lee Kuan Yew, Sycip—who personally knew the late Singaporean leader—said the latter was not just tough but likewise very bright. He said he didn’t know much about Duterte, except that he had a law degree, but hinted he was wary about him declaring he had so many wives and girlfriends.

When investors ask him about Philippine elections, Sycip said he would tell people that the local elections were “better” than the US elections, which he said were harder to understand. “I ask them not to worry about the elections in that sense,” he said.

“As long as you have an honest President you will get investments,” he said.

After the Marcos dictatorship was toppled in 1986, Sycip said Cory Aquino was herself honest but being away for so long, didn’t have enough good people to appoint to her Cabinet. “She wasn’t successful as many of the people put in her Cabinet didn’t have integrity.”

In the case of President Aquino, Sycip said he was not aware of the President giving in favors or accepting bribes to approve a project. He said this was “unusual” compared to the stories that had come out before Aquino’s term, he said.

Many of the reforms undertaken during the outgoing administration, he said, would not likely be reversed after the May elections. However, he said he would wish for more decentralisation of power in the country.

China invests US$3.49 bn in Malaysia’s manufacturing sector

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/China-invests-US$3-49-bn-in-Malaysias-manufacturin-30283391.html

News Desk
The Star
HOME AEC AEC NEWS WED, 6 APR, 2016 1:00 AM

KUALA LUMPUR – China’s investment in the Malaysian manufacturing industry came up to 13.6 billion ringgit (US$3.49 billion) during the past seven years, says International Trade and Industry deputy minister Ahmad Maslan.

He said the investments between 2009 and 2015 involved 143 projects.

“China’s investments here are expected to create 24,786 jobs with a large portion of the proposed projects still ongoing,” he told Abdul Khalid Samad (Amanah-Shah Alam).

He said the largest investment was in the base metal manufacturing sector amounting to (8 billion ringgit), followed by electrical and electronics (3.5 billion ringgit), non-metal ore (738 million ringgit), textile and textile products (556 million ringgit) and forged metal (157 million ringgit).

On direct investment, Ahmad said 191 projects with investments of 6 billion ringgit are now operational, creating 20,587 jobs.

“China’s efforts to increase its investments in Malaysia showed its confidence in the country’s economy.

“This has been very encouraging as investments in 2009 were worth 162 million ringgit and had increased to 4.75 billion ringgit in 2014.

“Despite the effects of the US dollar in the economy and a drop in commodities and oil prices that affected the global economy, China invested a total of 1.87 billion ringgit here last year,” he said.

Ahmad also confirmed China’s investment in 1Malaysia Development Bhd’s power generation and property development projects.

He said China General Nuclear Group announced that it will set up its headquarters here by investing over 8 billion ringgit.

On Malaysia’s investment in China, Ahmad said that 10 local companies had invested 24.36 billion ringgit there so far.

US$1 = 3.88 ringgit

2,900 firms in Vietnam close down in Q1

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/2900-firms-in-Vietnam-close-down-in-Q1-30283394.html

Viet Nam News
HOME AEC AEC NEWS WED, 6 APR, 2016 1:00 AM

Workers at a garment factory./Viet Nam News

HANOI – The shortage of long-term capital coupled with low competitiveness should be blamed for the rising number of firms going bankrupt and temporarily halting operations in the first quarter of 2016.

According to Tran Hoang Ngan, a member of HCM City National Assembly Delegation, there were increases in new firms and shut-downs, reflecting a trend of firms being founded for seasonal business rather than for long-term investment.

The General Statistics Office (GSO) revealed that the number of firms closing down reached more than 2,900 in the first quarter of this year, representing a rise of 13.8 per cent over the same period last year. Of note, 93 per cent of them were small enterprises with registered capital below VND10 billion (US$446,500).

Struggling firms that were forced to temporarily halt operations in the quarter totaled more than 20,000, rising by 23.9 per cent against the same period.

The shortage of long-term stable capital makes it difficult for firms to survive for long periods, according to Ngan.

He pointed out that many firms did not dare to invest in technology and equipment due to the shortage of capital and unstable borrowing interest rates.

“Interest rates must be kept stable. If rates rise, firms will barely survive,” he said.

Cao Si Kiem, president of the Vietnam Association of Small and Medium Sized Enterprises, said it was important to improve the health of businesses with strengths based on technology and high-quality resources.

Kiem said local firms must reduce their dependence on imported raw materials while paying attention to improving their technology and quality of human resources to enhance their competitiveness in this era of rapid global integration.

On the plus side, in the first quarter of this year, more than 23,700 firms were founded with total registered capital of VND186 trillion, a rise of 24.8 per cent and 67.2 per cent over the same period last year, respectively.

Investment board warns foreign companies over tax avoidance

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/Investment-board-warns-foreign-companies-over-tax–30283463.html

Anton Hermansyah
The Jakarta Post
HOME AEC AEC NEWS WED, 6 APR, 2016 1:00 AM

Motorcycles and cars pass the Bekasi-Cawang-Kampung Melayu (Becakayu) toll road project in East Jakarta./The Jakarta Post

JAKARTA – Indonesia’s Investment Coordinating Board (BKPM) is warning it will annul the investment permits of foreign companies that are proven to be avoiding payment of taxes.

“We are ready to revoke the principal licenses, but to prove a transfer pricing, as a tax-avoidance practice, is not the BKPM’s job. It is the tax office that will hold the investigation, then deliver the results to the BKPM,” chairman Franky Sibarani told thejakartapost.com on Monday in Jakarta.

Previously, Finance Minister Bambang Brodjonegoro said there were about 2,000 foreign investors who had avoided their tax liabilities in the last 10 years by declaring losses or changing names to get new tax allowances. The practices led to Rp 500 trillion (US$38 billion) in state losses.

By revoking principal permits, Franky said, all the following licenses would automatically expire. However, a company with a revoked permit could retain its assets under its name, but could not utilized them.

“They will have to sell the assets,” he said, underlining that those 2,000 companies were on a list of foreign firms that committed the worst cases of tax avoidance.

Some milder cases were settled through mediation. “For these cases, we will help the foreign investors in mediation. We want them to continue operations,” Franky said.

Boosting anti-terror features of buildings

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/Boosting-anti-terror-features-of-buildings-30283248.html

Danson Cheong,
Lin Yangchen
The Straits Times
HOME AEC AEC NEWS TUE, 5 APR, 2016 1:00 AM

The Singapore government is reviewing security guidelines for building owners./The Straits Times

Guidelines for enhancing building security in Singapore, Ministry of Home Affairs, July 2010./The Straits Times

SINGAPORE – Amid a heightened alert against the threat of a terror attack here, the government is reviewing security guidelines for building owners, the Ministry of Home Affairs (MHA) has revealed.

An MHA spokesman said it has been working with key agencies – including the police, Singapore Civil Defence Force, Building and Construction Authority and Urban Redevelopment Authority – to update current guidelines. These will be brought in line with existing regulatory standards.

The ministry is also looking to offer greater clarity in the technical specifications of security measures, such as vehicle barriers, closed-circuit television (CCTV) systems and glass facade standards. “We expect to complete the review by the end of this year,” the spokesman told The Straits Times.

The ministry said last month that the threat of a terrorist attack in Singapore was at its highest level in decades and that it could pass laws that may require building owners to adopt stringent security measures. But the ministry did not give a definite timeframe.

The current guidelines, which are not compulsory, were published in 2005 and updated in 2010.

Called Guidelines for Enhancing Building Security in Singapore, the 138-page document sets out security measures such as using an anti-ramming perimeter line or blast-resistant structural materials.

Derek Chew, general manager of security firm Soverus Consultancy and Services, said it was time the guidelines were reviewed, given that the threat landscape has changed a lot since then. In older CCTV systems, recorded images are often so poor that they cannot be used for facial recognition, he noted.

The government could require or encourage building owners to do regular security audits, he said, adding: “Building owners should at least get a security consultancy to look at their premises. It’s no longer if, but when, an attack would occur.”

Currently, security consultants estimate that fewer than 10 per cent of buildings here adopt MHA’s existing recommendations.

They said constructing a building with blast-proof materials could drive construction costs up by as much as 15 to 20 per cent – and is the main reason for poor adoption rates among developers. These materials could include bullet- or shatter-proof glass, reinforced-concrete walls and structures that would not collapse even if one of the key supports was destroyed by a blast.

Using equipment such as X-ray machines and scanners would further drive costs up.

Jasbir Singh, deputy head of Certis Cisco Consulting Services, said: “The question should not be whether we can afford to implement the measures. Rather, it should be, can we afford not to implement the security measures?”

Toby Koh, group managing director of Ademco Security Group, said the economic costs and fallout from an attack would far exceed any added investment for security.

“All countries are porous; if terrorists are determined enough, they will be able to attack,” he said.

He said security did not have to cost top dollar, and a properly designed building could end up saving developers money in the long run.

Placing concrete planters around a building’s perimeter, for example, was a cost-effective method of preventing vehicle bombs, he said.

Buildings could also be designed from the ground up with better CCTV coverage, reducing the need for manpower on the ground.

“The mean cost of a security guard is about S$3,000 to S$4,000 a month. If you have 10 guards it’ll cost you S$40,000 a month and S$480,000 a year. Let’s say you could reduce this by half – that’s not spare change for anyone,” said Koh.

Having said that, security consultants say it is difficult to mandate standard measures as each building faces its own set of risks.

“Exactly what preventive measures these should be will also be based on the threats identified during a thorough security risk assessment and the type of building concerned,” said Aetos Holdings security consultant Andrew Peck.

MHA also acknowledged in its 2010 guidelines that comprehensive protection against every possible threat is too expensive, and security has to be balanced with “economic viability and sustainability”.

There are signs that developers are taking greater notice of the terror threat. Security consultants said they have had more requests for their services from developers.

“Enhanced security also enables them to attract anchor tenants and clients who place a premium on the safety and security of their key assets and people,” said Singh.

Certis Cisco has done consultancy work on commercial buildings in the civic district and data centres for commercial institutions.

Singh said clients often ask for infrastructure that allows measures such as vehicle barriers and vehicle and personnel screening.

Major developers here said they are working with the police to ensure their premises are secure.

The public is also becoming more tuned in to the issue. Many here have posted their concerns on social media in response to recent news reports of terrorist attacks.

Low Chee Kin, 43, a supervisor at a semiconductor company, said: “I think the best way to prevent a terror attack is to ensure total awareness.”

He suggested doing more to raise public awareness through education and multimedia, as well as ramping up existing measures like security checks and patrols.

He also suggested monitoring the Internet more closely for suspicious activities, and building better networks with other countries to coordinate anti-terror measures.

Indonesia sees 12.5% more Chinese tourists visit in February

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/Indonesia-sees-12-5-more-Chinese-tourists-visit-in-30283270.html

The Jakarta Post
HOME AEC AEC NEWS TUE, 5 APR, 2016 1:00 AM

The Indonesian Central Statistics Agency (BPS) reported that 161,824 Chinese tourists visited Indonesia in February, up 12.5 per cent year-on-year.

The increase has come about due to more direct flights connecting the two countries.

“Garuda Indonesia has opened a direct flight from Denpasar, Bali, to Shanghai, China.

“This has helped boost the number of Chinese tourists visiting Indonesia,” BPS chairman Suryamin said in a press conference at the agency’s headquarters in Jakarta on Friday.

According to the BPS, Singapore ranked second. The agency recorded 110,261 tourists from Singapore, up 13.15 per cent from February of last year. Malaysia ranked third with 98,331 tourists, followed by 75,331 from Australia and 42,186 from Japan.

The BPS recorded that 888,309 foreigners arrived in Indonesia in February. Of them, 25,129 came for temporary business purposes. This figure shows a 9.1-per-cent increase month-on-month.

In the first two months of 2016, 710,687 foreigners arrived at Ngurah Rai International Airport in Bali, up 14.3 per cent from the same period of last year.

Meanwhile, 317,820 foreigners arrived at Soekarno-Hatta International Airport in Jakarta, a 5.6-per-cent decline from the same period of last year.

“This is important progress because foreign tourists boost the economic situation in the country. Tourism has a multiplier effect,” Suryamin said.

– The Jakarta Post

Cambodia adopts controversial draft union law

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/Cambodia-adopts-controversial-draft-union-law-30283302.html

HOME AEC AEC NEWS MON, 4 APR, 2016 10:16 PM

PHNOM PENH – Cambodia’s parliament today approved a controversial draft law regulating trade unions, to the dismay of labour activists who fear it will curb their ability to protect garment workers — the backbone of the economy.

The government of strongman Prime Minister Hun Sen says the law is aimed at regulating the country’s 3,400 trade unions.

But unionists and international human rights groups say it will dilute the power of labour groups in a sector still rife with abuse.

Around 700,000 factory workers form the bedrock of Cambodia’s $7 billion textile industry, which supplies brands including Gap, Nike and H&M.

Critics have expressed particular alarm at provisions forcing unions to report their finances to the government each year as well as granting authorities further powers to close down labour groups.

“The government wants to restrict our rights by creating this law,” Ath Thorn, president of the Coalition of Cambodian Apparel Workers’ Democratic Union, told AFP.

“The law will limit our work… and employers can request for the dissolution of unions or find ways to block unions from protesting,” he added.

The draft law still needs approval by the Senate but its passage is a near-forgone conclusion since the upper house is dominated by ruling party lawmakers.

Two labour activists were injured on Monday morning during scuffles with authorities outside parliament.

Hun Sen, who has ruled Cambodia for more than three decades and tolerates little dissent, has frequently clashed with unions.

Influential garment factory owners want to restrict the number of unions, blaming them for rocky labour relations that they say threatens to undermine a lucrative sector.

Parliament also approved a rare cabinet reshuffle by Hun Sen, a move he described as a “necessary measure” as he gears up for local polls next year and a general election in 2018.

Hun Sen has surrounded himself with a coterie of loyalists who are rarely moved.

In total 26 officials were promoted or reappointed to other portfolios while two ministers were removed.

Among those reshuffled were Hor Namhong, Hun Sen’s close ally who had been foreign minister for 18 years. He was replaced by telecommunications minister Prak Sokhon, though Hor Namhong will remain a deputy prime minister.

Analysts say the reshuffle is an attempt to halt Hun Sen’s waning popularity ahead of upcoming polls.

“The coming elections are certainly on his mind,” analyst Ou Virak told AFP.

Opposition politicians accuse Hun Sen’s party of rigging the 2013 elections in their favour, a charge they deny.

– AFP

Suu Kyi to give up two cabinet portfolios

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/Suu-Kyi-to-give-up-two-cabinet-portfolios-30283259.html

The Nation
HOME AEC AEC NEWS MON, 4 APR, 2016 5:49 PM

After just a few days in office, Myanmar’s President Htin Kyaw Monday proposed a minor reshuffle of his cabinet affecting two of the four portfolios held by party leader Aung San Suu Kyi.

The move accompanies the ruling party National League for Democracy (NLD)’s proposed bill to giveSuu Kyi a special role as state counsellor.

Upper House Speaker Mahn Win Khaing Thein said Htin Kyaw had submitted Pe Zin Htun to be minister of energy and Myo Thein Gyi to be minister of education, replacing Suu Kyi who holds the positions along with those of foreign minister and minister of the president’s office.

The two new ministerial candidates are serving bureaucrats at their respective ministries. Myo Thein Gyi is director general of the education ministry, while Pe Zin Tun is secretariat of the ministry of electric power and energy.

Meanwhile, the president also sought approval for the appointment of Tun Tun Oo as attorney general and Maw Than as auditor general. Tun Tun Oo was deputy attorney general in the previous government, while U Maw Than is the retired rector of the Institute of Economics.

The parliament is set today to adopt the appointments if there were no objections, according to China’s Xinhua news service.

The NLD won a landslide victory in the general election in November but Suu Kyi was prohibited by the military-sponsored constitution from being president because her sons are foreign nationals.

Instead, her close aide Htin Kyaw became president, while Suu Kyi‘s post as foreign minister allows her to sit on the influential National Defence and Security Council with the president, vice presidents and commander of the armed forces.

The position of minister of the president’s office also makes her the cabinet’s chief of staff empowered to work on behalf of the president.

Military-appointed MPs in the Upper House last week slammed the new bill to create a special position for Suu Kyi as state counsellor saying it would be unconstitutional.

If passed into law, the bill could give Suu Kyi a role similar to that of prime minister, allowing her to hold her parliamentary seat as well as her cabinet posts.