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- A + A (June 23): Opposition politicians in Singapore won’t support the government’s plan to proceed with a goods and services tax (GST) hike amid inflationary concerns. The Workers’ Party on Wednesday (June 22) said it “cannot support” the decision to raise the consumption-based tax and will “continue to argue” against any proposed increase. The statement, posted on the party’s Facebook page, came after Deputy Prime Minister Lawrence Wong said the timing of the tiered tax hike won’t be revised despite concerns over mounting price pressures. The tax is set to rise to 8% from 7% in January next year and then to 9% in 2024. Inflation in the trade-reliant business hub has surged, leading the Monetary Authority of Singapore to tighten monetary policy three times in the past eight months. The core inflation print for May, to be announced on Thursday, is expected to climb further from a decade-high of 3.3% in April, according to a Bloomberg survey. Earlier this … [Read more...] about Singapore opposition politicians won’t support GST hike plans

Representative image (Source: ShutterStock) Since coming to power in 2014 the Narendra Modi government has brought about several economic reform measures through a mix of legislative and policy changes. Here are eight measures that stand out. PM Jan Dhan Yojana: On August 28, 2014, Prime Minister Narendra Modi launched the ambitious Pradhan Mantri Jan Dhan Yojana (PMJDY), promising to end “financial untouchability” through the world’s biggest banking-for-all scheme. The plan envisaged universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension facility. The objective was to channel all welfare entitlement payouts such as NREGA payments to beneficiaries’ bank accounts through the Direct Benefits Transfer (DBT) scheme. Eight years later the scheme has achieved far more than what was envisioned. As on May 21, 2022, there were 454.1 million beneficiaries banked so far with a … [Read more...] about Modi govt @ 8 | Eight reforms that stand out

Any assessment of a government's performance invariably ends up at the economic door. At the start of Narendra Modi's ninth year as prime minister (PM), it is then pertinent to ask: how has the Indian economy fared so far? Making any straight comparisons between now and May 2014 would be unfair given the impact of the coronavirus pandemic. And even before the pandemic's end, Russia’s invasion of Ukraine upended all calculations again. "No one country today can plan for its recovery...because of these kinds of disturbances. Our recovery, not just of India, but for countries everywhere, will be severely hampered," Finance Minister Nirmala Sitharaman had noted in late February a day after Russia attacked Ukraine. But it must not be forgotten that India has attempted to kick-start its economic recovery multiple times in the last eight years. The first of these was soon after Modi took charge as PM in May 2014. Working in tandem with Raghuram Rajan at the Reserve Bank of … [Read more...] about Modi govt @ 8 | Pandemic hides economy’s past troubles as restart button hit again

- A + A KUALA LUMPUR (June 24): Fitch Solutions Country Risk and Industry Research has revised its fiscal deficit forecast for Malaysia for 2022 to 6.5% of gross domestic product (GDP), from 6.3% previously, with the slight downward revision reflecting a net negative balance between two opposing forces affecting the fiscal situation — higher petroleum-related revenues amid significantly higher oil prices and higher government spending in order to keep inflation at bay. In a report on Thursday (June 23), the firm said that while the government had announced plans to consolidate public finances over the coming months, including a more targeted approach to fuel and food subsidies and a possible reversion back to the goods and services tax (GST) scheme from the current sales and service tax (SST), there are still downside risks to the fiscal forecasts. “To be sure, the government is likely to prioritise shoring up support ahead of the general election that is due by … [Read more...] about Malaysia to see wider fiscal deficit in 2022, says Fitch Solutions

TDS will also be applicable on free medical samples given to a medical practitioner. (Representational image: Nick Sokolov via Unsplash) The new tax-deducted-at-source (TDS) rule for social media influencers is putting a check on gifts, trips and other perks from July 1. The Union Budget has brought in the provision of TDS on benefits received from business or sales promotion activities, which would be applied to social media influencers and doctors. A TDS of 10% would be applied to such benefits. Here are some of the highlights: What is the rule? Close A TDS of 10% would be applied by that agency, company or person who is providing benefits or perquisites that exceed Rs 20,000 in a year to a resident, which arises from the profession or business of that resident. As per the report, the deduction will also be made when the deductor’s gross sale or turnover from business exceeds Rs 1 crore. Further, it will also be applied if it exceeds Rs 50 lakh … [Read more...] about Storyboard18 | Explained: What TDS on freebies for social media influencers and doctors means for brands

- A + A KUALA LUMPUR (June 25): The prospect of a global recession on the horizon is in focus again following the US Federal Reserve’s sharp and unexpected 75-basis-point increase in the Fed funds rate and determination for more hikes, as it steps up efforts to tame skyrocketing inflation in the country. Since early June, the Fed has also embarked on quantitative tightening, as opposed to easing, when it started scaling back its US$9 trillion balance sheet and stopped reinvesting maturing debt in its securities portfolio — effectively reducing the money supply in the system. Elsewhere, other developed-market economies are also suffering from high levels of inflation. The fight to keep inflation from spinning out of control in the West comes at a time when the growth of Asia’s economic engine — China — comes into question. There is also the ongoing war between Russia and Ukraine to contend with. Amid all the noise, it is easy to believe that a global recession is … [Read more...] about Assessing Malaysia’s recession risk

The company has a formal governance structure. It has not raised equity funding yet and the shares are completely owned by the family. Tally Solutions was conferred the best family business award at Moneycontrol Pro’s Indian Family Business Awards 2021, held in Mumbai. The company won the award on April 29, in the 'super' category in which companies with annual revenues under Rs 1,000 crore were nominated. The Bengaluru-based multinational technology company, Tally Solutions Pvt Ltd, provides enterprise resource planning software. Over the last five years, the company has doubled its licensed customer base from 1 million to 2 million users. In 2016, it was shortlisted as a GST Suvidha Provider to provide an interface between the new Goods and Services Tax (GST) server and taxpayers, due to its quick adaptation to the changes brought in by GST. A leader in the accounting solutions space, the company’s roots can be traced back to 1986 when Late Shri Shyam Sunder Goenka … [Read more...] about Indian Family Business Awards 2021: Tally Solutions wins best family business award

Prateek Agrawal is the Business Head & CIO at ASK Investment Managers “Overall, I would stay focussed on earnings and valuations and policy making in India rather than what is happening elsewhere. This should be especially true because the influence of foreign capital on the Indian market is reducing,"  Prateek Agrawal - Business Head and Chief Investment Officer (CIO) of ASK Investment Managers, told Moneycontrol in an interview. Large FPI selling has been readily absorbed by MFs, insurance, Pension and PF funds and this is a structural change that has taken place, he believes. Agrawal's preferred valuation methodology, at present, is to look at 5-year PE averages and earnings yield to bond yield indicators. "These indicators point to an index target of 18,250 to 18,500 over 2022. This leaves just about 7 percent upside from the present levels," says Agrawal, who has over 27 years of experience in capital markets, with long, distinguished stints in sell side research, … [Read more...] about Daily Voice | With valuations no longer cheap, volatility could recur: Prateek Agrawal of ASK Investment Managers

KOTA KINABALU: The government has to come up with a confidence boosting strategic plan to address the energy and food security issues in the country, says Parti Warisan. Party president Datuk Seri Mohd Shafie Apdal said that while short-term assistance such as subsidies were needed, it should be targeted. He said spending RM77.3bil on subsidies as disclosed by Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz recently, with the bulk allocated for energy subsidies that benefit the higher income group, was unwise and wasteful. He said the move was not sustainable and showed unsound management of the country’s economy. “The subsidies for this year are higher than the entire national development expenditure of RM76.6bil. Where do we get the money for this?” Shafie asked. He said last month, the government had to pay RM7.5bil for the 1MDB debt, and another RM7.5bil needed to be paid at the end of the year. Together with subsidies, the people would have to fork out … [Read more...] about Govt must come up with strategic plan to address energy, food security, says Shafie

REUTERS/Danish Siddiqui Nitin Paranjpe, the chairman of FMCG major Hindustan Unilever (HUL) on June 23 outlined the company’s goals going forward in India and stressed on the need for equitable and inclusive growth in India that is both productivity and employment led. “HUL has been an integral part of India’s growth story over the years and has always believed that what is good for India is good for the company,” he said addressing the shareholders at HUL 89th Annual General Meet (AGM). This was Paranjpe’s first AGM after taking over as the chairman of the company. As its parent Unilever undergoes major restructuring, HUL in February separated the positions of chairman of the board and the CEO and managing director of the company and appointed Nitin Paranjpe as its non-executive chairman and non-executive director, effective March 31. The company’s erstwhile chairman Sanjiv Mehta continues to serve as the CEO and MD of the company. The India opportunity Paranjpe’s … [Read more...] about What’s good for India is good for HUL: Chairman Nitin Paranjpe at 89th AGM