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A new tax directed to companies was approved late last month by the Congress of El Salvador. The “Special Contribution to Large Tax Payers” taxes a 5% rate over the net profit of large-sized enterprises.
Insurers often find themselves in a position of needing to declare taxes for reporting periods that have elapsed. Let’s take a closer look at the issue of retrospective tax filings, for insurers operating on a Freedom of Service basis in the European Economic Area.
Companies of all sizes have equal chances to succeed in new and emerging markets
Do you have employees to pay in Israel? Our experts in Tel Aviv, Gilad Levi and Monika Harel explain five key aspects of local legislation that you’ll need to factor in to your payroll processing.
The XIX Conference of Free Trade Zone of the Americas was held on November 5th and 6th, where it was discussed, among other issues, the viability of the Interoceanic Grand Canal of Nicaragua, expected to be ready by 2021. Our TMF Group Nicaragua and El Salvador Manager participated in the conference and tells us what this might mean for investors.
World Market Jeopardy Overshadows Presidential Inauguration
In an ironic contrast to the biggest ever presidential celebrations, America saw its bleakest ever reading for an inauguration day, with the Dow Jones plunging by 4%.
Last Wednesday saw a drop in the world stock markets, generating fears that escalating bank loses will paralyse the global economy. The news lingered over the inauguration of Barack Obama like a slick thundercloud of realisation.
Worrying news that Western banks, such as Lloyds and Royal Bank of Scotland, are in irreparable jeopardy sent stock measures falling by over 4%. Optimism seemed delusional as Barack Obama made his inauguration speech promising to rebuild a broken United States. Investors, however, appeared more rational. They speculate that, regardless of good intentions, the new President simply wonÂ’t be able to offer a stimulus package effective enough to quickly save the American economy, let alone the rest of the world.
JapanÂ’s benchmark lost 2% in last Wednesday's remarkable drop in the market. Singapore, also, has cut its growth forecast for the year for a second time this month, stating that its economy is in danger of a 5% declination. Along with Japan and Hong Kong, Singapore is also suffering from recessional rigor mortis, with demand for exports abating.
The forecasts are especially hoary. BHP Billiton, the worldÂ’s biggest mining business based in Australia, revealed its intentions to cut 6,000 jobs (6% of employees worldwide) to align itself with current demand. Likewise, China-based insurance giant China Life speculated 2008 profits to be down 50% by that of 2007.
JapanÂ’s Nikkei 225 stock buoyancy sank 164.15 points (2%), whereas Hong KongÂ’s Seng Index suffered a 381.19 point drop (2.9%). Australia lost 1%, India 2% and Singapore 1.6%. Here in the West, however, the British FTSE was down 1.8%, the German DAX 2.2% and FranceÂ’s CAC-40 2.7%.
And finally, in an ironic contrast to the biggest ever presidential celebrations, America saw its bleakest ever reading for an inauguration day, with the Dow Jones plunging by 4%.