الخارجية الفلسطينية تطالب بتحرك دولي لوقف جرائم الاحتلال الإسرائيلي في الضفة الغربية وقطاع غزة
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The Star
9 minutes ago
- The Star
Visa, foreign labour reforms expected to boost Vietnam's competitiveness
Minister of Planning and Investment Nguyen Chi Dung (third, right) and Jensen Huang, chairman and CEO of Nvidia, the world's leading technology and chip manufacturer, during the latter's visit to Vietnam in December 2023. — VNA/VNS HANOI: Experts and foreign business leaders have expressed optimism that Vietnam's recent changes to visa and foreign labour policies will enhance the country's competitiveness and attract greater investment, while acknowledging that certain challenges remain. Vietnam is entering a critical stage of development, particularly in digital transformation and innovation, which requires a stronger pool of high-quality human resources. However, progress in workforce improvement has been slow, with the proportion of workers holding degrees or certificates in the foreign direct investment (FDI) sector falling from 25.5 per cent in 2021 to 21.7 per cent in 2024. To address labour shortages, the government has recently introduced key measures, including Decree No. 219 on foreign workers and Decree No. 221 on visa exemptions for individuals making special contributions to socio-economic development. Decree No. 229, which extends visa-free stays up to 45 days for citizens from 12 countries, is also expected to stimulate tourism and reinforce Vietnam's image as an open and attractive destination. Former Australian Ambassador to Vietnam Andrew Goledzinowski stressed that while Vietnam can train its own scientists, engineers, and managers over time, the transition to a high-tech economy requires immediate support from foreign experts. Vietnam is an open economy undergoing transformation and therefore continuously needs foreign expertise, he said. Kim Nyoung-ho, President of the Korean Chamber of Commerce in Vietnam (KOCHAM), hailed Decree 219 as a major step toward easing long-standing difficulties faced by businesses. By shortening processing times and broadening exemptions, the policy streamlines administrative procedures, improves HR management, and helps enterprises speed up investment plans. Experts, however, also highlighted the need for further reforms, including long-term residence permits to provide greater certainty for investors. For Timen Swijtink, an entrepreneur who has lived in Vietnam for 18 years, two-year residence permits are not an issue. He said reforms in visa and labour policies are essential to building an environment that attracts and retains international talents. This is critical for Vietnam to maintain its competitiveness both regionally and globally, he said. But for others, longer-term residence permits are critical when deciding on large capital commitments. Expert Hong Sun suggested that Vietnam consider issuing 10–20 year residence cards for major investors, with clear criteria to encourage long-term engagement. Flexibility in the implementation was another concern. Goledzinowski cautioned that certain rules, such as limiting the Special Visa Exemption Card (SVEC) to only the top 100 football players, may be too restrictive. Hopefully, regulations will be applied in ways that maximise benefits for Vietnam, he said. Kim Nyoung-ho further noted that clear, consistent guidelines and transparent enforcement of new rules are vital to building investor confidence. Vietnam should increase flexibility in implementing visa policies for the workforce in special fields to supplement incentives for highly skilled workers, he added. — VNA/VNS
News.com.au
22 minutes ago
- News.com.au
‘Incredibly dangerous': Plan to tax one million Australians slammed
A new tax plan put forward by an Australian think tank could raise $41 billion a year if adopted, but one expert has labelled the proposal 'incredibly dangerous'. In a report released ahead of this week's Economic Reform Roundtable, the Australia Institute proposed a two per cent wealth tax on people worth more than $5 million. Households with net assets (assets minus debts) worth more than $5m were in the top five per cent in 2022, the report said. An annual wealth tax of two per cent on this group would raise tens of billions of dollars. Even exempting the value of their family home and superannuation would still raise $41 billion per year. The think tank also called for the reintroduction of an inheritance tax – which operated in various forms at a state and federal level in the 1960s and 70s – and an end to the capital gains tax discoun t. In all, the Institute claimed those three tax reforms would raise an extra $70b a year, 'without hurting low or middle-income Australians'. But AMP Chief Economist Shane Oliver took issue with the proposal, warning it would 'hurt the economy'. ''Tax the rich' sounds fine in theory, but all of those reforms will further increase the tax on high-income earners. Our tax system is already skewed, it's already highly progressive,' Mr Oliver said. He pointed out the top 10 per cent of Aussie income earners already pay almost 50 per cent of income tax. 'You might help the budget initially but you'll damage the economy long-term because there'll be less work incentive,' Mr Oliver said. 'Wealth tax I think is incredibly dangerous … You want Australians to feel confident to go out and start businesses and build up their wealth – that's how we get ahead.' Debate on taxes has surrounded the Economic Reform Roundtable, both during and leading up to the event. In another controversial plan put forward ahead of the summit, economists from the University of Technology Sydney and Melbourne University argued it was time to end the capital gains tax exemption on the family home. Peter Siminski and Roger Wilkins conceded the proposal was 'distasteful' but maintained it was a necessary measure to reduce inequality – sparking a backlash on social media. Tax the rich and retirees, roundtable told At the third and final day of the summit on Thursday, Grattan Institute chief executive Aruna Sathanapally advocated taxing retirees' superannuation and reducing the capital gains tax discount. Ms Sathanapally said Australia taxed wages heavily while creating concessions for capital gains, superannuation and real estate investment. She argued the system could be fixed through 'reducing superannuation concessions so the system meets the policy objective of saving for a decent retirement, rather than being a tax shelter; introducing at least a low tax rate on earnings and withdrawals in retirement; reducing the capital gains discount; (and) reforms to family trusts.' She also proposed a dual-income tax system, with wages taxed separately from other forms of income. Mr Oliver said calls for new taxes at the Economic Reform Roundtable were 'grossly inconsistent with the whole aim of the summit, which is to boost productivity'. 'More taxes will make the economy less productive,' he added. Mr Oliver said the government had merged two objectives at the summit – budget sustainability and improving the country's flagging productivity – that were essentially incompatible. The reason high-income earners took advantage of tax concessions like negative gearing and the capital gains tax discount, he added, was because they faced such high marginal tax rates to begin with. Though Mr Oliver said he did not have an issue with an inheritance tax or scrapping the capital gains tax discount, these should be introduced while rebalancing away from income tax and focusing more on GST, like New Zealand's tax model. Anthony Albanese has ruled out changing the GST in any tax reforms coming out of the summit, claiming it would hurt low-income earners. The Australia Institute argued its tax proposal would bring the country in line with other developed nations. 'Australia is a low-tax country that does not do a good job of taxing wealth,' senior economist Matt Grudnoff said. 'It is one of the few developed economies in the world which has neither a wealth tax nor an inheritance tax. Correcting this would raise huge amounts of extra revenue for essential services and ease growing inequality in Australia. 'Even if you were to exempt the family home and superannuation, a 2 per cent wealth tax on people worth $5 million would raise $41 billion per year. If you limited it to just the 200 richest households in the country, it would still raise $12.5 billion per year.' Mr Grudnoff said many countries, including the US, UK, Japan and most of Europe, had an 'inheritance tax or something similar'. 'A couple of generations ago, Australia had probate and succession duties that raised 0.36 per cent of GDP, which, if reintroduced today, would deliver an extra $10 billion in revenue,' he continued. 'And it's time to scrap the capital gains tax discount, for many reasons. Not only would it put downward pressure on house prices and reduce inequality, it would raise an extra $19 billion a year. These are not radical ideas. 'If we want well-funded schools and hospitals; decent, affordable housing for all; a world-class NDIS; a fair welfare system; and dozens of other things which would improve the lives of millions of Australians, we can have them.'
Time of India
24 minutes ago
- Time of India
Beyond the Valley 2025 line-up announced: Addison Rae, Kid Cudi, Dom Dolla to headline 10th anniversary New Year's festival
Ringing in the New Year doesn't get much bigger than this: Beyond the Valley ( BTV ) is back for its tenth anniversary, bringing one of its biggest lineups yet. From Sunday, December 28, 2025, to Thursday, January 1, 2026, the Barunah Plains in Victoria will host a festival bill topped by Dom Dolla, Addison Rae, Kid Cudi, and Turnstile. According to a LinkedIn post by Nicholas Greco, Co-Founder at Untitled Group Australia, this year's edition will be one of the festival's biggest yet. Leading the bill is TikTok star–turned-pop singer Addison Rae, making her Australian festival debut after the release of her breakout debut album in June. She joins Grammy-winning rapper Kid Cudi, who is set to return to Australia for the first time in over a decade. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bedridden for 2 years, please help my husband walk again! Donate For Health Donate Now Undo Rolling Stone AU/NZ cover artist Dom Dolla, post-hardcore trailblazers Turnstile, and an exclusive Australian performance by JoJo will also headline. Festival cofounder Nicholas Greco described the 10th anniversary lineup as a milestone moment. Live Events 'Ten years ago, what BTV is now, we'd never have thought possible. This year's lineup is our biggest yet, bringing back familiar faces while welcoming first-time performances,' said Variety. Beyond music, the festival promises immersive experiences across its three main stages, cinema and talks in The Lounge Room, wellness activities at The Sanctuary, and themed party spaces such as Poof Doof's Cirque Du Slay and The Palms Pool House. Beyond the Valley 2025 will take place from December 28, 2025, to January 1, 2026, at Barunah Plains, Victoria. Ticket pre-sale registrations are now open on their website. Full Lineup Headlined By : Dom Dolla, Addison Rae, Kid Cudi, Turnstile, Spacey Jane, I Hate Models, KETTAMA, Chris Stussy, Ben Böhmer, The Temper Trap, Luude, JoJo (Aus Exclusive), 070 Shake Featuring : DJ HEARTSTRING, VTSS, Patrick Mason, SWIM, Prospa, Josh Baker, NOTION, Pegassi, Cassian, Channel Tres, Mallrat, Balu Brigada, Fcukers, glaive, Jazzy, ZULAN, sim0ne, TEED, Bad Boombox b2b mischluft, Clouds, bullet tooth, KILIMANJARO, Narciss, not without friends, Juicy Romance, Ollie Lishman, Chromeo (DJ set), RONA., Bella Claxton, DICE, Jane Remover, Julia Wolf, Young Franco, Kaiit, Miss Kaninna, 49th & Main, Dombresky, BL3SS, Torren Foot b2b Airwolf Paradise, ATRIP, Linska
