Latest news with #EET
1News
4 days ago
- Business
- 1News
Call to rethink tax on KiwiSaver
KiwiSaver members could be significantly better off if New Zealand adopted a taxation model similar to Australia's, an economist says. Simplicity chief economist Shamubeel Eaqub ran some numbers modelling a system similar to Australia's, where contributions and returns are taxed at 15%. In New Zealand, full tax is paid on income contributed to KiwiSaver, and returns in PIE schemes taxed at an investor's prescribed investor rate up to 28%. Eaqub said an "average" KiwiSaver investor starting now could end up $60,000 better off in nominal terms at retirement on a model similar to Australia's. If tax was not paid on contributions or returns, they could be about $1 million better off - and if only taxes on returns were removed the gain would be about $300,000. "In Australia, the context is there's some conversation about whether the tax breaks are too generous for richer people. It's not that it's perfect but the point is in other countries it's heavily incentivised for people to save in their private pension." ADVERTISEMENT But it was not in New Zealand. Kirk Hope, chief executive of the Financial Services Council, which represents KiwiSaver providers, said the Australian model was different because that country has a means-tested pension. "The tax break that occurs in New Zealand occurs when you retire, when you get national super... that is the equivalent of about $500,000. So I think it's hard to do a comparative analysis without acknowledging that there are significant differences between the schemes and what they are trying to achieve." Winter's here, supermarket spying, and TikTok's new feature. (Source: 1News) But he said if the tax on savings for New Zealanders was reduced it would give future governments more "fiscal options" in relation to superannuation. He said New Zealand previously had a system that was EET — or exempt, exempt, taxed, where contributions were tax-exempt, exempt from tax within the scheme and then fully taxed when withdrawn. The Tax Working Group in 2018 acknowledged that the change from that system had potentially created incentives for New Zealanders to direct savings into investments like houses instead. ADVERTISEMENT Hope said it would be expensive to adjust back to EET but there could be other changes that would be more affordable. The tax working group estimated that ignoring behavioural changes, it would cost $200m to $300m a year to move to a system where returns and withdrawals were not taxed, and $2.5b a year to move to an EET system. "The higher initial cost for an EET regime arises from the fact that there will be a substantial deferral period before significant amounts are withdrawn from the scheme, and thus taxed under the third 't'. Although these are very different initial costs, the costs will be the same in the long run on a net present value basis." Hope said providing different forms of tax incentives would be beneficial for savers. He said removing or reducing the employer contribution tax would be particularly useful for low-income people. Kernel Wealth founder Dean Anderson said New Zealand was one of the few countries operating a TTE — taxed contributions, taxed returns and exempt withdrawal — model. "Our future savings would be much better off under an EET approach, where we don't pay tax on the way in but on the way out. ADVERTISEMENT "With low savings rates in NZ, the government should be exploring everything in its powers to grow savings rates, which benefits NZ and Kiwis over the long term. "But it's not a surprise. The recent meek KiwiSaver policy announcement did all the hard work to announce a positive gradual increase to KiwiSaver contributions, yet they fell short by announcing a three-year policy rather than outlining a decade plus long policy of incremental KiwiSaver increases." Ana-Marie Lockyer, chief executive at Pie Funds, said KiwiSaver members were at a disadvantage compared to Australians because there was no upfront tax incentive or concession as in Australia to encourage them to contribute more. "Maybe consideration of a mid-tier flat tax rate on savings up to a certain amount would encourage savings." She said employer contributions were also taxed so investors lost the benefits of compounding, and investors paid tax on bonds and deemed dividends on global equities so they were effectively paying a capital gains tax. "So contrary to the government's stated goal of helping New Zealanders' grow their KiwiSaver balances, these factors mean New Zealanders have less incentives to make voluntary contributions and pay more tax on investment earnings, resulting in smaller balances at retirement relative to our Australian friends."
Yahoo
26-05-2025
- Business
- Yahoo
Notification under Chapter 9, Section 10 of the Securities Market Act: Holdings of Parkanon Säästöpankkisäätiö in Oma Savings Bank Plc increased above 10 percent
OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 26 MAY 2025 AT 19:30 P.M. EET, MAJOR SHAREHOLDER ANNOUNCEMENT Notification under Chapter 9, Section 10 of the Securities Market Act: Holdings of Parkanon Säästöpankkisäätiö in Oma Savings Bank Plc increased above 10 percent On 25 May 2025, Oma Savings Bank Plc (OmaSp) received a notification under Chapter 9, Section 5 of the Securities Market Act (SMA) from Parkanon Säästöpankkisäätiö (business ID 0136324-1), according to which Parkanon Säästöpankkisäätiö's holding and voting rights in OmaSp increased above 10 percent threshold on 23 May 2025. According to the announcement, Parkanon Säästöpankkisäätiö sr owns 3,329,738 OmaSp shares, corresponding to 10.00 percent of OmaSp's shares and votes. OmaSp has one class of shares in which each share has one vote. The total number of shares is 33,292,771. The holding of Parkanon Säästöpankkisäätiö sr according to the announcement: % of shares and voting rights (A) % of shares and voting rights through financial instruments (B) Total of both in % (A+B) Total number of shares and voting rights of issuer Resulting situation on the date on which threshold was crossed or reached 10,00 NA 10,00 33 292 771 Positions of previous notification (if threshold crossed) 9,89 NA 9,89 NA Notified details of the resulting situation on the date on which the threshold was crossed or reached: A: Shares and voting rights: Class/type of shares Number of shares andvoting rights % of shares andvoting rights ISIN code Direct (SMA 9:5) Indirect(SMA 9:6 and 9:7) Direct (SMA 9:5) Indirect(SMA 9:6 and 9:7) FI4000306733 3 329 738 0 10,00 0 A total 3 329 738 10,00 Oma Savings Bank Plc Additional information:Karri Alameri, CEO, tel. +358 45 656 5250, Distribution: Nasdaq Helsinki LtdMajor OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp's 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners' products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations. OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
India.com
15-05-2025
- General
- India.com
APRJC Result 2025 Declared At aprs.apcfss.in- Check Direct Link, Steps To Download Here
APRJC Result 2025: The Department of School Education, Andhra Pradesh, has announced the results of the A.P. Residential Junior Colleges Common Entrance Test (APRJC CET) 2025 today, Wednesday, May 14. Students who took the exam can view their results on the official website — The APRJC CET 2025 was conducted on April 25 to fill 1,425 seats in residential junior colleges across the state. The result includes important information such as the candidate's name, category, marks secured, and candidate ID. This information will help students assess their performance and check their eligibility for the next stages of the admission process. The entrance test was held for admission to 1,425 seats in residential junior colleges across Andhra Pradesh. The exam carried a total of 150 marks, with each section allotted 50 marks. Following the result announcement, the first phase of counselling will begin for students from the Andhra and Rayalaseema regions. The schedule is as follows: MPC/EET: May 20 BPC/CGT: May 21 MEC/CEC: May 22 APRJC Result 2025: Steps to download here Step 1: Visit the official website at Step 2: Click on the 'APRJC Result 2025' link available on the homepage Step 3: Enter your Candidate ID, Date of Birth, and the Captcha code Step 4: Click 'Submit' to view your result Step 5: Download and save the result for future use APRJC Result 2025; direct link to download here Once the results are announced, students will be shortlisted based on their scores and the official cut-off marks. Those who qualify will be invited to take part in the counselling process, which will be held in two phases to ensure equal chances for everyone. Candidates should keep all required documents ready beforehand to avoid any issues during counselling. Complete instructions, including the counselling schedule and seat allotment details, will be shared on the official website.
Hindustan Times
14-05-2025
- General
- Hindustan Times
APRJC Result 2025 declared, direct link to check check AP Residential Junior Colleges entrance test results
Department of School Education, Andhra Pradesh has declared the results A.P. Residential Junior Colleges Common Entrance Test, 2025, on Wednesday, May 14, 2025. Students who appeared in the examinations can check their results at Candidates can download their results by entering details like Roll Number. Notably, the exam was conducted for admission to 1425 seats at residential junior colleges of the state. The exam was for 150 marks and every section carried 50 marks. With the declaration of results, the first phase counselling will take place for Andhra & Rayalaseema region: The dates are mentioned below: For MPC/ EET: May 20 For BPC/CGT: May 21 For MEC/CEC: May 22 Students can check their results by following the steps mentioned below: For technical related help, students can contact at 9391005811. For other information, they can reach out on 8712625085, and to register complaints, candidates can contact at 9391005809.
Yahoo
14-05-2025
- Business
- Yahoo
Adoption of Resolutions of the Extraordinary General Meeting of as Silvano Fashion Group Without Notice of the Meeting
The Management Board of AS Silvano Fashion Group, registry code 10175491, address Tulika 17, 10613, Tallinn, proposes to the shareholders to adopt resolution of the shareholders without convening a meeting pursuant to § 2991 of the Commercial Code. All questions from shareholders regarding the proposed resolutions may be sent in advance to the e-mail address info@ until May, 21 2025 and the answers to all relevant questions will be published on the website of AS Silvano Fashion Group, The list of shareholders entitled to vote on the resolution of the shareholders will be fixed on May 29, 2025, at the end of the business day of the NASDAQ CSD settlement system. Resolution of the shareholders can be voted on from May 14 to June 5, 2024 till 11:00 AM (EET). If a shareholder does not cast his or her votes, he or she shall be deemed to have voted against the resolutions. A shareholder has two options to cast his vote: 1. By sending a digitally signed or paper-signed and scanned ballot paper filled in by the voting shareholder or his / her authorized representative to the e-mail address info@ during the voting period. 2. By submitting or sending a completed ballot paper, which has been signed manually by the voting shareholder or his or her authorized representative, to the head office of AS Silvano Fashion Group at Tulika 17, 10613 Tallinn from 9:00-12:00 (EET), so that it arrives no later than June 5th, 2025, no later than 11:00 (EET). When sending paper-signed and scanned ballot papers by e-mail or when sending paper-signed ballot papers by post, a copy of the personal data page of the shareholder's or his / her representative's identity document (eg passport or ID card) must be sent together with the ballot paper. The shareholder's representative must also submit a valid power of attorney for written reproduction in Estonian or English. A shareholder may use a power of attorney form, which is available on the website of AS Silvano Fashion Group If the shareholder is a legal entity registered abroad, please send a copy of the extract from the relevant foreign commercial register showing the right of the representative to represent the shareholder (legal right of representation). The statement must be in English or translated into Estonian by a sworn translator or an official translator equivalent to a sworn translator. AGENDA: 1. Election of the auditor for auditing the economic activities of AS Silvano Fashion Group 2024. The proposals for decision of the Management Board, which have been approved by the Supervisory Board, is as follows: 1.1. To appoint the auditing company Ernst & Young Baltic AS (registry code 10877299, located at Rävala puiestee 4, 10143 Tallinn) as the auditor of AS Silvano Fashion Group; 1.2. To authorize the Management Board of AS Silvano Fashion Group to enter into an audit service agreement with the auditing company AS Ernst & Young Baltic for auditing the economic activities of AS Silvano Fashion Group 2024. The resolution adopted by the shareholders will be published as a stock exchange announcement and on the website of AS Silvano Fashion Group no later than June 6, 2025 by § 2991 (6) of the Commercial Code. AS Silvano Fashion Group Email: info@ Tel: +372 684 5000; Fax: +372 684 5300 Address: Tulika 17, 10613 Tallinn Attachments Voting ballot Power of Attorney
