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New Zealand already has a capital gains tax – you may not know it | Instant News


Two University of Auckland researchers argue New Zealand already has taxes on its books that can be used to tax property investors. Photo / 123rf

Prime Minister Jacinda Ardern may waive the capital gains tax, but there is already a tax on books that can do the job.

This is according to two University of Auckland researchers, who say that the CB6 section of the Income Tax Act has existed since the 1970s but is not widely known because it is rarely enforced.

However – if given a simple change – it could be turned into an effective capital gains tax that targets the profits investors make when buying and selling homes, Michael Rehm and Yang Yang said in a new research paper.

They argue that the recent skyrocketing house prices have brought the tax debate back into the spotlight.

And instead of considering the new tax, CB6’s section already states that anyone who buys land with the intention of making a profit from resale must pay income tax on those gains, Rehm said.

The government has not enforced this in the past because they think it is too difficult to know the intention of the buyer when making a purchase.

But Rehm said his decade-long analysis of rental housing purchases in Auckland showed nearly all had incurred initial losses and counted on the gains on resale to be considered a wise financial investment.

“This cash flow based stuff is a complete dog,” he said.

“The only rhyme or reason you’re going to invest in property is that you expect to get some sort of payment in the end.”

That means investors can safely be said to be acting as speculators hoping for house prices to rise – and that has broader consequences for society, Rehm said.

Auckland’s average selling price has now jumped to $ 1 million for the first time in October, while national prices have also ballooned to new highs, the Real Estate Institute reported.

This kind of price hike has further transformed housing from where Kiwis seek refuge and raise their families to golden geese treated as egg nests, Rehm said.

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It has two problems.

This helps create a rift in society between the rich, those who own property, and those who don’t, Rehm said.

And that’s funneling billions of dollars of investment from KiwiSaver accounts, stocks and businesses into real estate, where it yields less broad economic benefits, he said.

Politicians across many of the political spectrum have expressed similar concerns over rising prices.

Labor, the Greens and even the Reserve Bank this week suggested broader taxes were needed to help curb rising house prices.

Investors are already taxed like capital gains in the form of what is called a bright line test.

First introduced by the National Government in 2015, it initially required property investors who sold homes within two years of purchase to pay tax on their profits.

In early 2018, the Labor-led Government then extended the bright line test to five years.

Last week, Treasury Secretary Grant Robertson asked the Treasury Department to investigate further extension of the bright line test.

But changing taxation policies is fraught with political risks, given that opposition parties now accuse the Government of canceling its promise not to impose new taxes.

Researchers Michael Rehm and Yang Yang from the University of Auckland's Department of Property.  Photo / Provided
Researchers Michael Rehm and Yang Yang from the University of Auckland’s Department of Property. Photo / Provided

The Minister for Housing and Labor Revenue did not answer questions about whether they would consider investigating or implementing Rehm and Yang’s suggestions.

The Inland Revenue said it conducted a “very similar” study in 2014.

“It was concluded that there is systemic evidence of the turnover rate of residential properties, which is higher than normal,” he said.

“However, identifying possible speculative activity based on analytics and having enough evidence to prove speculative behavior are two different things.”

Rehm admits – even though the CB6 section already exists – enforcing it politically is another matter.

“I am not naive, I know this is a bitter pill that any politician should throw,” he said.

“I’m just trying to show that there’s a solution that’s already in the book.”

Two University of Auckland researchers argue New Zealand already has taxes on its books that can be used to tax property investors.  Photo / 123rf
Two University of Auckland researchers argue New Zealand already has taxes on its books that can be used to tax property investors. Photo / 123rf

He said the enforcement of the CB6 section would be more thorough than the bright line test because there was no time limit and also thought the analysis behind his paper was thorough.

His team used a new method to identify 117,000 rental property purchases in Auckland between 2002 and 2016, he said.

To calculate the profitability of purchasing a lease, his team then weighed the costs involved in running the various properties – such as home loan repayments, property management fees, and maintenance costs – against the rental income.

The results were clear, he said.

Leased property investment almost always goes bad compared to comparable investments when capital gains are excluded, Rehm said.

That means everyone is speculating on expectations the price will go up, he said.

“We beat our chests and said speculation is bad behavior and it needs to stop,” he said.

“But nothing has been done to try to persuade people not to continue speculating.”

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Covid 19 coronavirus: All you need to know about today’s vaccine announcement | Instant News


The government today announced its first Covid-19 vaccine purchase agreement. What does it mean? Science reporter Jamie Morton explain.

What has been announced?

A deal that will provide New Zealand with about 1.5 million Covid-19 vaccines – or enough for 750,000 people.

But it is up to the vaccine makers – Pfizer and BioNTech – to successfully complete Phase III clinical trials, and pass regulatory approval here.

All is well, the vaccine could be shipped to New Zealand in the first quarter of next year, said Minister for Research, Science and Innovation Megan Woods.

“Pfizer says they are making good progress with the development of the Covid-19 vaccine,” he said.

“Depending on clinical and regulatory success, and provided the vaccine is approved for use here in New Zealand by Medsafe, it is likely that multiple doses will be available to us in the first part of 2021.”

What is the vaccine?

Global drug giant Pfizer and German biotechnology company BioNTech are behind a group of candidates – BNT162b2 – who are among the pioneers in the worldwide vaccine race.

Research so far has shown that this virus boosts antibody and T cell responses to SARS-CoV-2, the virus that causes Covid-19.

T-cells are white blood cells that can attack cells infected with the SARS-CoV-2 virus, while antibodies are able to neutralize the virus so that they cannot infect cells when they are first infected.

Overall, you have a strong shield against the coronavirus.

As an RNA vaccine, this vaccine works by bringing genetic material into cells, before being encoded for specific proteins from the virus.

As of this week, the vaccine is in its third and final Phase III trial at more than 120 locations around the world, with 28,000 people having been given a second dose.

This month, the two companies launched rolling submissions to the European Medicines Agency, while Health Canada has begun a real-time review of its candidates.

Is this the only vaccine we can use?

Professor Helen Petousis-Harris, University of Auckland vaccination specialist, said today’s announcement marks the first – and not the last, purchase agreement.

“There are still others on the table too,” he said.

Focus: How to stop the spread of the corona virus. Video / AP / Mark Mitchell

Australia, for example, has signed an agreement to mass-produce the University of Oxford and the AstraZeneca virus vector vaccine, ChAdOx1-S, also in Phase III trials.

It was shown to trigger a T cell response within 14 days of vaccination – and an antibody response within 28 days.

Like the influenza injections we are more used to, this is a viral vector vaccine, and uses a chunk of the pathogen to effectively stimulate an immune response against it.

Petousis-Harris said another pioneer was the LNP-encapsulated mRNA vaccine developed by the US National Institute of Allergy and Infectious Diseases and Massachusetts-based Moderna.

This month, eight groups received 17 vaccines in Phase III.

It is widely expected that the first vaccine will start rolling out at the end of the second quarter, or early third quarter, of 2021.

“So we hope it will be the middle of next year where we really start to see a vaccine available,” he said.

“But [the Pfizer-BioNTech candidate] potentially arriving a little earlier than that. “

How does this fit into New Zealand’s strategy?

The government says this complements other parts of our broader and recently launched vaccine strategy, such as the global Covax Facility which can provide for up to 50 percent of our population’s needs.

Prime Minister Jacinda Ardern visited the Malaghan Medical Research Institute in Wellington, which is involved in a local consortium working on locally made vaccines.  Photo / Getty Images
Prime Minister Jacinda Ardern visited the Malaghan Medical Research Institute in Wellington, which is involved in a local consortium working on locally made vaccines. Photo / Getty Images

It’s allocating hundreds of millions of dollars – won’t reveal exactly how much, for commercial reasons – to take the Kiwis and our Pacific neighbors as far as possible.

“The primary objective of our portfolio approach is to ensure we have flexibility and choice when it comes to securing the right vaccine for New Zealand and our Pacific neighbors,” said Woods.

The task force executing the strategy is now negotiating with other pharmaceutical companies, with further announcements expected next month.

Woods said “good progress” was being made on the deal, and having additional deals would ensure enough vaccines were available for the entire country.

There are concerns at a high level over New Zealand’s gaining early access.

One recently released Cabinet paper since August indicated that the Government is concerned that New Zealand’s COVID-19-free status and good health could mean it would not be prioritized if global priorities and allocations were simply left to needs assessments.

It recommends that New Zealand needs to provide “significant resources early on to help secure access to vaccines”.

Having a series of advance purchase agreements means potential access to a number of vaccine candidates, but it does not guarantee access to vaccines, as “it is likely that the majority of candidates considered will not be viable”.

Such prepayments cannot be recovered once they have been paid.

Determining the cost of the upfront agreement would be difficult, money had to be allocated to get started, the document said.

It is expected that early delivery of the vaccine costs between $ 75 and $ 150 per dose when slower delivery can cost less than $ 15.

So, who might get the vaccine first?

The call has yet to be made, but the Ministry of Health is working on what the immunization program should look like.

“A number of factors will influence who will receive what vaccine and when, such as data on trials of the suitability of each vaccine for a particular age group,” said Health Minister Chris Hipkins.

“We have set aside $ 66.3 million for medical supplies and infrastructure to ensure New Zealand is ready to launch the Covid-19 Immunization Program as soon as we have a safe and effective vaccine.

“Most of this investment will finance supplies sufficient to support the countries of New Zealand and the Pacific; supplies such as PPE, syringes, syringes and swabs, and refrigerators to store vaccines.”

What about local vaccine production?

The Covid-19 Vaccine Company led by Dr Robert Feldman aims to complete the first human trials of a new vaccine by the end of next year, which will cost about $ 8 million.  Photo / Provided
The Covid-19 Vaccine Company led by Dr Robert Feldman aims to complete the first human trials of a new vaccine by the end of next year, which will cost about $ 8 million. Photo / Provided

It happened too.

About $ 3 million in Government funding will go to Kiwi biotech company Biocell to upgrade its facilities so that it can launch 100 million doses.

Other Kiwi consortiums have been exploring potential candidates of their own – such as the inactivated vaccine approach led by Professor Miguel QuiƱones-Mateu of the University of Otago, and a recombinant spike protein vaccine under development at the University of Victoria’s Dr Davide Comoletti laboratory – over the past few years. month.

And a local company has secured $ 3.3 million in private funding to go ahead with a Covid-19 vaccine made with Kiwi technology.

The Covid-19 Vaccine Corporation (CVC), which was founded in May, has collaborated with the University of Auckland, Callaghan Innovation, and the research institute Scion, in an effort to independently develop a local coronavirus agent.

The company aims to complete its first human trials of the new vaccine by the end of next year, at a cost of about $ 8 million.

– Additional reporting – RNZ

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The SEPA team captures a truck carrying toxic cargo in Karachi | Instant News


KARACHI: Sindh Environmental Protection Agency (SEPA) has foiled plans to leave the city because of the worst environmental pollution, ARY News reported on Monday.

The Environmental Protection Agency team in a raid in Port Qasim caught several trucks carrying toxic cargo containing dangerous pesticides and expired drugs.

Toxic and hazardous materials are dumped in areas being transported from different parts of the country, which can spread dangerous toxic gases in port cities.

The SEPA team carried out raids at the direction of CM Sindh Advisor for Law, Environment, Climate Change and Coastal Development Murtaza Wahab and took action against the polluters.

Toxic substances around Qasim Port can pose a threat to human and animal life in the region.

Previously, SEPA had sealed 100 kilns in the City of Surjani and confiscated banned plastic bags in the FB Area and Karimabad markets.

The agency claims to have closed 100 ‘illegal’ arrangements in the Western district where batteries were melted down for recycling. A team found 100 kilns in Old Cattle Colony, Kota Surjani operating without official registration, and without implementing any precautionary measures to control emissions.

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Everything You Need To Know About “A Night At The Mall” Premiere | Instant News


Harper’s Bazaar Arabia, in collaboration with the Mall of the Emirates, will celebrate the start of World of Fashion 2020 with a fashion film like no other. Layla Cardan, Amal Murad, Alia Al Neyadi, Nadya Hasan and Joyce Amil.

The screening will continue with a question and answer session with Emirati director and filmmaker Thabit Al Mawaly, who brought the vision to life during the two-night shooting.

Join us at Central Galleria at 7:30 pm to watch the premiere live or experience the premiere from the comfort of your home HarpersBazaarArabia.com

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What You Need to Know About Upcoming Arabic Production from “Come Eat With Me” | Instant News


OSN has signed a contract with ITV Studios for the first Arabic version rights of the beloved British reality TV show ‘Come Dine with Me’. A national favorite for more than 15 years in the United Kingdom, this series has been well received with compositions replicated in many country throughout the world including Australia, Canada, Greece, Ireland and South Africa.

The 45 episode series will air from Sunday to Thursday with a new contestant group every week. Each host will cook and present a three-course menu, which will be followed by an assessment session by their three guests hosting Skills.

“OSN is very pleased with the acquisition of the ‘Come Dine with Me’ format, which will be the first original production of a very popular show that comes to our region,” said Interim’s Interim Temporary Content Head at OSN, Rolla Karam.

“This production further strengthens our commitment to providing curated content and presenting the best entertainment for our viewers in the Middle East. We believe that Come Dine with Me will be as big as success “in the Middle East as in the UK and throughout the world and are very excited for what will happen in the pipeline in terms of original production” Rolla said.

The Arabic production of the British TV show ‘Come Dine with Me’ will be filmed in the UAE later this year. Thanks to OSN

A highly valued entertaining television program will follow the same layout as England where each week a diverse group of four take turns hosting a dinner party, with guests rating nights of ten. Each contestant must try to make the guests believe that they are the best host, but at the end of the week, only one can be named the best host and go away as a winner. The series will be an amalgamation of authenticity, smart commentary and extraordinary guests, making this show one of the most related series spectrum audience.

“We are very pleased to be able to join hands with OSN in terms of providing interesting information original content on their platform and committed to changing the Arabic language Come Dine with Me, ‘Yalla Neta’asha’ was a big hit, “said ITV Studios Middle East CEO Ziad Kebbi.

Production is set to be filmed on film UAE this year and calls for citizens to register to participate in reality TV shows will be announced in the coming weeks. “Contestants will come together from all walks of life and cover various nationalities such as Lebanon, Saudi Arabia, United Arab Emirates, Kuwait, Egypt, Bahrain, Oman, and western expats.” OSN was revealed in a statement announcing the event.

So hold your chair and get ready level up Your hosting game with ‘Yalla Neta’asha’!

Image belongs to OSN and Giphy


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