Finance
Taiwan’s exports expected to hit 3rd highest in 2023: Finance Minister – Focus Taiwan
Taipei, Dec. 4 (CNA) Driven by strong demand for emerging technologies such as artificial intelligence development, exports in 2023 are expected to be the third highest in the country’s history despite weakness in the global economy, Finance Minister Chuang Tsui-yun (莊翠雲) said on Monday.
Speaking at a hearing held by the Finance Committee of the Legislative Yuan, Chuang said while falling global demand as a whole has pushed Taiwan’s export growth into negative territory so far this year, 2023 outbound sales are still expected to top US$400 billion, the third largest after US$479.4 billion in 2022 and US$446.4 billion in 2021.
Chuang remained upbeat about Taiwan’s export performance in November and December as international buyers have been building up their inventories to meet a year-end buying spree, in particular in AI-related devices and cloud-based applications.
The minister said she expected export momentum to accelerate for the rest of the year, pushing the figure for 2023 above US$400 billion.
In the first 10 months of this year, Taiwan’s exports fell 12.9 percent from a year earlier to US$355.09 billion.
In October alone, the country’s outbound sales reversed a brief rebound of 3.4 percent year-on-year growth in September, falling 4.5 percent from a year earlier to US$38.11 billion.
Commenting on the year-on-year fall in exports in October, Chuang said the contraction resulted from a relatively high comparison base over the same period of last year, when exports hit about US$39.9 billion.
In addition, Chuang said the fall in October moderated from previous months. From November 2022 to August 2023, Taiwan’s exports fell at a pace ranging between 7.3 percent and 23.4 percent, according to data compiled by the Ministry of Finance.
Chuang said she was cautiously optimistic about Taiwan’s export performance in 2024 as the global economy remains haunted by uncertainties including lingering inflationary pressure, an aggressive rate hike by major central banks around the world as well as growing geopolitical tensions.
Reflecting Chuang’s optimism over the country’s exports down the road, the Ministry of Economic Affairs (MOEA) said in a statement over the weekend that the local information and communications industry posted a 37.6 percent year-on-year increase in exports in October, boosted by the growing popularity of AI applications and cloud-based services, indicating a fall in inventories in the global market.
The MOEA, which has forecast Taiwan’s exports will pass US$400 billion in 2023, said the ministry will continue to provide necessary assistance to exporters, referring to measures including new loans and rollovers of existing loans until the end of 2024.
The ministry said it will also help Taiwanese firms with digital transformation and cutting carbon emissions to strengthen their global competitiveness.
Finance
‘Partisan politics’: how efforts to overturn the Johnson amendment could upend campaign finance
Donald Trump has long promised his evangelical base he will undo the Johnson amendment, allowing churches and other non-profits to weigh in on and donate to political campaigns – and his path to doing so is now clearer than ever.
A provision of the tax code since 1954, the Johnson amendment prohibits all tax-exempt non-profit organizations from making political endorsements in – or offering monetary support to – political campaigns. If the president-elect succeeds in overturning it through any of a few available methods, experts say it could have the profound effect of opening up a flow of dark money into politics.
“I think it’ll have as big, or a bigger impact than Citizens United,” said Andrew Seidel, a constitutional attorney and expert on Christian nationalism. “I don’t think people are fully prepared for a country in which churches can accept tax deductible donations in the billions of dollars and then turn around and use that money for partisan politics.”
With a likely narrow majority in the US House of Representatives and the Senate, Trump has multiple avenues to challenge the provision. He could try to push Congress to take legislative action. He could attempt to unwind parts of the provision through executive action, an approach that would likely be subject to litigation. Or, he could involve the Department of Justice – which he has vowed to mobilize politically – in a key, ongoing Texas lawsuit threatening the law.
During Trump’s first term, he failed to deliver on his promise to destroy the amendment. Congress failed to roll back the regulatory measure and in an executive order gesturing at the issue, Trump only advised the treasury to take a lenient posture on the political speech of clergy – “to the extent permitted by law”.
Now, with a lawsuit filed in Texas making its way slowly through the courts, Trump has yet another avenue to chip away at legal limits on churches’ political activity. The complaint, filed against the IRS by National Religious Broadcasters, two Texas churches and the group Intercessors for America – whose mission includes a “call for godly government” – seeks to find the Johnson amendment unconstitutional.
It claims that churches are subject to “unique and discriminatory status” under the tax code and that the IRS “operates in a manner that disfavors conservative organizations and conservative, religious organizations” in enforcing the law.
Named after its author Lyndon B Johnson, the Johnson amendment is inserted into section 501(c)(3) of the tax code to prevent certain non-profits from “participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office”. The law also notes that “contributions to political campaign funds” would “clearly violate” the provision.
Some churches already flaunt the law’s requirement to refrain from endorsing political candidates – a trend that the Texas Tribune has documented. Repealing the Johnson amendment would allow churches to go further, including potentially donating to partisan causes. Because churches, unlike other non-profit organizations, are not required to file 990 forms disclosing key financial information to the IRS, such an arrangement would allow for little public oversight.
Representing National Religious Broadcasters on the complaint is Michael Farris, the former CEO of the powerful rightwing legal outfit Alliance Defending Freedom and a driving force behind the “parental rights” movement, which seeks to limit schools’ ability to teach about race, gender and sexuality in the classroom. Like the conservative “parental rights” movement, the push to do away with the Johnson amendment could chip away legal barriers separating church and state.
In the short run, overhauling the provision could, Seidel said, allow churches to function effectively as Super Pacs, accepting tax-deductible donations from politically-motivated donors and channeling them into political causes. Such a scenario could, Seidel cautions, force churches to subject themselves to the same financial disclosures that Super Pacs face.
“The church could be the subject of litigation, but then again, who’s going to be running the IRS? Who’s going to be enforcing that?” said Seidel. “It’ll be the Trump administration.”
Finance
9Pay Presents All-in-One Efficient Financial Solution at Singapore FinTech Festival
HANOI, Vietnam, Nov. 14, 2024 /PRNewswire/ — From November 6 to 8, 9Pay showcased comprehensive payment services in Vietnam to businesses at the Singapore FinTech Festival 2024. 9Pay’s participation at one of the largest global Fintech events has attracted significant attention from companies and industry experts.
Singapore FinTech Festival (SFF) 2024 is organized by the Monetary Authority of Singapore in collaboration with the Association of Banks in Singapore for the 9th time at the Singapore EXPO Convention & Exhibition Center. The event attracted 65,000 participants from 134 countries and regions, including more than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions, and other government organizations.
For 9Pay, attending SFF 2024 in Singapore is a strategic step to strengthening its position in fintech in Southeast Asia and the world. Coming for the first time as an official exhibitor of this famous financial event, 9Pay was welcomed warmly by many financial professionals and clients, as a trusted fintech company in Vietnam. This has contributed to strengthening the position of Vietnam’s financial technology industry in the international area, demonstrating that Vietnamese fintech enterprises are ready to compete and integrate into regional and global marketplaces.
The State Bank of Vietnam’s 2024 report highlights Vietnam as a top FDI destination, ranking 25th globally and outpacing regional peers like Indonesia, the Philippines, and Thailand. Key drivers include Vietnam’s large domestic market, robust consumer spending, and proactive government reforms that streamline processes and bolster foreign trade. Improved technology infrastructure has made sectors like e-commerce, fintech, logistics, education, and tourism particularly attractive. With deep market insight, 9Pay, a licensed payment intermediary, has empowered numerous companies to thrive in Vietnam by offering seamless, all-in-one payment solutions.
As the leading payment service provider, 9Pay has established powerful partnerships with international PSPs and Remittances, allowing partners to receive payments seamlessly and facilitating smooth money transfers to Vietnamese beneficiaries. Typical instances include e-commerce platforms expanding in Vietnam that can easily collect payments and promote growth, and an online education provider that integrated 9Pay’s localized payment solution, simplifying tuition payments for Vietnamese students while improving user experience.
Boost Business Efficiency with Collection – Disbursement and Payment Gateway Service
The 9Pay Collection and Pay-Out Service offers several standout benefits for partners aiming to expand and operate efficiently in Vietnam. One of key strengths is the Localized Banking Advantage, enabling partners to use 9Pay as a local bank account for seamless collection and disbursement, simplifying operations and enhancing financial workflows.
Finance
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