The Nikkei 225 has risen by 17%, benefiting from Japan’s economic recovery and strong corporate earnings. China’s Shanghai Composite has increased by 14%, supported by a rebound in industrial activity.
FCNR(B) hurdle: Singapore holds ground on withholding tax
Given the spread between interest offered on FCNR deposits and interest charged on loans, a 10% WTH on loan interest on tax grossed-up basis would