World markets hit their lowest level in two months on Friday after an alleged Israeli attack on Iran triggered a wave of safe-haven buying of gold and bonds, raising Wall Street’s “fear index” to its highest level since October.
The alleged Israeli attack on Iranian soil was the latest exchange of blows between the two archenemies, but losses in the markets softened, sending oil and gold lower before the Wall Street open, after Tehran said it has no plans for immediate retaliation.
US stock index futures fell around 0.4%, with no important data expected before the opening. Safe-haven currencies such as the yen and Swiss franc initially rose on news of the attack, but later trimmed gains, while gold remained on track for its fifth week of gains.
Crude oil prices rose $3 a barrel on concerns about possible disruptions to oil supplies in the Middle East, but later began to decline as fears of a major escalation of hostilities in the Middle East eased.
US Treasury bonds advanced, causing the yield on benchmark 10-year notes to fall to 4.5981%.
The MSCI world equity index fell 0.38%, reaching its lowest since February, but far from the day’s lows. The pan-European STOXX 600 fell 0.5%, hitting its lowest level in more than a month.
Markets are in the crosshairs of a “triple whammy”: a Federal Reserve reluctant to cut interest rates, disappointing earnings in the semiconductor sector such as Taiwan’s TSMC, and rising geopolitical risks.
“It is not just a Middle East issue that is causing risk aversion now. The bottom line is that Fed rate cut expectations are fading, which in turn raises inflation expectations, and this conflict (…) basically makes things worse,” said Naka Matsuzawa, of Nomura in Tokyo.
The CBOE volatility index, also known as Wall Street’s “fear gauge,” reached its highest level since late October.
A safe haven currency like the yen rose up to 0.7% against the dollar, but later barely registered any changes in the session.
Gold also pared its gains for the day, trading at $2,375 an ounce, after last week’s all-time high of $2,431.29.
With information from Reuters. Subscribe to our YouTube channel and don’t miss our content.
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Market Turmoil: World Markets Dive as Israeli Attack on Iran Sparks Safe-Haven Buying
When building a building in Seoul, if a park is created, the floor area ratio is added by 120%.
Increased floor area ratio due to public open space creation
Expansion to 787 locations including Ssangmun-Myeonmok-Yeonsinnae
Simplification of floor area ratio system, ‘as of 2000’
In the future, when buildings are built in Seoul, if parks are created that the general public can use, the buildings will be able to be built taller. This is because the Seoul Metropolitan Government has decided to further increase the floor area ratio to 1.2 times (120%) when creating open space.
The Seoul Metropolitan Government announced the ‘Seoul City District Unit Plan Floor Area Ratio System Reform Plan’ on the 19th, containing these contents. A district unit planning area is an area designated by a city or provincial governor for the planned development of a specific area. There are 787 areas in Seoul, including Ssangmun in Dobong-gu, Myeonmok in Jungnang-gu, and Yeonsinnae in Eunpyeong-gu, accounting for 35% of Seoul’s total area, excluding green spaces, in planned areas.
According to the reform plan, the application of the upper floor area ratio for the creation of open space, which was only allowed in semi-industrial areas such as factories, will be expanded to all district-level planning areas. Open space refers to a space where a building owner has decided to provide part of his land to citizens for use in return for benefits such as an increase in floor area ratio. The upper floor area ratio is the highest floor area ratio applied at this time.
For example, if a park is installed while building a building in a semi-industrial area, the floor area ratio will increase up to 800% by receiving public notification incentives in addition to the Seoul city standard floor area ratio (600%). According to this revision, if parks are provided in all district-level planning areas in the future, the floor area ratio will increase from 800% to a maximum of 960%, which is 1.2 times more. This is because the added incentive through the creation of open space has increased to a maximum of 120%. The reform plan will be applied from future district unit plan decisions or changes.
In addition, it was decided to abolish the regulation on lowering the standard floor area ratio in district unit planning areas and unify it with the ordinance floor area ratio. The standard floor area ratio for distribution considering roads and infrastructure in the district unit plan is 100 to 300 percentage points lower than the Seoul city ordinance floor area ratio. By unifying this with the floor area ratio of the ordinance, it became possible to build taller buildings. Furthermore, if you introduce robot-friendly facilities that comply with city policies, you can receive incentives increased by up to 110%.
The floor area ratio system, which differed even in the same area depending on the time of change in use area, will also be integrated. In the district unit planning area, the allowable floor area ratio was 800% for commercial areas whose use areas were changed before 1991, while the allowable floor area ratio was applied at 630% for areas whose use areas were changed after 1991, causing confusion. The city simplifies the standard for change of use zone to 2000. Depending on the standard point adjustment, a floor area ratio increase of 100 to 300 percentage points will be applied to a total of 4.22 million ㎡ of land. An official from the Seoul Metropolitan Government said, “Most of the commercial areas where the floor area ratio is being raised according to the adjustment of the reference point for use areas are the Gangbuk and Gangseo areas.”
Reporter Lee Chaewan [email protected]
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When building a building in Seoul, if a park is created, the floor area ratio is added by 120%.
2023-24 Income Tax Return: How to Deduct Mortgage Payments and More
From April 3 last year, the Tax Agency allowed its various channels to receive the income tax return according to the period 2023-24. As in previous years, citizens must comply with the requirement to inform the Treasury Department of their income collected in the previous fiscal year. To do this, you have until June 30 to manage and present the draft income tax to the authorities. The channels available for this range from the entity’s electronic headquarters to telephone lines and personal attention.
When we fill out our income tax return, deductions are one of the biggest topics that may raise doubts. Tax relief or deductions from the income tax return is an amount that can be deducted from the tax base. That is, it is an amount of money that we can avoid paying to the treasury for different concepts. Among the most notable deductions are contributions to pension and insurance plans. In addition to compensation and alimony pensions, maternity benefits, large families, dependents with disabilities, standard residence and a set of other reliefs defined by the Autonomous Communities.
In this group, today we want to focus on those installments that relate to the payment of mortgages for primary residences. Mortgages are an issue that has been giving many taxpayers a headache in the past year due to a sharp increase in interest rates. Therefore, considering a tax reduction in this area would certainly not hurt those who pay this type of credit. How can I deduct my mortgage payment on my income tax return? Although the Department of Finance recognizes the right to make allowances for investment in ordinary residence. Interested parties must meet a series of requirements.
The first of these relates to the conventional nature of the mortgaged home. Only those who effectively pay for the home they live in for a continuous period of at least three years can access this tax benefit. In addition, you must prove that you live there permanently for a period of no less than 12 months. The second requirement is related to the moment the property is acquired. In this case it will only apply to first homes, which were bought before 1 January 2013. Therefore, it will not be compatible with second homes, rental homes or others. Finally, and regarding the deductible amount in the declaration, the Department of Finance establishes the following limits:
· Up to 9,040 euros per year for investments in the construction, rehabilitation, construction or extension of housing.
· Up to 12,080 euros per year in case of modification and installation work to change the taxpayer’s home in case of disability.
Costs such as mortgage payments, mortgage opening commission, credit related insurance, credit establishment costs, and processing costs may also be included. Likewise, credit adjustment charges and cancellation charges are included. Finally, these deductions must be applied or reported through boxes 547 and 548 of the income tax return.
2024-04-20 11:34:24
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2023-24 Income Tax Return: How to Deduct Mortgage Payments and More