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January 26th news, recently many German companies, including energy supplier Badenova, housing construction company Viebrockhaus and drugstore chain Rossmann, have stated that they will no longer buy new Tesla cars because of the words and deeds of Tesla CEO Elon Musk that have caused their dissatisfaction.Xiaomi Auto: It has reached charging network cooperation with 13 operators, and more than 1.02 million charging piles have been included in the "Xiaomi Charging Map".On January 26, the National Development and Reform Commission issued the "Notice on Further Improving the Quality of Medical Security for College Students". Recently, the responsible person of the Employment Department of the National Development and Reform Commission answered reporters questions about the "Notice". The "Notice" puts forward 10 specific policy requirements from four aspects, including "expanding the coverage of basic medical insurance for college students", "consolidating and improving the level of medical security for college students", "strengthening diversified medical security for college students" and "doing a good job in the transfer and continuation of basic medical insurance relations for college students", mainly including: clarifying the task objectives of college students participation in insurance; creating convenient conditions for college students to participate in insurance; improving the incentive policy for college students to participate in insurance and pay premiums; improving the medical insurance treatment policy for college students; doing a good job in the filing management of college students medical treatment in other places; improving the medical assistance policy for college students; supporting social forces to provide precise assistance; giving full play to the role of various commercial insurances in supplementary security; doing a good job in the transfer and continuation of basic medical insurance relations for college students; and doing a good job in the connection of medical insurance benefits for college students. After the implementation of the "Notice", through the integration and coordination of various security resources, the policy "shortcomings" will be made up, and the level of medical security supply for college students will be improved, which will play a positive role in economic development and improvement of peoples livelihood security.On January 26, the central bank significantly reduced the amount of medium-term lending facilities on January 24, which attracted market attention. Industry experts said that although the scale of MLF operations has dropped significantly, the central bank has not reduced medium-term liquidity injection, but replaced MLF with large-scale reverse repurchase. At the same time, a number of monetary policy tools are still working together to ensure that the capital market remains stable before and after the Spring Festival, supporting credit injection and government bond issuance at the beginning of the year.On January 25, Societe Generale said that we expect the European Central Bank to cut its key policy rate by 25 basis points at next weeks meeting, which will reduce the deposit rate to 2.75%. The market generally expects the bank to cut interest rates again in March, when new data and forecasts will help to frame the discussion about the neutral level. This did not prevent several members of the Governing Council from expressing a preference for continuing to cut interest rates to 2% at subsequent meetings, but this may be precautionary guidance ahead of potentially disruptive US trade policies. It is also possible that, especially if the data continues to show resilience as we expect, the ECB will feel the need to move to quarterly interest rate decisions after March. This will help it better understand how the economy is developing and where the neutral may be. At present, we expect the ECB to cut interest rates again in April, with a terminal rate of 2.25%.

The New Cryptocurrency VAT And Capital Gains Tax Will Take Effect on May 1

Cameron Murphy

Apr 02, 2022 09:29


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On crypto transactions and investments, Indonesia imposed a 0.1 percent VAT and capital gains tax.


The taxes will take effect on May 1st.


The community has recently reacted negatively to crypto taxes.


According to a report by Reuters, Indonesia will begin collecting a Value Added Tax (VAT) and an income tax on capital gains on crypto asset-based transactions and investments on May 1. In both circumstances, the tax is set at 0.1 percent.


Why is there a tax?

Since the beginning of the Covid-19 outbreak, Indonesia has seen a tremendous increase in crypto use, which is why a tax is unsurprising. "Crypto assets would be subject to VAT because they are a commodity as defined by the commerce ministry," Hestu Yoga Saksama, an Indonesian tax official, said during a press conference. We will apply income tax and VAT since they are not a currency."


Although the 0.1 VAT tax on crypto assets is substantially lower than the country's 11 percent VAT on other products and services.


Furthermore, the fact that these taxes will be imposed on the gross transaction amount is another reason why crypto transactions have only a 0.1 percent income tax on capital gains.


Given that Indonesia executed crypto transactions worth approximately $5.8 billion (83.8 trillion Indonesian Rupiah) in February alone, even a 0.1 percent tax would net the government $5.8 million, or about 83.3 billion Indonesian Rupiah.


Besides, this is still good news because it indicates the country's growing acceptance of crypto.


This is because the Tajdid Central Leadership (PP) Muhammadiyah, along with the Tarjih Assembly, issued a fatwa against cryptocurrency just two months ago, according to FXEmpire.


The fatwa declared Bitcoin and other cryptos to be "haram," citing the volatility of crypto assets as the explanation.


Even if cryptocurrencies aren't currently accepted as a form of payment, it's a significant step forward for the country.

Around the Globe

While Indonesia is dealing with crypto in its own way, India followed suit by enacting a 30% crypto tax earlier this month, which took effect yesterday (April 1).


Crypto has been a source of concern for the government for more than five years, from the prohibition to the lifting of the ban to the current 30% tax.


Furthermore, the government is delaying the development of a regulatory framework for digital assets until a global census on the subject is conducted.


While Indian individuals have already expressed their dissatisfaction with the policy, it does not appear that they will be able to effect much change anytime soon.

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