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Indonesia Levies 10 Pct Tax On Sales From Tech Firms

PYMNTS

The Southeast Asian country’s national tax office announced it will impose a 10 percent value-added tax (VAT) on foreign global technology companies as the nation looks for ways to defray the costs of battling the economic effects of the COVID-19 pandemic, Reuters reported. The country’s total budget for 2020 is $177.6

Taxes 141
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Amazon (And Others) Brace For India’s New eCommerce Tax

PYMNTS

The jousting over eCommerce taxes — especially for U.S. firms operating on an international scale — is about to get more heated. Last week in India, the government proposed a tax on eCommerce transactions that will likely increase operating costs for sellers large and small.

Taxes 175
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Italy Sidesteps Sales Tax Hike With Levy On Digital Transactions

PYMNTS

Italy is preparing to tax digital companies to help fund its 2020 budget as it seeks different revenue streams to avoid a scheduled sales tax hike, sources told Reuters on Monday (Oct. Companies with annual global revenues of $827 million and digital services of $6 million in Italy will be subject to the tax.

Taxes 116
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Bitcoin Daily: S Korea Eyes New Crypto Income Tax; Less Network Traffic Causes Drop In Bitcoin Fees

PYMNTS

The last halving was on May 11, 2020. Halving also doubled the cost of mining, which saw inefficient miners ceasing operation. South Korea is pondering a modification to its tax law which could place taxes on cryptocurrencies. South Korea attempted to impose taxation on cryptocurrency early in 2020.

Taxes 142
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ERC for Banks – Told You Are Not Eligible? Find Out

South State Correspondent

We work with well-known national CPA firms that specialize in working with banks specifically to claim their ERC tax rebate. Instead of just the revenue test, where most CPA firms focus, our approach targets the total or partial suspension of operations aspect of ERC eligibility. The average tax rebate is approximately $1.5

Georgia 195
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Bitcoin Daily: Bill Proposes National Oversight For Crypto Exchanges; Russia Seeks Criminal Penalty For Not Reporting Crypto

PYMNTS

The Digital Commodity Exchange Act of 2020, which was proposed by a U.S. 24), could put digital currency exchanges under one national structure, CoinDesk reported. In other news, the Ministry of Finance in Russia keeps advocating for digital currency industry rules through the introduction of new tax mandates, Cointelegraph reported.

National 121
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In Asia, Focus On Big Tech Regs And Taxes

PYMNTS

Scrutiny of tech firms is spreading across the globe, hinting at broader regulations over privacy and, possibly, bigger tax bills. In one example, Indonesia is “already preparing legislation” that would require tech companies with online services to pay value-added tax on local sales, the report noted. Libra, Too.

Taxes 133