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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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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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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
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Bank ERC Rebate – Getting Your Own

South State Correspondent

Bank ERC Background Bank ERCs is a refundable tax credit available to businesses, including financial institutions, affected by the global pandemic as granted under the CARES Act and modified by the Relief Act. For employers with 500 or fewer employees, all wages paid to employees can be qualified.

Taxes 195
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Use Our ERC Assist Program to Raise Deposits

South State Correspondent

Background of ERC ERC exists to assist businesses that were put under severe financial strain due to the government-mandated lockdowns from the 2020 COVID-19 pandemic. In 2020, the U.S. ERC gave eligible businesses a refundable tax credit of up to 50% of $10,000 for qualified wages paid per employee.

Taxes 195