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Things worth reading: 21st May 2020

Chris Skinner

Things we’re reading today include … Bank of England paves way for negative interest rates Britain sells bonds with minus rates Top 1% of British earners get 17% of nation’s income Matalan founder suing PwC for ‘ineffective tax avoidance advice’ Crypto hedge funds struggle to rebound from ‘bloodbath’ Mastercard to … (..)

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Nations Move Toward Imposing ‘Digital Taxes’ On Big Tech

PYMNTS

Governments around the world are setting their sights on putting a variety of digital taxes on Big Tech giants. France has long been angling to levy digital taxes, although such moves have become a bone of contention with the United States and have faced significant delays. billion of French goods. Indonesia .

Taxes 130
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Aussie Tax Office Warns SMBs To Pay Up

PYMNTS

The Australian Taxation Office (ATO) is warning small and medium-sized businesses (SMBs) that if they don’t pay their taxes on time, they could face consequences like a reduction in credit rating, Mozo reported on Wednesday (Feb. percent of respondents said meeting tax payments promptly would create cash flow issues in their business.

Taxes 152
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Union Budget 2020 Highlights

BankBazaar

To this end, the government proposed a slew of changes and incentives among which was a major tax rejig. Let’s take a look at the major highlights of Union Budget 2020: The budget had three main themes: Aspirational India. The FM said that GST has integrated the economy and consolidated multiple taxes. Tax Changes.

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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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Bitcoin Daily: Binance Tells US Users To Take Out All Funds; OKEx To Reportedly Restart Withdrawals; S Korea Seeks To Postpone Crypto Tax Law; Coinbase To Only Provide IRS Form 1099-MISC

PYMNTS

On another note, the national assembly of South Korea is advocating for the debut of certain taxation for crypto assets to be postponed, Coindesk reported. And Coinbase will not be providing a Form 1099-K for trades on the Coinbase exchange as of the 2020 tax year, according to a post from the company.

Taxes 243
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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.

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