PYMNTS

DECEMBER 29, 2020

Turkish prosecutors have issued a detention warrant for Turkish businessman Sezgin Baran Korkmaz, who has ties to Utah business executives who recently pleaded guilty to a $511 million tax credit scheme in the U.S., the Associated Press (AP) reported. The Kingstons pleaded guilty in the tax credit scheme in the U.S.,

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PYMNTS

MAY 1, 2020

Small businesses fortunate enough to get their Paycheck Protection Program (PPP) loans forgiven will forfeit some tax breaks, according to new rules from the Internal Revenue Service (IRS). . This treatment prevents a double tax benefit,” the agency said in the notice. This conclusion is consistent with prior guidance of the IRS.”.

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PYMNTS

JANUARY 6, 2020

As 2020 dawns, regulators are continuing to focus on taxes and possible anti-competitive behavior on the part of tech’s marquee names. Russian regulators are seemingly taking aim at larger U.S. The Russian regulation means that tech giants would have to pre-install the Yandex web browser and other apps. Across the Pond.

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PYMNTS

OCTOBER 19, 2020

Regulation. Two government officials from European nations have advocated to have watchdogs engage in preventative measures against Big Tech to reduce their strength and handle on the market, according to reports. The new regulations would also reshape the manner in which these companies collect and harness information.

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PYMNTS

FEBRUARY 14, 2020

Amazon and Flipkart are pushing back against a proposed Indian tax on the online eCommerce market, saying it will stymie growth in the industry, according to a report by Reuters. . The proposed tax is a piece of a bigger plan by Indian Prime Minister Narendra Modi. billion people in India pay income tax.

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PYMNTS

AUGUST 27, 2019

The Australian government is preparing a strategy to combat tax dodging among small businesses amounting to an estimated $11 billion in missing tax payments, News.com.au reported Monday (Aug. billion small business “tax gap” — the difference between income tax collected and what small businesses actually owed.

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PYMNTS

SEPTEMBER 30, 2019

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.

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PYMNTS

AUGUST 7, 2019

The European Central Bank (ECB) said in a report that fixing cryptocurrency asset data gaps still presents a sizable challenge for financial institutions as well as regulators, Cointelegraph reported. Ted Budd (NC) has reintroduced the Virtual Value Tax Fix Act, Coindesk reported.

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PYMNTS

NOVEMBER 16, 2020

Regulation. Tencent Holdings President Martin Lau said further regulations are needed in China to mirror a “new reality.”. Lau’s comments came when the China-based company registered a September quarter that exceeded expectations due to spiking demand for digital games, Nikkei Asia reported. "As Larry Hogan vetoed the levy.

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PYMNTS

NOVEMBER 25, 2019

Amid the continuing drumbeat for taxes on global commerce done through digital means, the Czech government has approved a new seven percent digital tax on global Internet firms which will, as Reuters reports , be levied on revenues tied to Czech users across advertising, digital marketplaces and data sales.

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PYMNTS

JANUARY 11, 2021

US Trade Representative: India, Italy, Turkey Digital Taxes Discriminates Against US Firms. Trade Representative (USTR) recently released the results of Section 301 probes of digital services taxes (DSTs) that Turkey, Italy and India have adopted, finding that each tax “discriminates against U.S. Billion Of French Products.

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PYMNTS

DECEMBER 1, 2020

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 .

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PYMNTS

SEPTEMBER 4, 2019

Since 1992, when eCommerce was still in its infancy, online retailers have not had to collect sales tax. States can now tax sales by companies that do not have a physical presence within the state. Will this increasingly regulated online sales tax environment affect this growth? Online Sales Tax and Marketplaces.

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PYMNTS

NOVEMBER 26, 2018

Ohio is leading the charge in terms of accepting bitcoin as a payment method, as it is the first state to accept bitcoin to cover tax bills. The state will eventually open it up to individual tax filers as well. Jerry Brito, director of Coin Center, a Washington, D.C.-based

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PYMNTS

JANUARY 25, 2021

Amazon Plans to Raise Fees for Companies in Wake of New Digital Tax in Spain . After Spain’s government levied a new digital tax, Amazon plans to increase fees by 3 percent starting in April for Spanish firms harnessing its platform, Reuters reported. Google Raises Specter of Making Search Inaccessible in Australia.

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PYMNTS

JANUARY 29, 2020

businesses are likely already feeling tax season’s pressures. Filing is exhausting and complicated for individuals, and businesses experience those tax difficulties to a far greater degree. SMBs need to remain compliant with increasingly complex financial regulations. SMBs And Manual Tax Frustrations.

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PYMNTS

MARCH 6, 2019

The European Union has announced that it will not move forward with a digital tax plan covering the entire EU, but also said it would look at reforming tax laws for internet companies, according to a report from Reuters. The global tax reform is being prepared by the Organisation for Economic Co-operation and Development (OECD).

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PYMNTS

MARCH 13, 2020

Tax season frustrations can blossom into real financial problems, especially when refunds are paper checks sent through postal mail. tax code changes passed in 2017 did not soothe these frictions, either, as they shifted income brackets and altered rates, affecting consumers’ refunds and earnings.

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PYMNTS

DECEMBER 23, 2019

Indonesia has announced it’s going to reduce the threshold for taxing imported eCommerce consumer goods from $75 to $3, to help control the purchases of cheap foreign goods and help protect smaller Indonesian firms, according to a report by Reuters. They’ll be taxed at a rate of 32.5 million last year and 6.1 percent to 37.5

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PYMNTS

JANUARY 17, 2020

Historians and economists regularly look to tax policies to get a sense of what happened within a particular industry, society or country. No doubt the chronicles to come about the rise of the internet age and the spread of digital culture will include serious treatment of tax issues. Taxing Confusion. billion in 2022.”.

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PYMNTS

APRIL 16, 2019

tax authorities’ approach to small businesses that fall behind on tax payments. Reports in AltFi said Funding Options argued that the approach by HM Revenue and Customs (HMRC) to late tax payments is “too aggressive,” citing the high number of applications HMRC submitted to shutter small businesses.

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PYMNTS

SEPTEMBER 28, 2020

Regulations. SocialMediaToday reported that in early September, an EU “privacy regulator … sent Facebook a preliminary order to suspend data transfers to the U.S. Canadian Lawmakers Want Big Tech to Pay for Content, Taxes . CBC reported that “in its throne speech on [Sept. billion back-tax bill in Ireland.

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PYMNTS

MAY 28, 2020

Bitcoin transaction fees are simmering back down to ordinary levels after a heavy wave of them in early May, reports suggest. Earlier in the month, they had hit a high of around 201 BTC on May 21, reports from blockchain intelligence firm Glassnode say. The transaction fees are now around 80 BTC paid to miners on Tuesday (May 26).

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PYMNTS

DECEMBER 7, 2020

UK Regulations to Create New Digital Markets Unit. antitrust regulators are creating a Digital Markets Unit that will be given the duty to enforce rules applicable to Big Tech firms. Regulators also called out the tech company’s warranty terms for not covering water damage. Canada Looks to Tax International Tech Firms.

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Apple Regulation Taxes Marketing 143

PYMNTS

JULY 22, 2020

In other news, South Korea intends to levy a two-tenths tax on income made via digital currency transactions, The Block reported. The country had been looking to tax digital currency income for more than half of a year. 3, while the revamped tax code could become live as of Oct. 1 of next year.

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PYMNTS

JULY 1, 2019

With the idea of pegging Libra’s value to a basket of international currencies, Facebook ’s proposed cryptocurrency would bring tax challenges to European users, per tax lawyers. These issues would hamstring the digital currency’s mainstream adoption, the Financial Times reported.

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PYMNTS

SEPTEMBER 8, 2020

Here’s the latest news for Big Tech’s Google , Amazon , Apple and Facebook , which are coming under increasing scrutiny from legislators and regulators the world over. Regulation. Big Tech Updates Fees to Reflect UK Digital Services Tax. digital services tax on to consumers in addition to an existing 20 percent value-added tax.

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PYMNTS

MARCH 12, 2019

Treasury official said a French tax plan targeting American digital companies is discriminatory against American businesses. Reuters reported that Chip Harter, the U.S. Australia is planning a similar tax plan as well. The United States opposes any digital services tax proposals, whether they be French or U.K.,”

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BankUnderground

NOVEMBER 8, 2023

In a new working paper , we show that cap-and-trade schemes lead to lower volatility in GDP and financial variables, and result in reduced welfare costs of the business cycle , when compared to the more widely known carbon taxes. We find that a cap-and-trade system keeps the economy significantly more stable.

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Policies Regulation Taxes Compliance 64

PYMNTS

SEPTEMBER 3, 2019

A tax dispute between Intel and the Internal Revenue Service could cost large technology companies billions of dollars, according to a report by The Wall Street Journal. billion tax expense due to the case, and Alphabet turned around on a $418 million benefit. Facebook disclosed a $1.1

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PYMNTS

SEPTEMBER 24, 2020

24), could put digital currency exchanges under one national structure, CoinDesk reported. It would organize them into a distinct legal category and have the Commodity Futures Trading Commission (CFTC) in charge of supervision, according to the report. The Digital Commodity Exchange Act of 2020, which was proposed by a U.S.

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National Report Taxes Bitcoin 121

PYMNTS

OCTOBER 28, 2019

Wayfair case that allowed states and individual cities to launch tax policies aimed at remote sellers and marketplaces is still reverberating in 2019 and will likely affect online retail in 2020. In Q3 2019, 14 states started collected online sales tax and 11 more followed in October. eBay Makes a Deal. eBay Makes a Deal.

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PYMNTS

JULY 16, 2019

France’s financial regulator is set to approve a wave of cryptocurrency-related firms in the country, subjecting them to new rules that include paying taxes and complying with capital requirements and consumer protections, according to a report by Reuters. Because digital currency is so new, regulations vary around the world.

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PYMNTS

MAY 7, 2018

China introduced new tax initiatives aimed at bolstering the nation’s entrepreneurs, according to local news reports on Friday (May 4). Vice finance minister Cheng Lihua introduced seven new tax policies during a press conference Friday, with the goal of saving small businesses $9.45

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PYMNTS

NOVEMBER 18, 2018

A “link tax” might mean the end of Google News in the EU. Richard Gingras, the search engine’s vice-president of news, said while “it’s not desirable to shut down services” the company isn’t happy with Brussels’ current proposal to charge a link tax for using news stories.

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Taxes Google Regional Mobile 144

PYMNTS

JANUARY 16, 2020

crypto firm Gemini has debuted an in-house insurer to cover its assets, according to a report Thursday (Jan. In order for there to be mass adoption, the path forward is a regulated, compliant exchange system that clients have become accustomed to in traditional finance.”. This tax is often deducted or withheld. 16) by Reuters.

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FEBRUARY 27, 2019

European Union lawmakers released a report on Wednesday (Feb. 27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters.

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