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On February 24, Wang Chuang, Director of the Second Civil Division of the Supreme Peoples Court, stated at a press conference that in 2026, the civil and commercial trial departments of courts nationwide will continue to fully leverage their judicial functions. The next step will be to expedite the issuance of supporting judicial interpretations for the new Company Law and strengthen judicial research and trial guidance for various market entity disputes.Apple (AAPL.O) announced on February 24th that it will move some of its Mac Mini desktop computer production from Asia to the United States, the latest step in its efforts to relocate parts of its vast supply chain back to the US. Apple Chief Operating Officer Sabih Khan stated that the new production plan will begin later this year at a Foxconn factory north of Houston. The factory comprises two main buildings, one currently used by Foxconn to assemble Apples AI servers, and the other currently a large warehouse, which will be converted into a 220,000-square-foot Mac Mini production facility. This measure is part of a commitment Apple (AAPL.O) made last August to invest $600 billion in the US over four years. The Mac Mini is a niche product for Apple; according to Consumer Intelligence Research Partners, it accounted for less than 5% of Apples total global Mac sales last year, and less than 1% of its total sales.Japanese Economy, Trade and Industry Minister Ryomasa Akazawa: If the United States imposes a new 10% tariff, Japan may face additional tariff costs on some goods that exceed the previously agreed 15% rate.February 24th - The Russia-Ukraine conflict has entered its fifth year, and the trilateral peace talks between Ukraine, Russia, and the United States have yet to achieve a breakthrough. Zelenskyy stated that security guarantees remain a thorny issue. Zelenskyy said he has been repeatedly told that Russia will never launch another conflict. "I cannot accept this answer. Im sorry," he said. "These security guarantees certainly have their merits," he said, referring to the commitments currently on the table, "but I want a very concrete answer: if Putin attacks again, what actions are our partners prepared to take? Thats what the Ukrainian people want to hear." Addressing another thorny issue, Zelenskyy stated that Ukraine is willing to freeze the conflict at the current front. However, he also indicated that Ukrainian troops will not withdraw from the eastern Donetsk region, which they still control. "Russia just wants us to withdraw... We cant be that stupid. We are not children. We have gone through so many years of conflict; we cannot simply hand over our country to them," he said.February 24th - For Japanese entities listed on the export control list, the measures announced in this notice will apply. For Japanese entities not listed, if they are involved in Japanese military use, military applications, or other end-user applications that could enhance Japans military capabilities, the export of dual-use items to Japan will be prohibited in accordance with the "Announcement on Strengthening Export Controls on Dual-Use Items to Japan." These measures aim to curb Japans "remilitarization" and nuclear ambitions, and are entirely legitimate, reasonable, and legal. Chinas lawful listing targets only a small number of Japanese entities, and the measures only apply to dual-use items. They will not affect normal Sino-Japanese economic and trade exchanges, and honest and law-abiding Japanese entities have absolutely nothing to worry about.

Indonesia Announces 0.1% Crypto VAT & Capital Gains Tax

Skylar Shaw

Apr 06, 2022 11:09


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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 cryptocurrency 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.

But 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 since they are a commodity as defined by the commerce ministry," Hestu Yoga Saksama, an Indonesian tax officer, 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 total transaction amount is another reason why crypto transactions have just 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 around 83.3 billion Indonesian Rupiah.


Besides, this is still excellent news since it indicates the country's growing embrace of cryptocurrency.

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


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


Even though cryptocurrencies aren't currently recognized as a means of payment, it's a significant step forward for the country.

Around the Globe

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


The government has been concerned about cryptocurrency for more than five years, from the prohibition to the lifting of the ban to now this 30% tax.


Furthermore, the government is delaying the development of a regulatory framework for digital assets until a worldwide 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 any change very soon.

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