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On July 13, Aravind Srinivas, CEO of US AI search startup Perplexity, said on social media that based on the good performance of the Kimi K2 model, the company may use K2 for post-training in the future. DeepSeek R1 was also used by Perplexity for model training. K2 is a trillion-parameter open source model recently released by Kimi, which emphasizes code capabilities and general agent task capabilities.July 13, analysts said that financial markets, which have become increasingly insensitive to U.S. tariff threats, will face a test when they open on Monday after Trump announced over the weekend that he would impose 30% tariffs on the European Union and Mexico from August 1. Trump has recently stepped up trade measures, promising to impose more tariffs on everything from Canada to Brazil to Algeria and inviting trading partners to further negotiations. Despite warnings from JPMorgan Chase CEO Jamie Dimon and others not to take it lightly, investors have so far reacted as if they were counting on the U.S. president to back down again because they have seen the previous 180-degree turn. Brian Jacobsen, chief economist at Annex Wealth Management, said: "Investors should not just treat Trumps threat of a 30% tariff on EU goods as a bluff. This tariff level is punitive, but it may hurt the EU more than the United States, so the clock is counting down."On July 13, French President Emmanuel Macron posted on social media on the 12th that France and the European Commission strongly opposed the US announcement that day to impose a 30% tariff on EU exports from August 1. Macron wrote that in the context of EU unity, the European Commission should demonstrate the EUs determination to defend its own interests. If Europe and the United States cannot reach an agreement before August 1, the EU should mobilize all tools, including anti-coercion mechanisms, to speed up the preparation of "credible countermeasures." France supports the European Commission and the United States to step up negotiations in order to reach an agreement acceptable to both sides before August 1.European Council President: The EU remains fully supportive of efforts to reach a fair agreement with the United States.July 12, Mathieu Savary, chief European strategist at BCA RESEARCH: Trumps strategy is to make outrageous demands, then let them fall through, and then once again try to win some last-minute concessions and then reach a trade deal. We remember a framework during Trumps first presidency, and thats whats happening now. It doesnt matter what is said now; what matters is where we will land. It is expected that the EU will eventually "have to accept a 10% tariff, but this is something the EU can actually deal with.

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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