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On October 30th, the US Ambassador to Bangladesh stated that Bangladesh is expected to sign more agreements to purchase US liquefied natural gas (LNG) as the Trump administration pushes for increased US energy exports. Ambassador Brent Christensen stated that the Bangladeshi government is currently reviewing several LNG sales proposals and may also reach liquefied petroleum gas (LPG) purchase agreements in the future. He said, "We believe that several more agreements will be signed soon. We want to ensure that our allies and partners have reliable energy supply sources." Bangladesh is facing fuel shortages due to disruptions in LNG shipments from Qatar caused by the Middle East war. Supply disruptions have forced Asian countries to seek alternative sources. As the worlds largest natural gas exporter, the US is actively trying to fill the supply gap. Christensen stated that the US estimates the Bangladeshi LNG market could reach approximately $10 billion next year and is expected to grow to $30 billion by 2050.October 30th - According to Axios, the Democratic Senate Super PAC privately told major donors that Texas presents the best opportunity for Democrats to win Senate seats in the Republican-majority states, followed by Ohio, where the race remains very close. The Senate Republican PAC also believes Democrats have a chance of winning Iowa and Alaska, although the results in those states may take longer to become clear. With Election Day approaching next Tuesday, Democrats are increasingly confident about the election results and have conveyed this cautious optimism to their largest donors. To regain control of the Senate, Democrats need to win two of the aforementioned four states. In addition, Democrats must flip seats in North Carolina and Maine, while avoiding a surprise loss in Michigan.Shares of Advantest, a Japanese chip testing equipment manufacturer, fell 5.6%.Tokyo Electrons stock price fell 4%.October 30th - Tokyos CPI growth rate remains well above the Bank of Japans 2% target, highlighting persistent price pressures. The Bank of Japan will announce its interest rate decision hours after the data release, with the market expecting no change. Fridays data showed that Tokyos October CPI, excluding fresh food, rose 2.6% year-on-year, a slight slowdown from Septembers 2.7%. Overall inflation was 2.8%, while the price index excluding fresh food and energy prices (a key indicator of underlying inflation) rose 2.6%. Government subsidies in October to reduce summer electricity and city gas costs helped curb price increases, but this effect is likely to fade in the coming months. Therefore, Fridays data is unlikely to deter the Bank of Japan from raising interest rates in the coming months. Despite the subsidies, energy prices still contributed to overall price increases, with electricity and natural gas prices rising by 1.7% and 4.9% respectively, both reversing declines from the previous month.

The New Cryptocurrency VAT And Capital Gains Tax Will Take Effect on May 1

Cameron Murphy

Apr 02, 2022 09:29


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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 crypto 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.


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 because they are a commodity as defined by the commerce ministry," Hestu Yoga Saksama, an Indonesian tax official, 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 gross transaction amount is another reason why crypto transactions have only 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 about 83.3 billion Indonesian Rupiah.


Besides, this is still good news because it indicates the country's growing acceptance of crypto.


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


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


Even if cryptocurrencies aren't currently accepted as a form of payment, it's a significant step forward for the country.

Around the Globe

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


Crypto has been a source of concern for the government for more than five years, from the prohibition to the lifting of the ban to the current 30% tax.


Furthermore, the government is delaying the development of a regulatory framework for digital assets until a global 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 much change anytime soon.

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