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Share to Twitter Share to Linkedin The looming prospect of compliance with the reporting requirements in section 6050I has been a problem for the digital asset industry since the passage of the Infrastructure Investment and Jobs Act (P.L. 117-58) last November. The requirements pose procedural obstacles and privacy concerns for taxpayers, but the government has an interest in ensuring compliance with the tax laws. The revised version of section 6050I requires taxpayers engaged in a trade or business to file an information return when they receive $10,000 or more in digital assets in one transaction or two or more related transactions in the course of that trade or business. The information required is the name, address, and tax identification number of the person from whom the assets were received; the amount of the assets; and the date and nature of the transaction. The provision was originally designed for cash transactions. The brief push for … [Read more...] about Tax Information Reporting On Digital Assets Steps Into The Spotlight

Share to Twitter Share to Linkedin The head of Hyundai Motor North America declared his company's electric vehicle progress is making strides towards “trying to get closer to Tesla,” the EV market leader. José Muñoz, Global COO, Hyundai Motor Group, President and CEO, Hyundai Motor North America, made his remarks as the company broke ground on a new vehicle testing complex adjacent to its technical center near Ann Arbor, Mich. The facility that will be known as the New Safety Test Investigation and Laboratory (STIL) represents Hyundai meeting a major condition of a consent agreement with the U.S. National Highway Traffic Safety Administration stemming from issues with how the company dealt with a series of vehicle fires. According to the November 27, 2020 agreement “The consent orders reflect the agency’s assessment that both Hyundai and Kia conducted untimely recalls of over 1.6 million vehicles equipped with Theta II engines, and inaccurately … [Read more...] about Hyundai Chief Targets Tesla As Company Breaks Ground On Government-Ordered Test Site

Borrowing costs of Indian states are likely to rise in the coming weeks as the Reserve Bank of India ’s (RBI) rate hike cycle becomes more entrenched and the supply of state papers rises, money market experts and bankers told Moneycontrol on June 27. A majority of those expect the yield on the 10-year state development loan (SDL) to rise above 8 percent in the coming weeks. “In the first quarter of this fiscal year, supply of debt was limited. But in the second half of this fiscal year, we expect state debt supply to rise and that should put upward pressure on (state) bond yields,” said Ritesh Bhusari, deputy general manager, treasury, at South Indian Bank. To put in perspective, the cut-off yield for 10-year SDL ranged from 7.83 percent to 7.86 percent at an auction on June 21, according to data from the RBI. Prior to that, at an auction on June 14, Tamil Nadu’s 10-year paper was sold at a cut-off yield of 7.94 percent, while Haryana’s 10-year bond was sold at 7.95 percent. … [Read more...] about States’ borrowing cost set to rise on higher debt supply, RBI’s rate cues, experts say

The Reserve Bank of India (RBI), on June 27, imposed a monetary penalty of Rs 10 lakh on Tamil Nadu-based The Tiruchengode Cooperative Urban Bank for non-compliance of certain norms. An inspection report of the bank based on its financial position as of March 31, 2020, revealed that the lender inter alia, did not comply with directions issued on exposure norms and statutory or other restrictions pertaining to urban cooperative bank and Know Your Customer (KYC) guidelines, the RBI said in a release today. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the banking regulator said. Also read: RBI penalises two co-operative banks for rule violations The RBI has been tightening its grip on regulated entities, specifically cooperative banks, to ensure that appropriate corporate governance practices are followed. Close … [Read more...] about RBI penalises The Tiruchengode Co-operative Urban Bank for rule violations

Representative image In July 2017, India ushered in the Goods and Services Tax (GST) for levy and collection of taxes on inter-state supply of goods and services. Almost five years on, accountants complain of multiple glitches in the system hailed as the single biggest tax reform in post-independence India when it was introduced. For instance, the GST Act has failed to provide a system to address Centre-state and inter-state disputes, they said. Article 279A (11) of the Constitution enables the GST Council to institute a mechanism to resolve inter-state disputes, but no such system has been seriously contemplated so far. Also Read: GST at 5: A structural, economic analysis and prescriptions Close Today, the law only says that if GST has been wrongly paid to the Centre, there will be no interest liability and if tax has been wrongly paid to a state, it will be refunded. Moreover, there is a constant doubt still over the applicable rate of GST that makes … [Read more...] about GST at 5: Accountants still confront major issues in filing returns

PM Modi addressing the Indian diaspora in Munich, Germany, on June 26 (Image: Twitter/@DDNews) India is leading the "way of innovation", with one unicorn emerging in the country at every 10 days, Prime Minister Narendra Modi said on June 26 in Germany's Munich, where he addressed members of the Indian community. "There was a time when India was nowhere in the race of startups. Today, we are the third-largest startup ecosystem. Similarly, we used to import even the simplest phones, today, we are the second-largest mobile phone manufacturer in the world," he said. "Not only this, in India, on an average, we have a ‘unicorn’ every 10 days," Modi added. The spirit of innovation is evident in all parts of the country, Modi claimed, noting that an average of 5,000 patents are filed every month in India. Also Read: Modi at G7 in Germany | Expectations from and support for India will rise rather than fall Close The country is also matching the pace of … [Read more...] about India leading the way of innovation, one unicorn coming up every 10 days: PM Modi in Germany

Share to Twitter Share to Linkedin The latest Hindi film, JugJugg Jeeyo has earned $4.7 million over the first weekend in India. The movie features Neetu Kapoor, Anil Kapoor, Varun Dhawan and Kiara Advani. It also marks Neetu Kapoor’s return to films after a long gap of nine years. The film collected $0.75 million in US markets alone. The film had a decent opening and made $1.1 million on Friday when it released. The collections saw a steep rise on Saturday and the film bagged $1.59 million on the second day. Directed by Raj Mehta, the film released across 3500 screens in India alone, and saw further rise in collections on Sunday. It collected $1.9 million in India alone. JugJugg Jeeyo traces the story of a family in which the parents, and the son decide to go for a divorce. How a modern, but typical Indian family deals with the news and what changes it brings, is what the film explores. Much like Mehta’s first film, Good Newwz, JugJugg Jeeyo … [Read more...] about India Box Office Report: ‘JugJugg Jeeyo’ Earns $4.7 Million In Three Days

Prime Minister Datuk Seri Ismail Sabri Yaakob (filepix) - A + A KUALA LUMPUR (June 27): Prime Minister Datuk Seri Ismail Sabri Yaakob today announced an additional allocation of RM100 million for the Informal and Micro Financing Scheme (SPIM) under the National Entrepreneur Group Economic Fund (TEKUN). He also announced an additional allocation of RM30 million for the Bumiputera Enterprise Enhancement Programme (BEEP) under SME Corporation Malaysia. "I was told that SPIM under TEKUN was allocated RM200 million by the government earlier which had exhausted and the allocation of RM20 million for BEEP for 2022 had also been taken up. "SPIM loans are popular for financing by informal and micro traders...in the interest of small entrepreneurs, I have announced another RM100 million allocation for SPIM. “I also announced RM30 million more allocation for BEEP,” he said when speaking at the Entrepreneur Excellence Awards 2022 in the federal capital here on Monday … [Read more...] about Additional allocation of RM100 mil for SPIM TEKUN, RM30 mil for BEEP, says PM

Share to Twitter Share to Linkedin As the terrifying words and shocking photos showing fierce fires destroying thousands of acres of land flooded social media, it was hard to not feel helpless. The over 50 mph winds assisted the fire in covering so much ground in such a short time that people who thought they were out of harm’s way would quickly realize within the same hour that they needed to evacuate as soon as possible. The direction of the wind changed constantly making it impossible for anyone within Napa Valley and Sonoma County to know if they were truly safe, as fleeing one’s home had many downsides since temporarily living in a crowded community center seemed to be a torturous alternative, or much worse, one could accidentally drive into the heart of one of the fast and furious fires, trapped with no way out. Many living outside of northern California stayed glued to the internet to see if friends or colleagues in the wine industry were doing okay. … [Read more...] about Woman From India Leads As Winemaker At Beloved Napa Winery To Build A Better Tomorrow After Tragedy

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A THE momentum to adopt environmental, social and governance (ESG) criteria and sustainability practices in the capital market has picked up significantly in the past few years. By the third quarter of 2021, assets in global sustainable funds hit a record high, according to investment research firm Morningstar. At the same time, more than 70 countries — including the biggest polluters — have set a net-zero target and over 1,200 companies have put in place science-based targets to reach net-zero emissions, according to the United Nations. In Malaysia, at least 44 out of the 54 Sustainable and Responsible Investment (SRI) funds approved by Securities Commission Malaysia were launched in the last two years. As at December 2021, 94% of the top 50 listed companies in Malaysia had ESG strategies and 68% had emissions reduction policies, according to PwC’s research. … [Read more...] about HONOURING MALAYSIA’S BEST PERFORMERS IN ESG EXCELLENCE: The Edge to roll out Malaysia’s first ESG awards