Russian Parliament Approves Tax Break For Issuers of Digital Assets (reuters.com) 38
Russian lawmakers on Tuesday approved a draft law that would potentially exempt issuers of digital assets and cryptocurrencies from value-added tax. Reuters reports: Unprecedented Western sanctions have hit the heart of Russia's financial system over events in Ukraine and lawmakers have scrabbled to bring in new legislation to soften the blow. The draft law, approved by State Duma members in the second and third readings on Tuesday, envisages exemptions on value-added tax for issuers of digital assets and information systems operators involved in their issue. It also establishes tax rates on income earned from the sale of digital assets.
The current rate on transactions is 20%, the same as for standard assets. Under the new law, the tax would be 13% for Russian companies and 15% for foreign ones. The draft must still be reviewed by the upper house and signed by President Vladimir Putin to become law.
The current rate on transactions is 20%, the same as for standard assets. Under the new law, the tax would be 13% for Russian companies and 15% for foreign ones. The draft must still be reviewed by the upper house and signed by President Vladimir Putin to become law.
Money laundering (Score:3)
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They used some of the proceeds to upgrade from knockoff tracksuits, so they aren't as tacky now; but they never left.
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> when Vlad dies in the next few months
How much do you charge for your clairvoyant services? I'm looking for some good stock tips, would hire you as soon as your prediction comes to pass.
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> when Vlad dies in the next few months
How much do you charge for your clairvoyant services? I'm looking for some good stock tips, would hire you as soon as your prediction comes to pass.
I am also hoping that we will get an announcement - to the effect: "Mr Putin has died while falling down the stairs. Mr Labrov also died from associated shrapnel injuries".
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astute analysis as usual. but, also as usual it's pants on head.. Why would you assume it's russia's economy that's on the ropes right now due to the nutso sanctions? have you been paying attention to the news out of the US and europe? They've so far massively backfired, with china/india being the only real beneficiaries.
Have sanctions worked any where or any time for their intended purpose? Or are they just economic terrorism meted out at the state level? These in particular are showing the chinks in
Re:Money laundering (Score:5, Informative)
Why would you assume it's russia's economy that's on the ropes right now due to the nutso sanctions?
Nutso sanctions? Russia's economy is on the ropes due to nutso Putin and his nutso war. How do we know that? Because we can see it. See for example how they have to make cars [bloomberg.com] without ABS or airbags, returning the Lada to its well-known soviet time quality. That's not a sign of a well functioning economy.
Or are they just economic terrorism meted out at the state level?
Let me give you a few much better examples of state terrorism: attacking a country that hadn't done anything to you, despite having signed treaties guaranteeing its safety. Bombing civilians, in hospitals and malls. Raping and murdering civilians. Stealing children, abducting people and deporting them to the depths of Siberia. Threatening to use nuclear weapons - *this* is what state terrorism is.
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And you are massively wrong. The only sector doing well is oil, and that's because they've been offering large discounts to China, India, and some SE. Asian countries. The rest of their economy is starting to sputter and it will only get worse as they run out of spare parts and capital.
A knock-on effect of the petrol sanctions will be to move Europe to be greener faster. I doubt it will move the SE. Asian countries since they seem to be oblivious to the ecological damage being done to them by global warming
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A knock-on effect of the petrol sanctions will be to move Europe to be greener faster..
Didn't we just have an article that parts of Europe was going back to coal due to losing access to natural gas from Russia?
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We had articles about Germany "accelerating green energy expansion" [slashdot.org] while already aiming for 100% green by 2035, [slashdot.org] an "EU drive for new clean energy with solar panels on all new buildings" [slashdot.org] and a ban on sale of combustion-engine cars by 2035. [slashdot.org]
I.e. Coal is a temporary solution and will be used as minimally as possible.
Renewables are the chosen path and the current global situation is only accelerating its implementation.
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What's worse is that the feedback loop is cut off. They never go back and reevaluate, "hm yes that Ghost of Kyiv story was dumb, why did I buy it?" As soon as one self-evident "truth" that has spread in their echo chambers begins to fade they move on to the next one. And these are generally not unintelligent people. It's as if something attached to those ideas switches off that self-correction circuitry in their heads.
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Because The Great Putini wants to be known as Putini the Great. He's just carrying on the proud tradition of somehow the Soviet State being a competitor to the West. To him, the West is a delicate Playboy model that, if he can only show how manly he is, will come begging to be taken.
Re: Money laundering (Score:2)
The ruble being high isn't a good indication of the health of their economy. Their central bank put in place strict capital controls to keep it high and prevent capital flight. Can't exchange it, can't pull investment from their market. So the real value isn't even known.
Further, it's not actually that great economy wise to have the ruble be highly valued. Internally a devalued currency would probably be beneficial, but for some reason the value to the dollar is a matter of pride - it should not be.
Russia i
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The ruble being high isn't a good indication of the health of their economy. Their central bank put in place strict capital controls to keep it high and prevent capital flight. Can't exchange it, can't pull investment from their market. So the real value isn't even known.
This, 100% percent. It drives me crazy to see mainstream media repeating the same line, because you're correct: right now, the Ruble is a heavily intervened currency. Yeah, it might be "high", but that doesn't mean shit if you can't readily trade it.
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The WSJ had an article on the Soviet...um, Russian economy and the Ruble. It is only doing well because no one will sell to them. So their capital remains in the country which has caused the Ruble to rise in value. It is not a mark of them weathering the sanctions.
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No mod points? Can't decide it it's more insightful than it seems or if they're stuck on the typo of "turning the" where it should say "turning to". I'm kind of tilted in your favor just because of how much the trolls seem to dislike your comments...
On the substance, I guess my main reaction is to the prediction of Putin's possible "retirement". I think you must mean it as a medical prediction, but I'm skeptical and think that Putin might be playing a disinformation game there. If he actually is that sick,
When all else fails (Score:1)
Ha! Russia has a VAT? I thought that was British. (Score:2)
The wonderful idea of a value-added tax is that adding value to something is horrible, and must be discouraged by taxing it, repeatedly if necessary, until we can get back to fundamentals such as eating food using tree branches. I'm just going to assume that "food" adds value to what was previously a bunch of seeds or something, so that is also firmly discouraged by the government.
Possibly, we can evolve to just eat tree branches but, I believe the pandas have a patent on that one.
Swing and a miss (Score:2)
VAT does not tax added value. It taxes the value of the total sale price at a fixed rate. The same tax is called a goods and services tax (GST) in Australia, and more generally known as a consumption tax.
Does exactly what it says on the tin (Score:2)
VAT does not tax added value. It taxes the value of the total sale price at a fixed rate. The same tax is called a goods and services tax (GST) in Australia, and more generally known as a consumption tax.
The Value Added Tax doesn't tax the value that's been added at each step...
The clue is in the name.
That's exactly what it does.
The GST is also implemented at each step in the chain. You get credited for any input tax paid and are only Taxed on the Value that you Add. That description should be familiar by now.
"Events" in Ukraine? (Score:2)
Come on, Reuters. Stop being PC. The correct line should either be, "hit the heart of Russia's financial system over its invasion of Ukraine" or "hit the heart of Russia's financial system over its war against Ukraine".
The only "events" taking place in Ukraine are Russians deliberately targeting civilians [twitter.com], destroying anything Ukrainian they can get their hands on [yahoo.com], torture, and mass raping women [adnamerica.com] and girls [express.co.uk].
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Reuters is a not a newspaper but a news agency, they report one single fact at a time. The subscribers of Reuters (newspapers, television networks, professional journalists) combine the different news items into stories with additional insights and opinions about "the situation."
I personally enjoy fact-based journalism. I don't like to be breastfed the opinions of some journalists, I just want to know what happened today. The news agencies do this well for me (but AP has a focus on USA and AFP does not have
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I mean: what happened today is that a government approved something. It would shift the focus to start talking about the war itself, even entering the debate on how to call it. I of course agree it's an invasion and aggression war, but the list of horrors or the discussion on the name was not the topic of this particular piece of news. So the reporter kept it neutral to keep the focus on the topic. This is the right thing to do in the context that customers of Reuters are the professionals.
incidentals (Score:2)
of course nobody is mentioning the "incidental fees" that every step of the Russian bureaucracy charges you along the way. the entire economy is based on bribery and double-dealing. just the kind of people I want to get in bed with.
Hmm.... (Score:2)