🤝Smash And Grab Deal for TikTok

by Yash Gohel and Anshumi Shah

Hey,


NaMo just introduced ‘transparent taxation. honoring the honest’ platform. This is aimed at bringing more transparency in communication through the newly introduced DIN. The three main features are – faceless assessment, faceless appeal, and taxpayers’ charter.


This Week’s Dose



 💥Trump is trying to smash and grab TikTok



Trump wants TikTok to cease operations in the USA if Microsoft or any other US-based company doesn’t buy it by September 15th! The tariff-man said if the sale goes through, as a compensation, US taxpayers will be paid part of the proceeds.


First, it is unclear under what authority the White House could demand such a payment. Second, does it make sense for Microsoft Corp. to buy TikTok? But for some reason, Bill Gates called the deal a ‘poisoned chalice.’


Let’s wait and watch if the USD 50b deal is a bargain or a blunder?


🔗 Indonesia joins the wagon


Taxing tech giants has become a trend. Indonesia stated on August 7 to tax the sales of tech companies. A 10% VAT will be on sales by Amazon, Netflix, TikTok, Disney, Facebook, Spotify, Google, Apple, Alexa, Audible, and many many more. The sales of these companies are worth almost 600m rupiah (USD 41.5k) mark. The country has a total of 190m internet users out of a population of 270m. To sum it all up, the country is the new travel tech startup hub with a capital injection worth USD 700m. A few tax reforms can help make up for the revenue loss due to the pandemic.



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✈️ Airbus vs Boeing – A Truce?


A cold-war had stiffened both for the European Union (EU) airline Airbus and its American rival Boeing for around 16 years. Since last year, the USA has increased all sorts of border taxes on more than 100 items, including jumpers, single-malt whiskeys, cheese, and many more. All of it over disputes on aircraft subsidies.


The US announced that it will hold off on the threatened tariff of a whopping USD 7.5b hike on EU and UK goods in this aircraft subsidy battle. But the damage is done. One instance – US imports of Scotch whiskey dropped 33% after the tariffs were imposed.


How did the U.S. justify these taxes? The U.S. Trade Legislative said, “The EU had not taken actions necessary to come into compliance with World Trade Organization decisions.” What the EU did was simply not enough for them. 


What’s the deal now? Airbus prompted last month that it would alter some deals responsible for the dispute. And that it should eliminate “any justification” for the US border taxes. Now, they’re mutually inclined to find a lasting solution for each other.


Does this mean all is well now? Far from it. Holding off doesn’t mean rescinding from taxes. The EU won’t remain calm if the tariffs continue. It has already threatened to slam the US with their taxes.


And also this


Delhi sits right at the top of the list of places with the dirtiest air. Here is a move to control the pollution – Delhi will waive off registration fees and road tax and provide financial incentives to buyers of electric vehicles. Kejriwal seems dead set on this. A dedicated state EV fund has been set up, and over 200 charging stations will be set up across the city.


📛 What’s in a Name? – Crazy Tax Story



In Sweden- baby names need the approval of the Swedish Tax Agency, Skatteverket. The parents need to get their child’s name approved before they turn five or else a fine of 5000 kroner (USD 770) is imposed. The tax was put in place in 1982, to ‘copyright’ royal/noble names. But the state’s rationale suggested that this tax would protect the child from offensive or confusing names.


Here are a few rejected names – ‘Ikea’ (due to potential confusion), “Allah” (due to possible religious offense), Metallica, Superman, and Elvis. The most infamous is the captcha code from hell – “Brfxxccxxmnpcccclllmmnprxvclmnckssqlbb11116” (pronounced as Albin) – this was an attempt by the child’s parents in protest of the law. However, “Google” and “Lego” were recently allowed.


This may sound a bit ‘Big Brother’ to some. But Swedes overwhelmingly trust their tax agency. Moreover, it has the 9th best reputation out of the 40 major Swedish bodies. Also, it has an 83 percent approval rating second only to the Swedish Consumer Agency.


Byte of The Day



Have a spectacular day!
– Team Quicko

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