Podcasts about Finance Act

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Best podcasts about Finance Act

Latest podcast episodes about Finance Act

Irish Tech News Audio Articles
IVCA Budget Submission Cautions Over Reliance on FDI

Irish Tech News Audio Articles

Play Episode Listen Later Aug 20, 2024 3:17


Ireland's success in attracting FDI (Foreign Direct Investment) has masked the fact that it has one of the weakest innovation records compared to other small, advanced economies. This is stated in the Irish Venture Capital Association's pre-budget submission. At the same time, the report warns against over reliance on revenues from FDI at a time of an "evolving international tax landscape." "We need an increased focus on developing a dynamic SME sector. But indigenous, innovative enterprises and entrepreneurs with global ambition face considerable challenges in accessing risk finance to scale their businesses," commented Sarah-Jane Larkin, director general of the Irish Venture Capital Association. The IVCA outlines how other European countries, including Denmark, France and the UK, have already generated scaling finance for start-ups and SMEs through access to pension and sovereign wealth funds. The report recommends a mandatory 'opt in' to invest in Irish companies or funds by participants in the new auto enrolment pension scheme. Since the introduction of a similar scheme in France in 2008, the amount of capital allocated to French funds grew to €6bn from €200m between 2002 and 2016, according to the submission. The UK aims to unlock over £50bn (€60bn) of new capital by the end of the decade, following the agreement that nine defined contribution (DC) pension providers will allocate a minimum of 5% of funds to unlisted equities by 2030. In Denmark, its sovereign wealth fund has established a 'fund of funds' vehicle for pension providers to invest in venture capital and private equity. Sarah-Jane Larkin said that similar schemes could "unleash a wave of investment, allowing innovation to drive our indigenous economy and our most promising companies to scale from Ireland". She said that the association was optimistic that these concrete examples will be considered by the implementation committee recently established by Peter Burke TD, Minister for Enterprise, Trade & Employment, to develop recommendations to assist high potential start-ups access scaling finance. The IVCA has also called for changes in the EIIS (Employment Investment Incentive Scheme) which is a tax relief vehicle which offers individual investors tax relief of up to 40% as an incentive to encourage investment in small and medium sized companies in Ireland. The association says that updates to the scheme made in the Finance Act 2023 have created uncertainty for investors and diminished the capital available and the appeal of the EIIS for start-ups. "Our members who operate designated investment funds are reporting a 30% - 50% decrease in the Euro value of investor applications to EIIS funds since these changes were made," commented Sarah-Jane Larkin. "We need to monitor and analyse the impact of recent changes and ensure more certainty on the qualifying tax relief. Irish investors have been besotted by investment in property assets to the detriment to the more productive sectors of our economy." Copies of the pre-budget submission are available at www.ivca.ie.

Breakfast Business
Expenses reporting come into effect from January

Breakfast Business

Play Episode Listen Later Dec 21, 2023 8:00


The expenses reporting requirements will come into effect from the 1st of January 2024 under the Finance Act 2022 . Sinead McNamara, Principal Officer and Head of Revenue's PAYE Information, Modernisation and Support Branch.

Radio Cayman News
LOCAL NEWS

Radio Cayman News

Play Episode Listen Later Dec 19, 2023 8:41


The Premier says the 2024/2025 Budget is in full compliance with the Principles of Responsible Financial Management as prescribed by the Public Management and Finance Act, or PMFA and those specified in the Framework for Fiscal Responsibility (the FFR). An update from Finance Committee on the projects surrounding a new high school for Cayman Brac. and Plan Cayman is back on the radar. --- Send in a voice message: https://podcasters.spotify.com/pod/show/rcnews/message

PwC Africa Podcasts
Value Added Tax (VAT) - Ep4

PwC Africa Podcasts

Play Episode Listen Later Jul 27, 2023 14:10


In our continuing podcast series on the Finance Act, 2023, we focus on some of the Value Added Tax (“VAT”) changes that were proposed in the Act. Our indirect tax experts analyze the VAT changes.

PwC Africa Podcasts
Pay as You Earn (PAYE) - Ep 1

PwC Africa Podcasts

Play Episode Listen Later Jul 25, 2023 16:51


The most discussed Finance Act in Kenya's history - PwC Kenya looks at what is arguably the most discussed Finance Act in Kenya's history.

all Law.
Change of opinion: Whether permissible under the new provisions of reassessment?

all Law.

Play Episode Play 55 sec Highlight Listen Later Jul 21, 2023 10:19


The Finance Act, 2021 overhauled the then-existing reassessment provisions under the Income-tax Act. Earlier, the reassessment provisions required the Assessing Officer to form an “independent belief” based on the “new tangible material”. Now, the reassessment provisions have been made information centric. The Assessing Officer is required to possess the information that suggests that the income chargeable to tax has escaped assessment. For that matter, what constitutes information has also been defined under the Act. When the reopening has now been made permissible on the possession of the defined information, the question is whether a change of opinion based on such information can result in a valid reopening. This Podcast seeks to discuss this crucial aspect of the new reassessment provisions.Link: Change of opinion: Whether permissible under the new provisions of reassessment? | Lakshmikumaran & Sridharan Attorneys (lakshmisri.com)Source: An article published on the LKS website in July 2023Authors: Neha Sharma Voice: Arpit Mehra and Kanishka Sihare

all Law.
Deemed application provision causes uncertainties for donation aggregators.

all Law.

Play Episode Play 28 sec Highlight Listen Later Jun 16, 2023 6:30


 Recently, an amendment was brought in through the Finance Act 2023 in section 11 of the Income Tax Act, 1961, through which only 85% of the total sums paid or credited by one charitable entity to another charitable entity will be deemed to be “application” towards charitable purposes. This amendment was brought in to discourage the practice of forming multiple layers of charitable entities in order to retain more than 15% at each stage. However, it may seriously impact those charitable entities which are working on channelizing the donations by aggregating donations from multiple donors and applying almost whole of the donations by contributing to charitable entities engaged in actual application towards end causes. Thus, these charitable entities that act as aggregators can be subject to taxation at maximum marginal rates in spite of applying almost 100% of the donations received by it by way of donations to other charitable entities. This deeming provision causes uncertainty for the charitable entities, and a clarification from CBDT in this respect would be welcome. Link:  Deemed application provision causes uncertainties for donation aggregators | Lakshmikumaran & Sridharan Attorneys (lakshmisri.com) Audio Source: An article published on the LKS website in May 2023.Authors:  Sanjhi Agarwal and Prachi Bhardwaj Host: Arpit MehraExpert: Sanjhi Aggarwal  

all Law.
Withholding Income Tax: Withholding the ambiguity in GST Valuation?

all Law.

Play Episode Listen Later May 5, 2023 10:49


The podcast discusses the intricacies of TDS (tax deducted at source) withholding, which affects the taxable value under the Goods and Services Tax (GST) system in India. Under the Income Tax Act, 1961, TDS is withheld by Indian service recipients on the amount payable to foreign service providers. To clarify the taxable value under service tax, the Central Board of Excise and Customs (CBEC) stated that the taxable value shall be the gross value, including TDS. However, the net receipt in the hands of foreign service providers is reduced to the extent of TDS, which can be overcome by restructuring the transaction. The issue is whether the taxable value for discharging GST should be confined only to the contractual payment or whether the amount of TDS should also be added. The podcasr discusses court decisions on the valuation provisions in the Finance Act, 1994, and the GST law. The author highlights the intricacies of TDS withholding, which has been a matter of dispute in the past. While some court decisions have held that TDS should not be added to the taxable value, the podcast suggests that the valuation provisions under the GST law require a closer examination of whether the contractual payment made to the supplier can be equated with 'sole consideration.' While the Finance Act considers the contractually agreed amount as the gross amount charged, the GST law provides that the taxable value shall be the transaction value, i.e., the price actually paid or payable. However, the presence of 'sole consideration' would depend on the facts and circumstances of each case, and it needs to be examined whether the contractual payment made to the supplier can be equated with 'sole consideration', wherein TDS is borne by the service recipient.The podcast concludes that the presence of 'sole consideration' would largely depend on the facts and circumstances of each case.Link:Withholding Income Tax: Withholding the ambiguity in GST Valuation? | Lakshmikumaran & Sridharan Attorneys (lakshmisri.com)Audio Source:  An article published on the LKS website in April 2023.Authors:  Shiwani Kaushik, Associate LKS

all Law.
Taxation of unexempt income of Public Charitable Trusts

all Law.

Play Episode Listen Later Feb 17, 2023 19:55


Section 11 of the Income-tax Act, 1961 inter alia exempts the income of a registered Trust, earned from property held under Trust, while Section 13 of the Act contains certain anti-abuse provisions to deny exemption upon certain applications of the Trust income. Where any part of Trust income is applied / invested directly or indirectly, for the benefit of specified person is violative of Section 13(1)(c) while investment of any part of Trust income other than in public sector company or modes specified under Section 11(5) is violative of Section 13(1)(d).This podcast firstly addresses the controversy regarding the expansiveness of Section 13(4). Notably, Section 13(1)(c) and Section 13(1)(d) function as independent bars on Section 11 exemption. Section 13(4) has been drafted in such a manner that any protection guaranteed by Section 13(4) may relax requirements of Section 13(1)(c), but Section 13(1)(d) will continue to apply towards any exempted income under Section 11.The other issue addressed by the podcast is pertaining to historical disputes around the denial of exemption vide Section 13, i.e., whether violation of Section 13 results in denial of exemption under Section 11 in toto, or only to the extent of such violation. Conflicting judicial views persisted on either position of law. The Finance Act 2022 seeks to put an end to this conflicting view by clarifying that only that part of income which has been applied / invested in violation of the Section 13(1)(c) / Section 13(1)(d) shall be liable to denial of Section 11 exemption and be taxable under the newly introduced Section 115BBI of the Act.Audio Source: An article published on the LKS website in February 2023.Taxation of unexempt income of Public Charitable TrustsAuthors:  Samyak Navedia , Associate LKS,

Business Drive
Nigerian President Buhari Signs N21.8tn 2023 Budget

Business Drive

Play Episode Listen Later Jan 4, 2023 1:03


President Muhammadu Buhari has signed into law the Appropriation Bill, 2023 totalling N21.83 trillion. The President said the aggregate expenditures of N21.83 trillion, is an increase of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion. President Buhari explained that the 2022 Supplementary Appropriation Act would enable the administration to respond to the havoc caused by the recent nationwide floods in the infrastructure and agriculture sectors. He also said the Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.

Business Standard Podcast
TDS on benefits: Section 194R of the I-T Act has confused people

Business Standard Podcast

Play Episode Listen Later Aug 31, 2022 2:49


The government, in the Finance Act, 2022, introduced a new section 194R to the Income Tax Act, 1961. It makes it mandatory for resident Indians to pay a 10 per cent tax on benefits received by them. Section 194R makes it mandatory to deduct 10 per cent tax at source on the value of any benefit or perquisite received by a resident Indian. This section was introduced by the government to widen the tax base and reduce tax evasion in the country. Experts, however, have flagged several concerns.   Are there any exceptions to the act? The section will not apply if the value of "benefit" or “perquisite” provided is less than Rs 20,000. It is also not applicable to an Individual or HUF with turnover not exceeding Rs 1 crores for business or Rs 50 lakhs for a professional in the immediately preceding year in which the benefit was provided. Why is it perplexing experts? The threshold prescribed under section 194R does not sync with the threshold prescribed under section 56. Under section 56, if the receipt of benefits by an individual or a Hindu Undivided Family (HUF) exceeds Rs 50,000 in a year, they are liable to pay a tax on it. However, under section 194R, the limit is Rs 20,000. According to experts, this would lead to tax outflow which is actually exempt in the hands of the recipient. The term 'benefit' or 'perquisite' is not defined in the Act. The government had earlier stated that the receipt may be in cash or kind, but no clear definition was provided. This would lead to additional administrative challenges. It will also be difficult to calculate the exact valuation of “benefits in kind” and it would make compliances more cumbersome. The act also brings samples received by doctors and travelling and other benefits received by influencers under its ambit. What can a taxpayer do if both sections 194R and 56 apply to the situation? Amrita Bhatnagar, associate director, at RBSA Advisors says that due to a lack of clear guidelines, they must pay the higher tax and claim the refund later through the income tax return (ITR). However, the government has not yet issued any clarification on these complications.

Techpoint Africa Podcast
Sango on the blockchain

Techpoint Africa Podcast

Play Episode Listen Later Jul 7, 2022 31:48


E-hailing company, Bolt, has launched its African headquarters in Nairobi, Kenya and the question in the mind of some Nigerians is, why not Nigeria? On Today's episode of the Techpoint Africa Podcast, we kick things off with Bolt's decision to set up its African headquarters in Kenya. While Oluwanifemi and Emmanuel shared opposing views on whether Nigerians should be bothered about the news or not, the verdict remains Kenya was a better option. Timestamps 3:57 - Bolt establishes African headquarters in Kenya 13:50 - Autochek acquires CoinAfrique 23:15 - Central African Republic launches Sango Coin Useful links Bolt plants African headquarters in Kenya Kenyan entrepreneurs welcome Google’s product development centre but could struggle to hold on to talent 5 drastic ways the Finance Act 2022 changes innovation in Kenya Autochek acquires CoinAfrique to grow its footprint in Francophone Africa CAR introduces Sango Coin This episode was produced by Ogheneruemu Oneyibo Email us your feedback at podcast@techpoint.africa. Visit www.techpoint.africa for more stories.

all Law.
Crypto taxation in the Finance Act, 2022: The Indian conundrum

all Law.

Play Episode Play 42 sec Highlight Listen Later May 6, 2022 14:28


This week's podcast talks about India's plans to tax cryptocurrency. Despite floating the idea of introducing a separate Bill called ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021', to lay down a framework for regulating transactions involving cryptocurrency, the Government introduced an amendment to the Income-tax Act, 1961 instead, to tax cryptocurrency and other ‘virtual digital assets'. Audio Source: An article published on the LKS website in April 2022 https://www.lakshmisri.com/insights/articles/crypto-taxation-in-the-finance-act-2022-the-indian-conundrum/# Author:  Ushashi Datta, Associate (LKS) Voice: Ena Chakravorty,  Head- PR & Corporate Communications (LKS) www.lakshmisri.com

Taxing Matters
Challenging tax avoidance

Taxing Matters

Play Episode Listen Later Apr 22, 2022 13:26


The tax gap refers to the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. To help narrow this gap, HMRC has been granted a number of powers over the years, including those aimed at tackling tax avoidance. The Finance Act 2022 provided HMRC with additional powers to enable it to proactively clamp down on promoters of tax avoidance schemes, challenge misleading information and 'name and shame' connected individuals.In this episode we ask Danielle Ford, Head of Tax Disputes & Resolutions at haysmacintyre, how HMRC will use these new powers, the key issues that may arise and the impact they could have. References· Measuring tax gaps 2021· Rise in HMRC demands for information from professional services firms on suspected tax evading clients· Tax fraud: The rise of the professional enabler· Unpaid taxes: the ‘tax gap' See acast.com/privacy for privacy and opt-out information.

Business Drive
Nigerian Lawmakers Amends Finance Act Over Drafting Errors

Business Drive

Play Episode Listen Later Feb 2, 2022 0:56


The Chairman of the National Assembly, Senator Ahmad Lawan directed the Finance Committees of the federal parliament to liaise with the Federal Ministry of Finance with a view to considering an amendment to the recently signed Finance Act 2022 in order to forestall avoidable loss of revenues. Lawan also said revenue generating agencies of the federal government were capable of generating and remitting N3 trillion annually to the federation account if efforts were made to cut down on wasteful spending.

all Law.
Taxability of interest on provident funds

all Law.

Play Episode Play 30 sec Highlight Listen Later Jan 27, 2022 13:16


This podcast talks about the change brought about by the Finance Act of 2021, that seeks to tax notional interest accruing on employee's contribution along with the manner of such computation. While examining the various components of a typical provident fund balance, the glaring lacunae as to specific provisions in the Income Tax Act, 1961 become apparent. It is argued that the absence of charging provision in all likelihood would result in it being taxed as ‘Income from Other Sources', and additionally, the absence of machinery provisions would lead to no clear TDS liability. Reliance is placed on the landmark ruling in CIT v. LW Russel to show that regardless of monthly or annual computation of interest, it becomes taxable in the hands of the employee only when the same actually becomes due and payable to the employee upon attaining the age of superannuation.Audio Source: An article published on the LKS website in December 2021 https://www.lakshmisri.com/insights/articles/taxability-of-interest-on-provident-funds/Author:  Samyak Navedia, Associate (LKS)Voice: Sahana Rajkumar, Principal Associate (LKS)www.lakshmisri.com

The Wolf of Queen Street
Credit Contracts and Consumer Finance Act (CCCFA) - How Will It Affect You - Mortgage Changes NZ 2022 - The Daily Nugget # 42

The Wolf of Queen Street

Play Episode Listen Later Jan 20, 2022 9:33


Welcome to the daily nugget, daily property insights across New Zealand, 7 days a week. 1 question, 20 minutes or less. Today's topic: CCCFA changes and impact to mortgage applications. Hosted by Lawrence Lotze and joined by Andrew Armstrong. For any details around Andrew please head over to his website: https://lighthousefinancial.co.nz/

new zealand credit affect contracts mortgage consumer finance andrew armstrong finance act cccfa consumer finance act credit contracts lawrence lotze daily nugget
Africa Podcast Network
Nigerian Government Limits Tax Incentives on Oil, Gas

Africa Podcast Network

Play Episode Listen Later Jan 17, 2022 1:08


The federal government has limited companies involved in the trade or business of gas utilisation in downstream operations in the country to a once in a lifetime tax-free regime, according to the latest changes effected in the Finance Act, 2021. The new law states that additional investment, re-organisation or other forms of corporate restructuring shall not qualify for a further tax incentive under the gas investment programme. Such companies are further barred from similar incentives under any other sections of the Companies Income Tax Act or other law. Companies engaged in upstream petroleum operations however would continue to have obligation to withhold VAT, even when they have not commenced commercial operations or have not reached N25 million turnover.

Africa Business News
Nigerian Government Limits Tax Incentives on Oil, Gas

Africa Business News

Play Episode Listen Later Jan 17, 2022 1:08


The federal government has limited companies involved in the trade or business of gas utilisation in downstream operations in the country to a once in a lifetime tax-free regime, according to the latest changes effected in the Finance Act, 2021. The new law states that additional investment, re-organisation or other forms of corporate restructuring shall not qualify for a further tax incentive under the gas investment programme. Such companies are further barred from similar incentives under any other sections of the Companies Income Tax Act or other law. Companies engaged in upstream petroleum operations however would continue to have obligation to withhold VAT, even when they have not commenced commercial operations or have not reached N25 million turnover.

Business Drive
Nigerian Government Limits Tax Incentives on Oil, Gas

Business Drive

Play Episode Listen Later Jan 17, 2022 1:08


The federal government has limited companies involved in the trade or business of gas utilisation in downstream operations in the country to a once in a lifetime tax-free regime, according to the latest changes effected in the Finance Act, 2021. The new law states that additional investment, re-organisation or other forms of corporate restructuring shall not qualify for a further tax incentive under the gas investment programme. Such companies are further barred from similar incentives under any other sections of the Companies Income Tax Act or other law. Companies engaged in upstream petroleum operations however would continue to have obligation to withhold VAT, even when they have not commenced commercial operations or have not reached N25 million turnover.

all Law.
Asset distribution on retirement of partners – A transaction with multiple GST issues

all Law.

Play Episode Play 60 sec Highlight Listen Later Oct 29, 2021 8:42


This podcast discusses the numerous GST issues that may arise on the distribution of assets to a partner at the time of retirement from a partnership firm. It also highlights the relationship between a partner and the partnership firm and the nature of the transaction of asset distribution to the retiring partner. Audio Source: An article published on the LKS website in September 2021 https://www.lakshmisri.com/insights/articles/asset-distribution-on-retirement-of-partners-a-transaction-with-multiple-gst-issues/#Author:  Arushi Jain, Principal Associate (LKS)Voice: Gunmeher Juneja, Principal Associate (LKS)www.lakshmisri.com

The Televisheni Podcast
Ep#45: The Speed of Political Progress

The Televisheni Podcast

Play Episode Listen Later Aug 9, 2021 52:57


In this episode, Tony and Simon talk loosely about next year's general elections; why we should vote out ALL career politicians; democracy in a multi-ethnic society; potential solutions for corruption; class conflict & the possibility of political violence; voting for the lesser evil vs. 'kuchoma vote'; the zero-sum contest between democratization and economic progress in African countries; the Finance Act of 2021; the BBI; and many other topics. Subscribe to the podcast on Apple Podcasts, Google Podcasts, and Spotify. And feel free to drop them a line at: https://instagram.com/televishenipod https://twitter.com/_tonymugo https://twitter.com/itsmeSim0n --- Send in a voice message: https://anchor.fm/the-televisheni-podcast/message

all Law.
Foreign Companies and Contours of Angel Tax

all Law.

Play Episode Play 50 sec Highlight Listen Later Jul 15, 2021 20:58


This week's podcast describes the implications of clause (viib) which was inserted u/s. 56(2) by the Finance Act, 2012 under the Income-tax Act, 1961 (‘IT Act'), in the context of investments made by a resident Indian in foreign companies.  Audio Source: An article released by Texsutra in May 2021 https://www.taxsutra.com/dt/experts-corner/foreign-companies-and-contours-angel-tax  Author:  Ravi Sawana, Principal Associate (L&S)  Voice: Dhruv Matta, Principal Associate (L&S)  www.lakshmisri.com

Mercia Group's Podcast
Newswire Bulletin – June 2021

Mercia Group's Podcast

Play Episode Listen Later Jun 30, 2021 18:55


Our Head of Tax, Mark Morton and Jeremy Williams, Audit Lecturer, cover the audit, accounting and tax essentials that you need to be aware of this month. They cover the passage of the Finance Act, COVID-19 rent concessions extension in UK GAAP and more.

all Law.
Redesigned taxation upon exit from Partnership Firm – New jeopardy for taxpayers?

all Law.

Play Episode Play 55 sec Highlight Listen Later May 27, 2021 14:31


This week's podcast focuses   on the redesigned taxation upon exit from partnership firms by introduction of Section 9B and substitution of Section 45(4) in the Income-tax Act vide Finance Act 2021.  Audio Source: An article published on the L&S website in May 2021: https://www.lakshmisri.com/insights/articles/redesigned-taxation-upon-exit-from-partnership-firm-new-jeopardy-for-taxpayers/#  Authors: Harshit Khurana, Sr. Associate (L&S), and Devashish Jain, Associate (L&S)  Voice: Gunmeher Juneja, Principal Associate (L&S)  www.lakshmisri.com

Medics Money podcast
Ep 34 What does the budget mean for doctors?

Medics Money podcast

Play Episode Listen Later Mar 16, 2021 25:09


All the latest news on what the governments recent budget means for doctors.  Resources mentioned in the episode include https://www.medicsmoney.co.uk/tax-thresholds-doctors/ Want to stay up to date with the latest financial information for doctors? Join 24,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney   Budget Podcast So we thought we would give a brief summary of the recent Budget given by Rishi Sunak recently on the 3rdMarch. Governments require parliament's approval to spend money, as well as to raise revenue in the form of taxes and the budget is usually one of the centre pieces of the Governments legislative programme. The measures announced become the Finance Act for the year. It is deemed that a Government has to be able to pass its Budget because if they do not it is seen as a vote of no confidence and the Government will then have to call an election. It is also important to pass the budget or at least a pared down version because both income tax and corporation tax are temporary measures and have to be reapproved each year. In election years there are often two Finance Acts – one pre election to make sure we lucky taxpayers get to keep on paying income tax and one afterwards with most of the other stuff. A Chancellor delivering his or her budget is the only person who is allowed to drink alcohol in the chamber of the House of Commons and you wouldn't really blame Rishi if he had a glass of something strong next to him. It was an unenviable budget to have to give given that the UK has seen the biggest fall in GDP for over 300 years exceeding those seen even in wartime. The country is set to borrow a peacetime record of £355 billion this year. The challenge Sunak faced was building a recovery and raise money while at the same time trying to meet the Conservatives' election promises not to raise the main rates of income tax, VAT and national insurance. Personal Tax Let's start with Personal Tax which basically remains what some have called a “frozen landscape.” As mentioned above, the Chancellor's room for manoeuvre was limited. Income tax rates have remained exactly the same at 20,40 and 45%. What he did do to raise revenue was freeze the personal allowance, the tax free amount that the vast majority of us get each year. In the current tax year that we are in – the 2020 to 2021 tax year that ends on the 5th April 2021 the personal allowance is £12,500. There will be a small increase for the next tax year, that is 2021 to 2022, with the personal allowance going up on 6 April 2021 to £12,570. It was thought that the Chancellor would axe this increase but apparently the increase has already been coded into payroll systems so would have required expensive changes if he had done so. From April 2022 the personal allowance will remain at this level £12,570 until the 2025-2026 tax year. For those of you who have listened to our tax code blog – and if you haven't please do check it out after this – you will know that the most common tax code for taxpayers as of 5 April 2021 will be 1257L. Don't forget that this will only be the case if the taxpayer is not claiming a deduction for their professional expenses and I'm sure that everyone listening has done so. If you haven't please check out our podcast or blog on claiming back tax on your professional expenses. As well as the personal allowance, the rate at which people start paying the higher rate of income tax that is 40% will increase to £50,270 and then also be frozen. The threshold at which an individual starts paying the additional higher rate of 45% remains at £150,000 and has not been increased at all. This will raise revenue by what is called fiscal drag – as people get payrises in the future, more people will start earning over the personal allowance and start paying tax and more people will move into the higher rate tax bracket. There had been suggestions that tax rates on the self-employed might increase, which would include many GP locums for example, but in the event no announcement was made. What was announced recently is a 1% pay rise for NHS staff including some doctors. In the podcast we talk about why inflation means this 1% rise is almost certainly another pay cut. We talk about how some doctors pay has fallen by 30% over the last 10 years in real terms. National Insurance Moving onto National Insurance, again much of this remains the same. We have a long detailed podcast on National Insurance so I won't go into it too much. As the NIC Class 1 upper earnings limit and the Class 4 upper profits limit are aligned with the income tax higher rate threshold, they too increase next year to an annualised level of £50,270 and will be caught up in the freeze. Hopefully people will recall that Class 1 National Insurance is paid by employees via PAYE and Class 4 National Insurance is charged on the profits of self employed individuals. Pensions The lifetime allowance is unchanged at £1,073,100 and will remain at this level until 5 April 2026. As people should know where pension funds have been built up and the capital value exceeds this lifetime allowance, a tax charge will be levied on the excess called a “lifetime allowance charge”. This has proven to be quite controversial - by freezing the life time allowance this does make it more likely that people will exceed the allowance and face a tax charge. The BMA have been particularly vocal regarding this calling it an “unfair tax on doctors” and reporting that 72% of 8,000 respondents agreed that freezing the Lifetime Allowance would make them more likely to consider retiring early. It is argued that the NHS pension scheme is not flexible enough to allow doctors to vary and manage their contributions making it harder to keep working without facing a potentially large pension tax bill as a result.   For completeness I should say that the annual allowance limit is unchanged at £40,000.  On the podcast we discuss in more detail how taxation policy affects behaviour. Sooner or later the high rate of tax at the margins will alter doctors behaviour and this will be a disaster for the NHS.   How much money will you take home for doing a locum shift or waiting list initiative? Probably a lot less than you think because you will be paying tax at your marginal rate. Read more about marginal rates of tax here  https://www.medicsmoney.co.uk/tax-thresholds-doctors/  Capital Taxes The Chancellor also took the opportunity to freeze other allowances including the annual allowance for Capital Gains Tax and the Inheritance Threshold which you are the tax free allowances for those taxes. Corporation Tax Corporation Tax was one of the few taxes that the Chancellor had room to alter and indeed he did. Currently the UK has a corporation tax rate of 19% on profits for all companies. The Chancellor announced that the rate of Corporation Tax will increase from 1 April 2023 to 25%. However the existing rate of 19% will continue to apply to small companies, that is those with profits of up to £50,000. A tapered rate will apply to those with profits between £50,000 and £250,000. We get asked all the time by doctors as to whether or not they should set up and trade using a company and I would strongly encourage those people to listen to our recent podcast on this but of course this change in the corporation tax rate may now make setting up a company less attractive   Investments Finally, just to say a little bit investments. The ISA annual subscription limit has been held at £20,000. The Junior ISA annual subscription limit and the Child Trust Funds annual subscription limit both remain at £9,000. We also released a podcast on tax reducers which are government approved schemes that reduce an individual's tax liability if the individual invests in them. So we talked about the Enterprise Investment Scheme and the Venture Capital Trust Scheme among things. These have not been changed by this budget. What I really wanted to say about these is that we mentioned the Social Investment Tax Relief scheme which provides tax benefits to those who invest in qualifying social enterprises. This was due to expire on 5 April 2021 as we reported in our podcast but it has been granted a reprieve and has been extended for a further two years to April 2023. So there we have it, a brief overview of some of the more important parts of the March 2021 budget that will affect doctors and other healthcare professionals.      

SAG Infotech - A CA Software Company
Get to Know About 1 January 2021: Check 9 Amendments Under Finance Act 2020 Incoming

SAG Infotech - A CA Software Company

Play Episode Listen Later Jan 12, 2021 3:10


If you want to know about 1 January 2021: Let's try to know check 9 amendments under the finance act 2020 incoming. Because the Central Board of Indirect Taxes and Customs (CBIC) has announced 1 January 2021. Let's read about (CBIC) has said that 9 provisions of finance act, 2020 will be officially effective from 1 January 2021.

News Express
Nigerian Government Move to Borrow Dormant Account Balances, Unclaimed Dividends

News Express

Play Episode Listen Later Jan 8, 2021 19:30


The Nigerian government has perfected ways to borrow funds from unclaimed dividends and dormant bank account balances unattended for at least six years, thanks to the 2020 Finance Act.With the coming into force of the law, which empowers the federal government to borrow from the two sources, proceeds from the two sources will stand as special credit to the federal government through the Unclaimed Funds Trust Fund contained in the Finance Act 2020, recently signed into law by President Muhammadu Buhari.

BusinessLine Podcasts
India challenges Vodafone arbitration ruling in Singapore

BusinessLine Podcasts

Play Episode Listen Later Dec 24, 2020 3:07


India has appealed against the Vodafone tax arbitral award before a Singapore court, government sources confirmed. The tax dispute involves an amount of approximately $2 billion. The case has its roots in 2007, when Vodafone bought Hutchison's India assets for $11 billion in an off-shore deal. The Indian Tax department wanted Vodafone to pay taxes on the deal and the company moved to the Supreme Court, after an initial setback at the Bombay High Court. In January 2012, the apex court ruled in favour of Vodafone and confirmed that such transfers were not within the Indian tax remit. However, the government introduced an amendment to the Income Tax Act, 1961, through Finance Act, 2012, to allow the tax. Following the amendment and action by the tax authorities, the dispute moved to the international level when Vodafone commenced arbitration proceedings and defended its side. In September, the Hague ruled in favour of Vodafone. --- Send in a voice message: https://anchor.fm/business-line/message

Irish Tech News Audio Articles
Innovation: How Ireland Stacks Up

Irish Tech News Audio Articles

Play Episode Listen Later Nov 26, 2020 5:51


Innovation is essential for a company’s development and growth. How, then, can this be achieved? Taking advantage of R&D tax credits and incentives will go a long way to boost RD&I, write Ken Hardy and Eoin McCarthy from KPMG’s R&D Incentives Practice. It is well established that the creation and exploitation of new ideas are critical to a company’s development and growth. A clear example of this is in the tech industry, where the persistent development of new ideas is a core element of the business, very much built into their day to day culture. This strive for innovation has seen many of the tech giants of today make rapid ascents to the top in a relatively short period of time. In a broader sense, innovation is a key economic driver across most industries, enhancing commercial profitability and improving the landscape for consumers. So, how is innovation assessed, measured and compared? The Global Innovation Index Measuring innovation within global economies is led by the World Intellectual Property Organisation (WIPO), who publish the Global Innovation Index (GII) annually. The GII provides detailed metrics about the innovation performance of 131 countries across roughly 80 indicators including research & development (R&D), infrastructure, market and business sophistication, political environment, and education, as well as the impact and diffusion of knowledge and technology outputs. Ireland’s performance Published in September this year, the 2020 assessment has Ireland at number 15 in the global rankings, slipping two places from last year. Although this may appear concerning at first, Ireland remains an innovation leader and scores highly in multiple critical economic drivers. For example, we rank first for FDI outflows, ICT services exports, knowledge impact and knowledge diffusion. This shows our strength in translating innovation investment into realisable, tangible returns, which is in part a reflection of the national support mechanisms from the IDA, Enterprise Ireland (EI), Knowledge Transfer Ireland (KTI) and R&D Tax Credits. Indeed, the KTI is highlighted within the GII 2020 report for developing a successful model to assist businesses in handling their intellectual property (IP) within complex situations. Opportunities to maximise innovation Innovation and R&D are very much complementary. The precursor to innovation is commonly R&D, of which Ireland is ranked in the top twenty globally. Our high ranking is a result of extensive FDI from large multinationals in the pharma and tech space, in addition to strong investment in highly skilled researchers. Companies based in Ireland can maximise the benefit from their R&D activity through the R&D Tax Credit, a valuable tax-based incentive of 25% credit on qualifying R&D expenditure in the science and technology areas. Although not specifically captured in the GII report, SMEs are a key stakeholder in our economy, and represent 54% of the R&D Tax Credit claimed in Revenue’s latest report. Introduced in Finance Act 2019, SMEs may claim an R&D Tax Credit of 30% on qualifying R&D expenditure. (These measures are subject to a commencement order.) Within the rankings, Ireland’s strength in knowledge and technology outputs is marked by ranking first in both knowledge impact and knowledge diffusion. IP generation is a key indicator that feeds into these metrics and is commonly born from R&D activity. In generating IP from qualifying R&D activity, a company can claim the Knowledge Development Box (KDB) incentive, which provides a 6.25% corporate tax rate for income generated from commercialising certain IP. However, in general, the KDB is underutilised, with only a small number of companies availing of it. This does not reflect Ireland’s high ranking in knowledge and technology outputs, and companies may be missing an opportunity to claim the KDB. The path from an innovative idea to profitable exploitation can be extremely challenging. Industry se...

ADR Speaks
Episode 8:Finance Act, 2017: Step towards Transparency or Opacity?

ADR Speaks

Play Episode Listen Later Sep 28, 2020 21:15


This episode will focus on ‘Finance Act, 2017.' In this section, we will be discussing two major amendments brought by the Finance Act, 2017 and its implications on political party finance. Please send your feedback on adr@adrindia.org

Taxing Matters
Taxing Matters: Schedule 36 Information Notices – all squared away

Taxing Matters

Play Episode Listen Later Aug 14, 2020 23:40


Welcome to the Taxing Matters podcast brought to your by RPC; your fortnightly guide to all things tax law and tax disputes. In this episode, we talk Schedule 36 Notices: what are they, how do they work and what should you do if you receive one? Taxing Matters host, Alice Kemp, talks to RPC Tax Disputes Associate, Alexis Armitage, about all these questions and more.Find out:How these Notices work;What you can and can't be required to give to HMRC;The formal requirements for HMRC to issue a Schedule 36 Notice; andTop tips for what to do if you receive a Schedule 36 Notice.Please see our website www.rpc.co.uk/TaxingMatters for a transcript of this episode. All information is correct at the time of recording. Taxing Matter is not a substitute for legal advice.If you would like to discuss any of the matters raised in this episode please contact taxingmatters@rpc.co.uk.Show references:Schedule 36 of The Finance Act 2008 (Legislation.gov.uk) HMRC Compliance Handbook – Information NoticesHMRC Guidance – Compliance checksRelated RPC blogs:JJ Management – Court of Appeal confirms HMRC can conduct informal enquiriesJiminez: High Court quashes information notices issued to non-UK resident taxpayerThe Barty Party – HMRC's information notice was invalidNewton – Tribunal confirms that "statutory records" should be narrowly construedAnstock - Tribunal quashes penalties imposed for failure to comply with information noticeHegarty – HMRC information notices invalidTribunal sets aside HMRC's Schedule 36 information noticeHMRC's unreasonable conduct leads to costs award against itAs ever, a big thank you to our amazing guest, Michelle Sloane, our producer extraordinaire, Mary Mitchell, and to Josh McDonald, the man who solves all problems before they arise. The music you hear was kindly written and arranged for Taxing Matters by the musical genius Andrew Waterson.All material is copyright to RPC LLP See acast.com/privacy for privacy and opt-out information.

NTI Live
NTI Live Episode 10

NTI Live

Play Episode Listen Later Jul 27, 2020 34:06


This week Neil, Andy and I discuss the Finance Act 2020 and the reintroduction of HMRC preferential status, landlords issues and construction contracts, Neil has no less than 4 rants and we reveal details of a little video project we have been working on. 

The FS Club Podcast
Awarding Shares To Employees In A Covid-19 World

The FS Club Podcast

Play Episode Listen Later Jul 9, 2020 46:57


The Share Incentive Plan (SIP) is an all-employee share gifting and share purchase scheme. Introduced in the Finance Act 2000, alongside the Enterprise Management Incentive, it consists of four modules: free shares, partnership shares, matching shares, and dividend shares. In this webinar, William Franklin will discuss how to make good use of this plan to award shares to your employees in a post-covid-19 world. Speaker: William Franklin is an experienced share schemes practitioner and a Chartered Accountant who is widely recognised as a leading adviser on the valuation, accounting and financial aspects of all forms of remuneration, incentive and employee share schemes. He is a member of the HMRC Employment-Related Securities & Valuations sub-group, a Board Member for the Lexis PSL Share Incentives Consulting Editorial Board and he contributes to Tolley's Guidance on Employment Taxes and to PLC. William has been appointed as Chairman of the Worked Examples Group, a group of experts who work with HMRC to publish examples of share valuations over a wide range of employee share ownership and employee ownership arrangements. He is also an Honorary Research Fellow for the Esop Centre and a regular speaker at conferences on share schemes and employee ownership. He has a wide background in tax advice and is a member of the Chartered Institute of Taxation.

Business Drive
FIRS Says N66bn Generated As Stamp Duty Revenue Since January

Business Drive

Play Episode Listen Later Jul 1, 2020 2:03


A total of N66 billion has been generated as stamp duty revenue by the Federal Government between January and June 2020. The Chairman of the Federal Inland Revenue Services, Muhammad Nami, disclosed this during the inauguration of the inter-ministerial committee on audit and recovery of back years stamp duties. Mr. Nami while giving a breakdown of the revenue added that the Finance Act has mandated the revenue agency as the sole body to receive stamp duties for the country. Learn more about your ad choices. Visit megaphone.fm/adchoices

Stay Updated Chartered !
#6 due date extended (PART II)

Stay Updated Chartered !

Play Episode Listen Later Jun 26, 2020 10:05


Hello Chartered Accountants, This podcast along with due date extension includes one time amnesty and other interest & late fees updates in GST : 1. N no. 48/2020 CT : Sixth amendment (2020) to CGST Rules. 2. Instruction No. 3/2/2020- GST : Specifies the FORM through which payment is to be made. 3. N no. 49/2020 CT : Bring into force Sections of Finance Act, 2020. 4. N no. 50/2020 CT : Seventh amendment (2020) to CGST Rules. 5. N no. 51/2020 CT : Provide relief by lowering of interest rate for GSTR 3B 6. N no. 52/2020 CT : ONE TIME AMNESTY of late fees & provide relief by conditional waiver of late fee for GSTR 3B. And interesting interpretation of ONE TIME AMNESTY scheme. 7. N no. 53/2020 CT : Provide relief by waiver of late fee for GSTR 1. 8. N no. 54/2020 CT : Extend due date for furnishing FORM GSTR-3B OF August, 2020. 9. Circular no. 141/11/2020 : Clarification in respect of various measures announced. Links : IGST notifications : 1. https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-4-2020-igst-english.pdf;jsessionid=53BE88B27DF1F3EEEC2D2F227573C151 2. https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-5-2020-igst-english.pdf;jsessionid=68CBEBDEEAE57E7D5F88554F2A5F612C UTGST notifications: 1. https://www.cbic.gov.in/resources//htdocs-cbec/gst/Notification-02-2020-Union-Territory-Tax-English.pdf;jsessionid=9FEDFA9713A0CD63AC410D0D3C5FE54A Important Circular : https://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_141_11_2020.pdf;jsessionid=00CDBEEA9CAE4566BCE03BA9D22CCC98 Hope you are enjoying the podcast ! For any suggestions/feedback/comments/queries write us down here : https://forms.gle/7VbvvRecztnyMnii7 STAY TUNED. STAY INFORMED.

Business Drive
NIPOST tackles FIRS, moves for Finance Act amendment

Business Drive

Play Episode Listen Later Jun 11, 2020 2:29


The Nigerian Postal Service has sent a request for an amendment to the Finance Act 2019 to the National Assembly as it seeks to be empowered to earn revenue from the collection of stamp duty. It was gathered that the postal service was seeking the inclusion of adhesive postage stamp as part of the definition of stamp in the Act. The spokesperson for NIPOST, Frank Alao, confirmed this in a telephone interview with newsmen on Wednesday. He said the amendment the organisation was pushing for was the definition of the word stamp to include adhesive postage stamp and the amendment of Section 4.1 to replace the Federal Inland Revenue Service mentioned therein with Federal Government.” NIPOST and the FIRS had been embroiled in a dispute since 2019 over which agency should collect stamp duty on behalf of the Federal Government. Learn more about your ad choices. Visit megaphone.fm/adchoices

Stay Updated Chartered !
#2 WEEKLY UPDATE

Stay Updated Chartered !

Play Episode Listen Later May 24, 2020 4:13


Hello Chartered Accountants, Let's go through some recent updates in relevant laws. This episode includes : 1. NOTIFICATION No. 43/2020 Central tax - Appoints 18.05.2020, as the date on which the provisions of section 128 of Finance Act 2020 shall come into force. 2. CIRCULAR 12/2020 Income tax - Relaxation from provisions of section 269SU. 3. NOTIFICATION No. 25/2020 Income Tax - Income tax (Ninth Amendment) Rules 2020. 4. ITAT ORDERS & JUDGEMENTS : ITAT DELHI BENCH > (ITA No. 1848/Del/2017) ITAT DELHI BENCH > ( ITA No. 2363/DEL/2019) - KERALA (HC) > (WP (C) No. 3227 of 2020(C)) - ITAT CHENNAI BENCH > (ITA no. 1324/CHNY/ 2012) CALCUTTA (HC) > (ITA 32 OF 2003 ISPAT PROJECTS LTD.) ITAT CHENNAI BENCH > (ITA No. 1348 & 1349/Chny/2018) For any Queries/comments/suggestions/feedback : https://forms.gle/1nAFQDLyEyGwdgd47 STAY TUNED. STAY INFORMED.

The FS Club Podcast
Enterprise Management Incentives (EMIs) – Powerful Lessons From Five Practical Case Studies

The FS Club Podcast

Play Episode Listen Later May 15, 2020 48:40


Share scheme expert David Craddock will follow up his introduction to the Enterprise Management Incentive (EMI) plan with a selection of case studies to give insight into the practicalities of setting up and running an EMI plan. The EMI was introduced in the Finance Act 2000, alongside the Share Incentive Plan. It is a tax-advantaged plan aimed at younger and smaller companies who want to attract, reward, and retain skilled staff and has now become “the most popular share scheme in the world”. Speaker: David Craddock is an independent consultant specialising in employee share ownership and reward management. A recognised authority on the subject, he is the author of The Tolley's Guide to Employee Share Schemes , along with many other essential books and courses. David's clients range from major public limited companies with international considerations to smaller private companies where the requirements are for Enterprise Management Incentives, tax-unapproved share scheme arrangements and market-making employee share trust structures. David has successfully established employee share schemes and employee benefit arrangements worldwide and to date has travelled to over 30 countries to personally facilitate their introduction. He enhances his service through a long experience in share reconstructions and share valuation. Interested in watching our webinars live, or taking part in the production of our research? Join our community at: https://bit.ly/3sXPpb5

Stay Updated Chartered !
CHANGES IN GST BY FINANCE ACT, 2020

Stay Updated Chartered !

Play Episode Listen Later May 15, 2020 5:54


Here are the changes in GST law made by Finance Act, 2020. For any query/comment : https://forms.gle/1nAFQDLyEyGwdgd47 Stay Tuned. Stay Informed.

The FS Club Podcast
Enterprise Management Incentives (EMIs) – Igniting Your Business By Sharing Success

The FS Club Podcast

Play Episode Listen Later Apr 24, 2020 46:57


Share schemes expert David Craddock will demonstrate the nuts and bolts of setting up and running an Enterprise Management Incentive (EMI) plan. The EMI was introduced in the Finance Act 2000, alongside the Share Incentive Plan. It is a tax favoured plan aimed at younger and smaller companies who want to attract, reward, and retain skilled staff and as a discretionary approved share scheme it has proved very popular with SMEs. Speakers: David Craddock is an independent consultant specialising in employee share ownership and reward management. A recognised authority on the subject, he is the author of The Tolley's Guide to Employee Share Schemes, along with many other essential books and courses. David's clients range from major public limited companies with international considerations to smaller private companies where the requirements are for Enterprise Management Incentives, tax-unapproved share scheme arrangements and market-making employee share trust structures. David has successfully established employee share schemes and employee benefit arrangements worldwide and to date has travelled to over 30 countries to personally facilitate their introduction. He enhances his service through a long experience in share reconstructions and share valuation. David is a regular conference speaker for the Esop Centre and senior examiner for The ESOP Institute in London in relation to The Certificate in Employee Share Ownership Studies, the material for which he is author and principal authority. Interested in watching our webinars live, or taking part in the production of our research? Join our community at: https://bit.ly/3sXPpb5

Business Drive
Buhari writes Reps, seeks amendments to new Finance Act

Business Drive

Play Episode Listen Later Mar 10, 2020 1:53


Nigerian President, Major General Muhammadu Buhari (retd.), has written to the House of Representatives to seek amendments to the Finance Act recently passed by the National Assembly. The Speaker, Femi Gbajabiamila, read Buhari’s letter at the plenary on Tuesday, in which the President asked that the Act be amended to indicate that the new law took effect from February 1, 2020. Another amendment is to indicate that the annual fees payable on basic good items are different from Valued Added Tax. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices

Business Drive
Osinbajo assures new Finance Act will protect MSME’s;

Business Drive

Play Episode Listen Later Mar 6, 2020 2:00


The Federal Government says it will use the opportunities provided by the newly signed Finance Act to protect Micro Small and Medium-scale Enterprises in the country. Vice President Yemi Osinbajo, made the disclosure in Abakaliki while launching the MSME Clinic in Ebonyi. The vice president said the act provides a wide range of tax incentives for small businesses. He explained that the act signed into law on January13, 2020, shows the federal government’s intention to improve the lot of small businesses to achieve overall economic development. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices

3 Things
613: Sabarimala to Rafale: Explaining the important verdicts delivered by CJI Gogoi before retirement

3 Things

Play Episode Listen Later Nov 14, 2019 20:19


On 13th and 14th November, Supreme Court benches led by Chief Justice Ranjan Gogoi, who is set to retire on the 17th of November, heard a clutch of important cases. On this episode of 3 Things, we dissect the judgements on these five cases- the Rafale case review, the contempt case against Rahul Gandhi related to the Rafale issue, a review of the Sabrimala case, a case seeking to make the highest court and it's administration a public authority, and a review of the Finance Act 2017 which would make tribunals less independent.  Anantkrishnan G and Apurva Vishwanath, who report on matters of law for the Indian Express, join us to explain whether it's the end of the road for the Rafale case, why the Sabarimala case got combined with other writ petitions and referred to a larger bench, what it means for the Supreme Court to finally become a public authority and open to RTIs, and how the Finance Act 2017 would have compromised the independence of tribunals like the National Green Tribunal. 

Craig Peterson's Tech Talk
The Politics of Climate Change, Government and why it Stifles Technology, NASA and the Coming Ice Age, the Dangers of a Cashless Society and more on TTWCP Today

Craig Peterson's Tech Talk

Play Episode Listen Later Jul 20, 2019 28:05


I am on a soapbox today about the politics of climate, so listen in. My take on how the government stifles technology innovation for most of us and why. More on climate coming out of NASA concerning solar cycles and how they point at a coming Ice Age.  Did you hear about this? Listen in Do you use Cash, me too. But I am going to address the dangers of a cashless society.   I am planning a Security Summer for my listeners.  I will have some free courses.  I will also introduce you to some of the software that I use for my clients and how you can use it too.  Also, I have some limited opportunities for businesses who have had enough with their security issues to work with me and my team and put their security problems to rest once and for all.   So watch out for announcements on those. For more tech tips, news, and updates visit - CraigPeterson.com --- Transcript:  Below is a rush transcript of this segment; it might contain errors. Airing date: 07/20/2019 The Politics of Climate Change, Government and why it Stifles Technology, NASA and the Coming Ice Age, the Dangers of a Cashless Society    ---- Hello, everybody. You know, I'm getting fed up with some of this. I don't know about you, but it's just driving me crazy. If you got my newsletter, this morning, you know. Hopefully, you got my email this morning. And I know now I'm trying to send it out when it's most convenient for you to so some people might not get it until Monday. It all depends on when you are typically opening and responding to my emails or send an automated message to me. You know its this whole machine learning which is the first step towards AI, artificial intelligence. That's what we're using now. The entire idea is to make this more convenient for everybody. Okay, this has me so frustrated, politics, right? We've got the left with the whole green thing, right. It's just part of their drive toward socialism in an attempt to take over everything and increase their power and authority. After all you and me, we are only regular people, we all care about the environment. I've never met anyone nor even heard of anyone who wants to destroy the environment. We all want to be comfortable. We all want to pass on a world that's better than the world we inherited to our children. There's not a soul that doesn't. I don't know anybody that is in that boat. The left, the socialists, have glommed on to this whole "green agenda thing." If you ask me it's an attempt to take over control of part of the government. It's all part of the power and control. It's like Hillary Clinton, the smartest woman who ever lived and who knew more than any of us. They're better than us, and they should have control of everything. Wouldn't you agree? I'm sure there's some listening now that don't agree with me. Right. We have a lot of great people who are left-wingers because they've got great heart, right. However, we've got to look at the real motivations behind what's happening. Why are businesses doing what they're doing? We talked about that all the time, right, about the overreach of companies and data mining. They are using it for marketing. Then the bad guys come in and take it much further. So I'm, I'm critical of big business. I'm critical of the Trump administration, and I've been critical of every administration when they did things that I thought were not in the best interest of the people. I don't want you to think I'm some right-wing wacko, because I'm not. I'm somewhat libertarian, and I'm in the middle, frankly, of everybody that's out there if anybody was in the middle of the libertarians, because we agree with some things democrats do and some things republicans do. But ultimately, I don't trust big anything. When you're talking about big government, big business or anything big you're talking about a real distortion of motivations. Big church, there's a distortion of motives, look at what's happened with the Catholic Church. And I'm not picking on them, right. It's every church out there every organized religion, look at what's happened with you name it, Eastern religions, Western religions, they take on a life of their own. The same things are true with businesses, and big business is the same thing. It is true with government. They are the worst, right? They have the guns, the money and the lawyers behind them. Ultimately, they're the ones that put a gun to your head and say, you will do this because if you don't, you go to jail. Right now they're not doing the horrific things to us, you know, solitary confinement is pretty darn horrible. But you know, they're not torturing us here in the Western world, physically torturing us trying to break us down mentally, the way they still do, and some of these Middle East countries out there. But what frustrates me is when we're talking about politics, entering the realm of something that should be common sense and science. And that's what this whole so-called green thing is. That's what the socialists have been doing. They couldn't get their way with the way they were doing things before. So now it's all about the green. I'm going to talk about green PACs. I think that's, somewhat ironic, right? I'm talking about their so-called Green agenda, where their friends who are making electric cars are going to be the winners, their friends that are making solar panels are going to be the winners, their friends, who are making these windmills to generate electricity are going to be the winners. They're not going to allow the free market to decide who's the winner. What's the best technology out there? Hydrogen fuel cells the best? Is internal combustion the best? What's the best alternative? Synthetic fuels? What's the best? We will never know because the government has stepped in before the market could decide? Look at the corn look at the ethanol that they're putting into our gasoline. It is easily provable. How harmful it has been to our environment. But who, who makes the ethanol? Where does it come from, the corn growers in Iowa. A State that the politicians who are running for President for political office need to impress. A State they want to win over on to their side. So yeah, look at all the ethanol, look at how we've helped with the farmers in Iowa. Now, we've got all this ethanol, and we're burning our food. We've got subsidies. You remember Solyndra look at Elon Musk with what's been happening with his cars. Tesla has received it's estimated around $3 billion worth of government money. Is that a crazy amount? You look at this worldwide, my I have a daughter living in Norway, and she's helping to design the next generation of ships. In Norway, if you buy a Tesla, you get a 25% savings. The government is financing 25% of the purchase price. Yeah, it's something to we will look forward to, Right. So they are getting subsidies in Norway through here, where we're giving them hard-earned money, you and me the taxpayers. It is us who are busting our butts supporting these people out in Silicon Valley and elsewhere, that are getting government subsidies, taxpayer money, look at what just happened with Amazon. Amazon is looking for another area for a corporate headquarters. We have all these states and cities saying, hey, we'll give you tax breaks. Well, that's another form of a subsidy. Think about all the things that the government supports through subsidies like Solyndra, battery technologies, solar panel companies, and installers, the windmills. None of them have to compete on an even footing with the rest of the technologies out there. How many just phenomenal, world-changing technologies got buried because they couldn't get off the ground? How can you compete with someone that has $3 billion, effectively in subsidies when you're trying to get a business off the ground? You can't. It drives me nuts when this happens. Now we hear about all about global warming? Well if you are as old as I am you remember, in the 70s. On the cover of Time magazine said we're in for another Ice Age so, the environmental scientists came up with a plan to pour black soil on the polar ice caps to absorb more solar heat preventing a mini ice age. Of course, that didn't materialize. Then it was, well, how can we use and see people, everybody cares about the environment. So let's do this, let's call this green because everybody wants to save the environment. No one doesn't want to have a great atmosphere, right, which is not what I was saying earlier. So we'll use that to gain more control over people will be able to tell people what to do, and how to do it, because they're too stupid to be able to do this themselves. And there's you'll find tons of information about that online. You know, slips of the tongue, things that people the Obama administration said, things that happened with these researchers, where their emails were exposed, where they were fabricating the so-called science of global warming. That one failed on them, right. Now its global climate change. We've to do something about climate change. Now. I agree. I do. We'll you might think, Wow, Craig, wait a minute. Where are these ideas coming from? Here's what I agree with, we should be looking at this, we should be concerned about this, but don't knee jerk. We don't have enough data and the data that we have is badly tainted, as has been proven by these emails and notes from the researchers that are researching it, severely corrupted. Now, we've got the media that refuses to report anything contrary to the socialists talking points. (Socialists being those to the left to of the Democrat Party). Or anything that isn't in line with their education in school. If you want to see some craziness, have a look at some of the campus reforms videos out there. Reporters go out, and they give a quote to the students, and the students read the quote and say, well, that's because Trump's a misogynist, a racist, etc. Then the reporter shows them a little video of who the quote was from and then all of a sudden, they just, it was, wow, I didn't think that was the case. Right? They're not researching. They're not thinking they're stuck in a paper bag known as gaslighting. A study came out last month that I bet you have not heard of This is a study from NASA. I bet you won't hear about this anywhere else, frankly. I'm looking right now at NASA's website, science dot NASA dot gov. There is an article from them. It is being reported, but not in the general news circles that the solar minimum is coming. NASA is predicting that the Dalton minimum levels of the sun's radiation. Now, for some reason, I heard somewhere that the sun might have an impact on the temperature on the Earth. Right? I know It sounds stupid to say that, but today many people are convinced that man is the cause of the temperature increases. Sorry to pop your bubble, but Earth temperatures fluctuate. And, they have for thousands upon thousands of years. Earth has had higher carbon dioxide levels in its atmosphere, and it has had higher temperatures than we have now. Think about this. If it were hotter, and we had higher carbon dioxide levels, we would have more food, and there would be denser vegetation. Everything would be healthier. A month ago, June 18, this article came out, here's what's happening. The Earth is an approaching grand solar minimum. As I mentioned, NASA is predicting this right now. And this came from a researcher with the Bay Area Environmental Research Institute at NASA's Ames Research Center. These researchers have come up with a new way of looking at sunspots using direct observations of the magnetic fields that are emerging on the surface of the sun. That data has only existed for the last four solar cycles (44 years). They used three different sources of sun observations. They looked at these cosmic cycles, which are about 11 years long. There are longer cycles, as well, which our green movement friends seem to forget conveniently. These researchers used these to forecast the strength and timing of maximum solar cycles. It was determined using data from 2000 and again in 2008 to predict the solar cycle coming to an end this year. The next solar cycle is going to start in 2020. Guess what? She was dead-on. So, now, here's what is worrying because this is pure scientific research, not the crap that they keep feeding you on the news, it is the stuff that you're not hearing about even though it's been out for more than a month. It is a reality. And the truth is forecasting a return to what's called the dalton minimum which occurred from 1792-1830. Now NASA is not predicting and not even telling you what happened during the Dalton minimum event. Here's what happened. Brutal cold, crop loss, famine, war, and powerful volcanic eruptions. Because you remember the sun's magnetic field, which is what part of what she measures one of these three measurements affects us here on Earth. Just look at the northern lights to get an idea but yeah, maybe there is an effect from the solar emissions that are hitting the Earth. So Germany had an what was called the overclock station, and it experienced to two centigrade two degrees centigrade. So give or take five degrees decline over 20 years, devastated Germany's food production. Then in the US even we had a year without summer 1816, and it was caused by this, again, solar minimum, combined with the after-effects of the second-largest volcanic eruption in a thousand years. Mount Tambora was on April 10, 1815. So we had some battles going on during this time, the Napoleonic Wars and the Battle of Waterloo. That occurred June 18, 1815, when the Duke of Wellington defeated Napoleon. Sixty-five thousand men died at that battle. Wow. They were preoccupied with this. There wasn't a whole lot of coverage about the entire Dalton Minimum that was happening at the time. So let's go to some records and back then. In June, this from a resident of Virginia, another snowfall came, and folks went slain. On the Fourth of July water froze in cisterns and snow fell again. With Independence Day celebrations moving inside churches where hearth fires warm things a might. Clothes froze on the clothesline in New England. Northwestern Pennsylvania reported ice in ponds and on lakes in both July and August. Virginia had frost in August. The price of oats from 1815 to 1816 increased almost eightfold. Here are some other stories from around the world. The potato crop in Ireland rotted in the ground resulting in widespread starvation. In England, France, and Germany, wheat crops failed, leading to bread shortages, food riots, and looting. Northern China got walloped with thousands of people starving to death. Southern Asia experienced torrential rains that triggered a cholera epidemic that killed many more. The year 1816 earned a nickname. It was called "800 and froze to death." We've got the politicians out there arguing about whether or not we should have ethanol in our gasoline, whether or not we should be giving another subsidy to Tesla. We are staring at what NASA is predicting, in this next solar cycle, or the one immediately after, as summer that will never come. Now we've heard about "Oh my gosh, temperatures have gone up a little over one degree Celsius." But that is in the last 50 years and those numbers, by the way, are very controversial. And there's ample evidence suggesting that they are not valid. Right now, We have an icebreaker that was that up in the northern waters of the Arctic Circle that was expecting to have full passage all the way through. Did you read about that? There is a new north passage except it is covered in ice and completely frozen now. However, we do not hear the truth all because of politics. There's a lot of yelling and screaming going on. There's a lot of first-world problems, where we're taking the blame for things that we have no control over. And yet the reality is not that it is not being addressed which frustrates me to no end. It frustrates me to no end. Look at this, wow, we're almost out of time. Hopefully, this was informative to you. You know, my friends on the left and I know you're listening, and my friends on the right, I know you are listening, too. We need to stop the political bickering. We have to solve the problems that are facing us right now. We have to get together. Congress needs to work with our President, not stonewall and yell and scream against everything the President suggests. There are some things legitimately the federal government can do, which in my estimation is to downsize itself. We have some serious problems out there we don't even have time to talk about today. Now, if you don't get my weekly newsletter, you got to get it because I never have time to get to everything here on the radio. Go to Craig Peterson dot com. There is a little subscribe box at the top, I'm asking for your name and email. I am not an internet marketer that's nailing you all of the time. Okay, I do have offers, like my security summer summit coming up in a couple of weeks. It's free, it's going to be probably a four-week course at this point, as time slides, and it's gone from six weeks down to about four weeks. In it, there will be multiple sessions every week, and I'm going to try and keep them short. It's on the brass tacks of security, what can you do to meet the Mainstream Security Standard. We will cover what do you need to do for your home or your business. Make sure you sign up for that. You'll also get the newsletter every week when we get them out. I think we got this down now. So you'll be getting the newsletter every week that has all of these articles and more so that you can stay up to date on the most important things out there — the most critical security and tech news. That's where I focus because that's what I do for my clients. A shout out by the way to Rich and Sue, who are new clients this week we're helping them with all of their security. If you have security requirements, make sure you let me know because we can help you out with that too. Whether it's DFARS, HIPAA, or PCI or you want to keep your data safe, so you can sleep at night. Again, Let me know. You can email me with your questions, and you can text me, it's just: me at Craig Peterson dot com, I always answer them, you might have to wait a few days or a week. But I will get back to you. I still do a little research if I need to. So that can sometimes take a bit longer and send you the information that you need to answer your questions. You can text me at any time. And that's simple as opening your phone if you got a question or comment or you want to make sure you get into our security summer, text me. It's simple. It's 855-385-5553, standard data and text rates apply. I'll answer a lot of these questions on the air because if you have it at least 100 other people who are listening, that have the same question. So I will, frequently, talk about it right here. That's where I get a lot of these articles from, from you guys. So you can text me your question anytime. 855-385-5553 and I can help you out. We can do a cyber health assessment for you, you know this, I do so many things for free. And I do that because I care. You see, I got hacked, and it was a lot of a long time ago. A long time ago. I think it was in 1991 that I first my company got a worm. I was trying to build my company. We were building websites were hosting email for people, and it was terrible. We got the Morris worm. If you've been on my one of my webinars, you know a little bit about what happened. I don't want that to happen to you, right. Text me or email me at Craig Peterson the meantime. A couple more articles real quick, and you'll find those in your newsletter this week. Hong Kong protests here are showing us the dangers of this cashless society and showing us that, frankly, a cashless society is a surveillance society. In Hong Kong, they have something called an octopus card, and they use it to pay for everything from the subways transit to retail parking purchases. In China, they have something very similar. It's part of a social media and messaging service called WeChat. It allows for payments. It is easy and effective. In China, you have to use it. In Hong Kong, you don't, but the transactions linked to your identity. Communist Party officials, here known as the international socialists, are using it to track people and zealots. That way they can tell you were in the area of a demonstration when it occurred, and you get tagged. Remember, in China when that happens, you are not allowed onto public transportation, you get barred from using it. Let's keep cash going. Pay with paper money when you can. I think that's important. We don't want to switch to a cashless society. There was a great study out of Montreal, about teams and social media. Again, you'll see links to these in your newsletter. Craig Peterson dot com slash subscribe because we do not have time to go through all of these but a big surprise, at least to me, in this study that I think you want to hear. I love this quote too from one of the researchers talking about depression with these teenagers social media, and a big surprise about video games. I would almost compare it to smoking in the 1970s where the very adverse effects are still relatively unknown. But they did draw some interesting conclusions. There is a bill in Congress right now. Great article from Reuters that I posted about big tech companies from offering financial services. It's called the Keep Big Tech out of Finance Act. President Trump commented on it. He's demanding that companies that want to get into this cyber currency business, seek a banking charter, and I agree with him on this one. But this whole Facebook thing that's going to be coming out here probably next year is called the Libra. It's a little scary if you ask me. A Florida DMV is selling driver's license information, your personal information to bill collectors and data brokers in Florida. They have made more than $77 million on selling your personal information if you can believe that. That's what I don't like about this whole REAL ID thing is that the State is now required by federal under federal law to comply with Real ID. Thank you, Democrats (tongue firmly planted in cheek) who voted for it in here the State when they took over New Hampshire. I don't want the government having that information because I don't want them to resell it. I'm going to do a special master class around this article from Fast Company. It is about how the hackers are using social media to break into your company and how they're doing it step by step. Keep an eye out for this as well. Take care, everybody. We will be back on Monday. I'm on with Jack Heath during drive time. Check it all out at Craig Peterson dot com. Have a great weekend, everybody. Bye-bye. Oh, and keep cool, if you can. ---  Related articles: The Fertile Garden of Social Media is ripe for attracting Cybercriminals to your Business How DMVs Make Millions – Selling Your License Information Big Tech Banks, U.S. says Not So Fast When Governments Demonetize by Force How Cold? Researchers Predict Large Decrease in Sunspot Activity Increases in Teen Depression — Check their Social Media   ---  More stories and tech updates at: www.craigpeterson.com Don't miss an episode from Craig. Subscribe and give us a rating: www.craigpeterson.com/itunes Follow me on Twitter for the latest in tech at: www.twitter.com/craigpeterson For questions, call or text: 855-385-5553

Blockchain Insider by 11:FS
105. Donald Trump hates Libra......and Bitcoin

Blockchain Insider by 11:FS

Play Episode Listen Later Jul 18, 2019 47:25


Simon and Colin are back this week to talk about the latest and greatest news in blockchain! First up, the pair take a look at an article about a draft discussion bill titled "Keep Big Tech Out of Finance Act" which aims to stop tech colossuses from becoming financial institutions. They point out that this bill is a long way from becoming a reality and explain how this bill is seemingly targeted towards Facebook's Libra. (00:55) Next up, Simon and Colin break down an article about Mark Carney's statement that Libra is not "learning on the job" stuff, but must be rock solid from the get go, or it simply won't start. Carney also says that Libra pose a wide range of risks, which Simon explains could be due, in part, to optimistic tech developers not worrying about the many important things that could go wrong, as much as central bankers do. (08:05) Other stories include: * Fidelity, Deloitte, Amazon support new blockchain accelerator (19:52) * Binance burns $24 million worth of BNB tokens allocated to team (24:43) Our Tweet of the Week comes from @realDonaldTrump about his hatred of Bitcoin and Libra! (30:45) We also have another brilliant interview for you, this week from Dora Matheidesz, Senior Innovation Manager for blockchain at HSBC (35:00) All this and so much more on this week's episode of Blockchain Insider. And why not send us your best tweets? See if you can get a shout out on the show! ​ We hope you enjoy the show and, as ever, don't forget to subscribe! ​ Want to join the conversation on all the topics discussed? Tweet the show @bchaininsider and if you really love the show, please leave us a review on iTunes. ​ This week's episode of Blockchain Insider was produced by Laura Watkins and Petrit Berisha. Edited by Alex Woodhouse. Special Guest: Dora Matheidesz.

SSAS Business Podcast
What is a SSAS

SSAS Business Podcast

Play Episode Listen Later May 28, 2019 30:35


A Small Self-Administered Scheme (SSAS) is a pension Trust set up by a limited company or a partnership.  A SSAS is primarily set up by private and family run limited companies for the benefit of the owner directors and senior employees. The members are also Trustees and so have control and flexibility over the Scheme assets and investment choices in a tax efficient environment. The key features of a SSAS are: It is an occupational pension scheme The members are usually directors or employees of the sponsoring employer There is a limit of 11 members It is a highly tax efficient environment You have control of the investment decisions A SSAS is an occupational pension scheme established in the Finance Act 1973 and is usually, but not always, set up by the directors of a business. The directors may want greater control over the investment decisions for their pensions, especially the use of their pension plans, to invest back into their business or indeed other businesses, should they wish. A SSAS is registered with HMRC and so benefits from wide ranging and generous tax reliefs available to pension schemes. These may include, but not limited to: No Income Tax on allowable investments No Capital Gains Tax due on disposal of investments Company and personal contributions are deductible against tax Tax-free lump sum on death before retirement Tax-free lump sum from age 55 on retirement A SSAS is not an FCA regulated product and so the ‘wrapper’ or vehicle is not covered by the Financial Services Compensation Scheme (FSCS). However, the FSCS does cover any regulated investments held by the SSAS. Each member of the SSAS is a Trustee which is a requirement to comply with the Pensions Act 1995. A SSAS is a truly eye-opening concept that will leave you wondering why you didn’t know about it long ago, irrespective of what age you are!  And that can be a fear for many – they don’t know what they don’t know.  Being a Trustee of your own SSAS is similar in many respects to running your own business. In fact, it calls on exactly the same business acumen and tenacity and should not be something that should be feared. For sure, there are rules to learn and be followed, the same as in any walk of life.  However, once you have mastered the basics relatively quickly you will start to see the immediate benefits and experienced the feeling of freedom and control which will, I assure you, become intoxicating! The responsibility should not be taken lightly in setting up any business and a SSAS is no different in that respect. Embrace the knowledge and drive your own path towards an incredibly fulfilling future with the empowerment of a SSAS pension.

Otherwise?
Episode 70: Financing the Kenyan Government

Otherwise?

Play Episode Listen Later Sep 27, 2018 63:29


The 2018 Finance Act, one of the most controversial in recent times, was passed into law on 21st September 2018 despite public opposition. Today we're joined by Mokeira Nyagaka, a research analyst at the International Budget Partnership Kenya, to talk about public finance, which is the management of a country’s revenue, expenditure and debt through government institutions. Do our public finance policies help us achieve growth, stability, equity and efficiency? Are they in line with our constitution? What is a finance bill, and what is its role in public finance? What are the other laws that govern public finance in Kenya, and how do they interact? Is revenue shared equitably between the national government and county governments? What does Kenya's debt position mean for our future? What is the role of the Kenyan public when it comes to public finance? Press play to find out! Resources The 2018 budget speech in full The Finance Bill (2018) The Public Finance Management Act (2012) The Budget Policy Statement (BPS), 2018 Laws on Devolution The Consolidated Fund Services (CFS) Report by the Controller of Budget Quarterly Economic and Budgetary Review Historical Debt Trends How Much Should Counties in Kenya Receive in 2018/19? How Fair are Revenue Sharing Mechanisms in Fighting Intra-County Inequalities in Kenya? Budget Making in Kenya Budget Transparency: Kenyan Perspective Deliberating Budgets: How Public Deliberation Can Move Us Beyond the Public Participation Rhetoric The Kenyan Public Finance Management Act 2012 FAQ (Frequently Asked Questions) For Citizens Public Participation Under Kenya’s New Public Financial Management Law and Beyond County Budget and Economic Forums (CBEFs) and Public Participation in Kenya: A Synthesis of Case Studies from Five Counties Image Credit: Nairobi News

Pensions - Gowling WLG
PI30P 12 - Ongoing scheme funding - refunds of surplus to employer

Pensions - Gowling WLG

Play Episode Listen Later Jul 20, 2017 8:17


Key points There are circumstances in which a defined benefit pension scheme may have a funding surplus. Refund of surplus to an employer is permitted if certain requirements are met, which differ depending on whether the scheme is ongoing or in wind-up. The requirements include: Ongoing scheme: power in the rules, refund within limit specified by actuary, in members’ interests to exercise power, 3 months’ notice to members.   Scheme in wind-up: power in the rules, scheme liabilities fully discharged, any power to pay surplus to others considered, 3 months’ notice to members. Section 251 of the Pensions Act 2004 provides that, for an ongoing scheme, the refund or surplus power is lost unless the Trustees pass a resolution meeting the requirements of section 251 to retain the power by 5 April 2016. In practice, this means Trustees must have given written notice of their intention to make such a resolution to members and employers by 4 January 2016. Under the Finance Act 2004, a refund of surplus payment will attract a 35% tax charge payable by the Trustees, which should be deducted from the surplus payment before it is paid.

Humanities Lectures
Winter Lecture Series - 2008: Beyond the electoral finance act?

Humanities Lectures

Play Episode Listen Later Jun 3, 2010 61:05


Associate Professor of Law, Andrew Geddis discusses the electoral finance act and beyond. 2008 Winter Lecture Series

Humanities Lectures
Winter Lecture Series - 2008: Beyond the electoral finance act?

Humanities Lectures

Play Episode Listen Later Jun 3, 2010 61:05


Associate Professor of Law, Andrew Geddis discusses the electoral finance act and beyond. 2008 Winter Lecture Series

Humanities Lectures
Winter Lecture Series - 2008: Beyond the electoral finance act?

Humanities Lectures

Play Episode Listen Later Jun 3, 2010 61:05


Associate Professor of Law, Andrew Geddis discusses the electoral finance act and beyond. 2008 Winter Lecture Series

Crypto Basic Podcast: Teaching You The Basics of Bitcoin and the World of Cryptocurrency. CryptoBasic

  Today we’re getting super political, so Karim is all excited. Don’t worry, we’re talking about it being related to Crypto. The House had a hearing and we break down some opinions of some people in Congress. We also go on to talk about a couple of scams from across the globe. It’s Flagship Friday-ish on the CryptoBasic Podcast. Rapid Fire ZCash/ YCash Fork happened today Thursday at block 570,000. If you own ZCash you'll be getting it at 1:1 ratio YCash is being made to restore mining on commodity hardware which was largely abandoned on the ZCash blockchain. 27% of the enterprises plan to invest roughly between $1-$5mill in blockchain over the next 12 months. Source Deloitte & Touche Reddit Co-founder Alexis Ohanian invests $3.75 mill with a Hearthstone competitor using ERC-1155 tokens bought with DAI The funds have been used to scale up production on a new card game called Skyweaver and a gaming platform called Arcadeum. "Trading card from another dimension". Also Gods Unchained, another blockchain card game using ERC-721 tokens (nfts) has had a 50% increase in games played in the past week. You can hold these in Enjin wallet. Brave ads are live on Android. Litecoin has sponsored the Miami Dolphins All Kinds of US Policiking about Libra. This was 7 hours long. Donald Trump - (R) Does not like BTC (no obvious opinion on Libra) Tom Emmer - (R) Anti Libra, seems to be pro BTC "Individuals insistent on the exclusion of middlemen and the freedom of the individual will continue to create open networks separate from central control. Unfortunately Libra is not designed to minimize middlemen. It in fact relies on them." Kevin McCarthy - (R) Anti Libra, pro BTC "I like bitcoin "Likes decentrlaized nature of BTC "I want to see decentralization because Libra concerns me that they're going to control the market" Ron Paul - (R/I) Pro Crypto, No stance on libra. Treasury Secretary Munchin - Pro Crypto/ BTC, and says Treasury is OK with it with full AML. He was not comfortable with Libra, but was not anti-Libra. Denver Riggleman - (R) He knows his shit. Started right away asking questions about open source, whitepapers, he actually looked at the code and knew that it was written in Rust. Dude checked Github, mentioned who was building the Libra core, asks about scalability issues and why Rust was chosen as the language. Specifically grilling him about the "nightly build" of Rust and why it was being used. David Marcus couldn't actually answer that. House Democrats released a bill called "Keep Big Tech Out of Finance Act" which was anti - Libra, but not pro BTC/ Crypto. Patrick McHenry - R - Skeptical of Libra - Clearly Pro Crypto - Did not take a clear anti Libra stance. Said it could be a plot to increase Twitter presence lol. Warren Davidson said - There's bitcoin and there's shitcoin. (R) Unclear stances Colloquially, Shitcoin Wednesday, July 17th 2019 a Congressman asked Meltem Demirors about shitcoins. How is this real life???? Brad Sherman - D - Anti Libra, calls it Zuck Buck. Very Anti-Crypto. Anti Crypto, compares it to “We’re told by some that innovation is always good. The most innovative thing that happened this century is when Osama bin Laden got the innovative idea of flying two airplanes into towers,” Says Libra is more dangerous than Al Queda. (Market Cycles)500 Lets talk about the psychology of a market cycle. Disbelief, hope, optimism, belief, thrill, euphoria, complacency, anxiety, denial, panic, capitulation, anger, depression, disbelief Simplified market cycle - peak,trough, contraction, expansion (Tether’s $5 Billion Error Exposes Crypto Market’s Fragility) A little reminder that this is still a young market with an infastructure in construction Saturday (7/13) Tether mistakenly created more than $5b in an instant, (marketcap rn $3.9b) Article claims sudden flood spooked the market & btc dropped by 12% About 60% of BTC trading is done with Tether And we've already had the NY AG saying Tether used reserves to cover up $850m in missing funds Basically Poloniex needed to move $50m Tether from Omni network to Tron LOL - The Tether EMPLOYEE who processed the order accidentaly created and sent Poloniex $5b Tether instead of $50m CTO Tweeted it was "an issue with the token decimals, fat finger error" Crypto Around the World U.S. foes are weaponizing cryptocurrency says new report New Study by the Foundation for Defense of Democracies (FDD) Says US adversaries are using crypto to "circumvent the nation's geopolitical supremacy" Focused on Venezuela, China, Iran, and Russia All of these have been aggressively working on blockchain currencies or networks Venezuela backed with oil, Iran is launching one backed with Gold FDD warns that digital currencies, especially those backed by commodities, will make sanctions much harder to enforce Most worried about China, with massive tech its digital currency could compete with dollar based financial system Also fears that nations will just invest in current systems, like Russia is believed to be investing in btc Found the Report itself, Overview of findings Venezuela, Maduro, & the Petro - Total debacle, they did not build the economic or technical infrastructure to make the petro useful to citizens and international trading partners. But it will serve as case study for other nations Basically how the US financial dominance is at risk if any crypto becomes popularly used and an alternate financial infrastructure is created But who is the FDD That name already sketches me out big time Washington THinktank focused on "national security and foreign police" (not exactly what you would think of but maybe) Their own about Founded shortly after the attacks of September 11, 2001, FDD conducts actionable research, prepared by experts and scholars from a variety of backgrounds Started looking at their headlines Undeterred Cyber Adversaries Require a More Aggressive American Response As tensions escalate, U.S. must intensify pressure on Iran and the IAEA Australia should place unilateral sanctions on Iran Oman’s Growing Ties with Iran Threatens its Neutrality: FDD Report Long story short - they're just a neocon think tank, hawkish and super pro war. And their funding explains their bias, from their 2011 tax filings "Most of the major donors are active philanthropists to 'pro-Israel' causes both in the U.S. and internationally. With the disclosure of its donor rolls, it becomes increasingly apparent that FDD’s advocacy of U.S. military intervention in the Middle East, its hawkish stance against Iran, and its defense of right-wing Israeli policy is consistent with its donors’ interests in 'pro-Israel' advocacy" Thats a scam! For $15k You Can Fake Trading Volume A 20 year old at Moscow State University, Andrey Andryunin, (Let's go MSU!!) talks about his company that he co-founded called Gotbit. It inflates trading volume on obscure crypto exchanges for a fee to ultimately get listed on Coin Market Cap. Programs a bot to trade tokens back and forth with each other (what do we call that Karim??) wash trading. Exchanges know about it but don't care too much to stop it. Hotbit based in Shanghai and BitForex out of Hong Kong are two exchanges that Gotbit uses. Gotbit was found to be one of 14 exchanges that basically had zero genuine trading outside of wash trading in a report by Alameda Research, a crypto trading firm. A lot of the coins are top 300-500 market cap trying to appease their investors, maybe make an exit eventually, but ultimately only 2 or 3 of the 30 or so Gotbit clients have a working business model and have reached the point of building an actual product. Adryunin does go on to say that this isn't exactly an ethical business and that if this was on NASDAQ he knows it would be a financial crime. Both him and his cofounder understand there is incoming regulation from the Financial Action Task Force which will regulate crypto related services and exchanges so they are pivoting to other more legitimate things like offering IEOs NovaChain Had no idea what it was. It was yet another Lending platform that was based off of "High frequency trading bot passive income" Deleted its website and email list and all social networks. Loss was in the millions. Twitter users were tweeting tons of numbers.