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<ul class="summary-list"><li>A cat snuck into a factory in Fukuyama, Japan, and fell into a toxic-chemical vat before escaping.</li><li>The city alerted residents, and officials advised them not to pet any abnormal-looking cats.</li></ul>Officials in Fukuyama, <a target="_blank" href="https://www.businessinsider.com/category/japan">Japan,</a> alerted the city after a cat snuck into a <a target="_blank" href="https://www.businessinsider.com/sc/how-metal-plating-is-fueling-the-future-of-smartphones">metal-plating factory</a> and fell into a toxic vat before escaping.The factory, Nomura Plating, plans to ramp up security measures to prevent animals from causing problems in the future.On Monday morning, a tan-colored trail of paw prints was found leading away from an 11-foot-tall vat of metal-plating solution containing hexavalent chromium, <a target="_blank" href="https://www.asahi.com/articles/ASS3D4G33S3DPITB001.html">Japan's Asahi Shimbun newspaper reported.</a>Breathing in the <a target="_blank" href="https://www.businessinsider.com/toxic-chemicals-in-shein-and-other-fast-fashion-clothing-2022-8#:~:text=Experts%20told%20Insider%20consumers%20many,than%20textile%20plant%20workers%20do.">toxic chemical</a>, also known as chromium 6, can lead to swelling of the lungs and airways, and touching it can cause ulcerations, the <a target="_blank" href="https://www.gov.uk/government/publications/chromium-general-information-incident-management-and-toxicology/chromium-general-information">UK Health Security Agency says.</a>A factory spokesperson <a target="_blank" href="https://www.nbcnews.com/news/world/chemical-cat-large-japanese-city-officials-warn-rcna143117">told Agence France-Press</a> that "the incident woke us up to the need to take measures to prevent small animals like cats from sneaking in, which is something we had never anticipated before."Asahi Shimbun reported that surveillance footage showed the cat leaving the factory on Sunday night.The factory said part of a sheet over the vat looked to have been partially turned over, allowing the cat to fall in, the newspaper said.The factory did not immediately respond to a request for comment from Business Insider.A spokesperson told AFP that the factory immediately told police, city officials, and neighboring buildings about the escaped cat.In turn, the city's environmental division warned residents of the potential health risks, urging them to keep their distance if they spotted the toxic cat.Exposure to hexavalent chromium can lead to an increased risk of lung, nose, and sinus <a target="_blank" href="https://www.businessinsider.com/reduce-risk-of-common-cancers-colon-breast-lung-2023-6">cancers,</a> <a target="_blank" href="https://www.atsdr.cdc.gov/csem/chromium/physiologic_effects_of_chromium_exposure.html">the Agency for Toxic Substances and Disease Registry says.</a>"If you find a cat that seems abnormal, please do not touch it and contact the city or police," the environmental division said, Asahi Shimbun reported.City officials also provided guidance to elementary schools near the factory, advising children not to pet any cats that looked unwell, <a target="_blank" href="https://news.ntv.co.jp/category/society/ht76bf98da7b1b46d384d8d9185b9cf68c">Japan's Nippon TV News reported</a>.As of Thursday, the cat's whereabouts were still unknown, though the city's environment division told AFP that it may have died from chemical exposure.

A factory in Japan is ramping up measures to avoid animals sneaking in after a cat fell in a toxic vat and went on the loose

<ul><li><keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">Petrol</keyword> <keyword id="459" type="ORGANIZATION" weightage="20" keywordseo="price">price</keyword> on Sunday was increased by 24 paise per <keyword id="88122" type="PERSON" weightage="20" keywordseo="Litre">litre</keyword> and <keyword id="6356109" type="UNKNOWN" weightage="20" keywordseo="diesel">diesel</keyword> by 27 paise.</li><li>Rates had already crossed ₹100-mark in several cities in Rajasthan, <keyword id="6355554" type="COMPANY" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword> and <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword>.</li><li>This is the ninth increase in prices since May 4 when the state-owned oil firms ended an 18-hiatus in rate revision.</li></ul>Petrol price on Sunday was increased by 24 paise per litre and diesel by 27 paise, pushing rates across the country to record highs and that of petrol in Mumbai to near ₹99 a litre. The increase led to rates in Delhi climbing to ₹92.58 per litre and diesel to ₹83.22, according to a price notification of state-owned fuel retailers. Rates had already crossed ₹100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra and with the latest increase, price in Mumbai too was inching towards that level. A litre of petrol in Mumbai now comes for ₹98.88 and diesel is priced at ₹90.40 per litre. Fuel prices differ from state to state depending on the incidence of local taxes such as <keyword id="6370857" type="COMPANY" weightage="20" keywordseo="VAT">VAT</keyword> and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra. This is the ninth increase in prices since May 4 when the state-owned oil firms ended an 18-hiatus in rate revision they observed during assembly elections in states like West Bengal. Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at ₹103.52 per litre and ₹95.99 a litre, respectively. In nine increases, petrol price has risen by ₹2.19 per litre and diesel by ₹2.49. Since March last year when the government raised excise duty on fuel to an all-time high, petrol price has increased by a record ₹22.99 per litre (after accounting for a handful of occasions when rates fell) and diesel by ₹20.93. Oil companies, which have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting a peak to elect new governments in five states including West Bengal. No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trend in international oil markets. Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies ₹32.90 per litre of excise duty on petrol and ₹31.80 on diesel. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/after-ditching-bitcoin-elon-musk-is-now-working-on-making-dogecoin-efficient/articleshow/82628521.cms">After ditching Bitcoin, Elon Musk is now working on making Dogecoin efficient</a> <a href="https://www.businessinsider.in/cryptocurrency/news/four-reasons-why-cryptocurrency-ethereum-has-been-on-a-bull-run/articleshow/82606761.cms">Four reasons why cryptocurrency Ethereum has been on a bull run</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-a-couple-from-chennai-has-come-up-with-this-innovation-of-a-surgical-mask-vending-machine-/articleshow/82605058.cms">Even small initiatives during a pandemic can help save a thousand lives, these people are doing their bit</a>

Petrol and diesel prices hiked again by 24 paise and 27 paise per litre, petrol reaches ₹99 a litre in Mumbai

<ul><li><keyword id="6367091" type="COMPANY" weightage="20" keywordseo="petrol">Petrol</keyword> and <keyword id="6397171" type="UNKNOWN" weightage="20" keywordseo="diesel-prices">diesel prices</keyword> on Monday hit record highs across the country after rates were increased for the fifth time in a week, following which <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> joined <keyword id="6355588" type="COMPANY" weightage="20" keywordseo="rajasthan">Rajasthan</keyword> and Madhya Pradesh.</li><li>Petrol price was hiked by 26 paise a litre and diesel by 33 paise per litre, according to a price notification by state-owned fuel retailers.</li></ul>Petrol and diesel prices on Monday hit record highs across the country after rates were increased for the fifth time in a week, following which Maharashtra joined Rajasthan and Madhya Pradesh in the league of states where petrol rates breached the ₹100-a-litre mark. Petrol price was hiked by 26 paise a litre and diesel by 33 paise per litre, according to a price notification by state-owned fuel retailers. This was the fifth increase in prices since May 4, when the state-owned oil firms ended an 18-hiatus in rate revision during assembly elections in states like West Bengal. The increase took petrol and diesel prices to their highest-ever level. In <keyword id="66" type="LOCATION" weightage="20" keywordseo="Delhi">Delhi</keyword>, petrol now comes for ₹91.53 per litre and diesel is priced at ₹82.06 per litre. While petrol prices had crossed the ₹100-mark in some places in Rajasthan and Madhya Pradesh a few days back, Maharashtra's Parbhani joined the league on Monday. Petrol in Parbhani was priced at ₹100.20 a litre, while in Bhopal it came for ₹99.55 a litre. The fuel is sold at ₹102.42 a litre in Sri Ganganagar district of Rajasthan and at ₹102.12 in Anuppur of Madhya Pradesh. This is the second time this year that rates in some parts have crossed the ₹100-a litre mark. Rates had breached the physiological mark for the first time in mid-February. Fuel prices differ from state to state depending on the incidence of local taxes such as <keyword id="6370857" type="COMPANY" weightage="20" keywordseo="VAT">VAT</keyword> and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh. In five increases in the last one week, petrol price has risen by ₹1.14 per litre and diesel by ₹1.33 - more than neutralising all of the reduction that came between March 24 and April 15. After raising petrol price by a record ₹21.58 per litre and diesel by ₹19.18 since the government raised excise duty to an all-time high in March last year, state-owned fuel retailers, <keyword id="6354733" type="COMPANY" weightage="20" keywordseo="ioc">IOC</keyword>, BPCL and <keyword id="6362419" type="COMPANY" weightage="20" keywordseo="hpcl">HPCL</keyword> had reduced petrol price by 67 paise a litre and diesel by 74 paise per litre effected between March 24 and April 15. Oil companies, who have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting peak to elect new governments in five states including West Bengal. No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets. They said prices have been on a continuous uptrend since April 27, crude oil price is hovering near USD 70-per-barrel mark. Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies ₹32.90 per litre of excise duty on petrol and ₹31.80 on diesel. In Mumbai, the petrol price was hiked to ₹97.86 a litre on Monday from ₹97.61, while diesel rates were increased to ₹89.17 from ₹88.82, the price notification showed. SEE ALSO: <a href="https://www.businessinsider.in/business/news/this-ev-startup-mobycy-went-from-solving-last-mile-commute-to-delivery/articleshow/82513392.cms">It took one pivot and five years for this EV startup founder to hit the sweet spot for business in India</a> <a href="https://www.businessinsider.in/science/health/article/if-you-are-feeling-anxious-and-overwhelmed-by-the-pandemic-and-the-news-around-it-here-are-a-few-ways-to-calm-yourself-down/articleshow/82494658.cms">If you are feeling anxious and overwhelmed by the pandemic and the news around it, here are a few ways to calm yourself down</a>

Petrol price at record high, crosses ₹100 per litre in Maharashtra; diesel price hiked by 33 paise per litre

New Delhi, The country's aviation industry has suffered a loss of ₹11,658 crore in 2021-22, the government said. According to the Civil Aviation Ministry, the details of losses incurred by the industry are: FY 2019-20 ₹4,770 crore; FY 2020-21 ₹12,479 crore; and FY 2021-22 ₹11,658 crore. The losses to the industry were primarily because of the Covid-induced disruption across the globe; currency depreciation (USD/INR); high operating cost environment, especially due to increase in ATF prices which constitute a major portion of the operational cost of airlines; increase in crude oil prices in the international market; VAT; excise duty; and the ongoing Ukraine-Russia war. Airlines were unable to pass the full impact of cost increases to the passenger, Union Civil Aviation Minister <keyword id="29632" type="General" weightage="80" keywordseo="jyotiraditya-scindia" source="Orion">Jyotiraditya Scindia</keyword> told the <keyword id="6355187" type="General" weightage="80" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> in a written reply on Thursday. The actual figure of profit/losses to the industry will be known only when the audited accounts are available at the end of the financial year 2022-23, the reply added. The airlines and major airports are operated by the private sector and they evolve their own SOPs for cost minimisation and profitability. However, the government has taken various steps to facilitate airlines. The UDAN Scheme is a game-changer for the aviation industry, the reply added. The UDAN Scheme or Ude Desh Ka Aam Nagrik is a regional connectivity scheme that seeks to make air travel accessible and affordable for the masses. Scindia said that the enhanced fiscal support in the form of VGF (Viable Gap Funding), concession on fuel rates, landing/parking charges and the infrastructural development of un-served airports have not only boosted the operations of giant airline companies but have also led to the participation of regional start-up airlines such as Star Air and IndiaOne Air, and <keyword id="9852691" type="General" weightage="80" keywordseo="flybig" source="Orion">Flybig</keyword> which are operating exceptionally well. Other measures taken by the Government included the reduction of <keyword id="6370857" type="General" weightage="80" keywordseo="vat" source="Orion">VAT</keyword> on Aviation Turbine Fuel (ATF) was taken up with state governments/union territories levying high VAT on ATF. As a result, 16 states have reduced the VAT in the range of 1-4 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-economy-to-recover-faster-than-developed-markets-nifty50-may-end-2023-at-19500/articleshow/96407973.cms">Indian economy to recover faster than developed markets – Nifty50 may end 2023 at 19,500</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/reliance-adani-enterprises-sula-vineyards-among-stocks-in-focus/articleshow/96414091.cms">Sensex, Nifty50 to open in the green amid positive global cues – Reliance, Adani Enterprises, Sula Vineyards among stocks in focus</a>

Aviation industry ₹11,658 crore loss in 2021-22

<ul class="summary-list"><li>OSHA has handed Mars Wrigley a five-figure fine for a June incident at a Pennsylvania confectionary factory.</li><li>Officials say two workers fell into a tank of chocolate while doing maintenance work.</li></ul>A Pennsylvania confectionary factory is being fined more than $14,500 over a 2022 incident that involved two workers falling into a vat of chocolate.According the Occupational Safety and Health Administration, the two contract <a href="https://apnews.com/article/occupational-safety-and-health-administration-pennsylvania-business-c434508ff07c5fdc3bbeb6c23b130d40" target="_blank" rel="noopener">workers at an M&amp;M/Mars factory in Elizabethtown were neither authorized nor trained to work in tanks</a>. OSHA is holding Mars Wrigley responsible for the incident, the Associated Press reported.The pair were reportedly employed by an outside contracting firm, and fell into the chocolate tank in June while performing maintenance work, officials said.They had to be rescued by emergency responders who cut a hole in the bottom of the partially filled tank to free them, according to the AP. Both were taken to the hospital.A Mars Wrigley representative told reporter that employee safety "is a top priority for our business.""As always, we appreciate OSHA's collaborative approach to working with us to conduct the after-action review."

Mars Wrigley fined after two workers fell into a vat of chocolate in workplace safety incident

India's biggest tax reform, the <keyword id="6359833" type="General" weightage="20" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword>), completes its half-a-decade journey on June 30, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month 'a new normal'. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, <keyword id="6355686" type="General" weightage="20" keywordseo="service-tax" source="Orion">service tax</keyword> and <keyword id="6370857" type="General" weightage="20" keywordseo="vat" source="Orion">VAT</keyword> and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds. Besides, a cess is levied on the highest tax slab of 28 per cent on luxury, sin and demerit goods. The collection from the cess goes to a separate corpus — Compensation fund — which is used to make up for revenue loss suffered by the state due to GST rollout. GST also represents an unprecedented exercise in fiscal federalism as the Centre and states come together in the GST Council to thrash out modalities for smooth functioning of the relatively new tax regime. The Council has met 47 times so far and have taken measures which made Rs 1 lakh crore <keyword id="4943720" type="General" weightage="20" keywordseo="gst-collection" source="Orion">GST collection</keyword> per month 'a new normal' and on course to take the figure to Rs 1.4 lakh crore every month. As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore. The collections had touched a record Rs 1.68 lakh crore in April 2022, it had for the first time crossed Rs 1 lakh crore mark in collections in April, 2018. On the 5th anniversary of GST, <keyword id="4336899" type="General" weightage="20" keywordseo="Central-Board-of-Indirect-Taxes-and-Customs" source="Orion">Central Board of Indirect Taxes and Customs</keyword> (CBIC) tweeted "GST subsumed multiple levies and cesses, reduced compliance burden, removed regional imbalances and inter-state barriers, and significantly increased the transparency and overall Revenue collection". Over the past years the Government has been proactively issuing circulars and clarifications to clear doubts regarding taxation under GST and ensure ease of doing business. More recently, the GST Council, in its 47th meeting in Chandigarh, has decided to ease compliance for small taxpayers who supply through the e-commerce platform. Such suppliers, who make only intra-state supplies, need not seek GST registration if their annual turnover is less than Rs 40 lakh in case of goods and Rs 20 lakh in case of supplies. To help tax officers in administration, GST Network, which provides the technological backbone for the indirect tax regime, has been using artificial intelligence and machine learning to dish out newer data and plug revenue leakages. Tax experts, however, seek a simpler structure for Goods and Services Tax, a structure which would ensure seamless flow of input tax credit through the entire supply chain without losses. BDO India Partner and Leader - Indirect Tax Gunjan Prabhakaran said “over the past five years, the GST law has evolved and mitigated several issues faced by the taxpayers through timely clarifications and amendments. "However, the GST Council and the Government should quickly address few other hardships faced by taxpayers in relation to unwarranted and excessive issuance of show cause notices (for reconciliations of financial numbers, grant of registration, etc) and introduce a robust, technology driven single assessment process, which would achieve the twin objective of ease of doing business and remove the cascading effect of taxes". AMRG &amp; Associates Senior Partner Rajat Mohan said in the last five years, GST law has matured at a fast pace. First, the focus was on compliance and technology; sooner than later, it moved gears, and taxpayers were posed to self-regulate the annual filings. "Now it seems the law has entered the next phase whereby litigation needs to be reduced by either replacing ambiguous tax laws or clarifying the practical application of technical issues. Businesses expect the government to resolve all sectoral issues like would BPO/KPO qualify as an intermediary, tax credit for capital expenditure on building, levy of GST on Extra Neutral alcohol (ENA) etc," Mohan said. While the GST administration has moved forward with alacrity, it is still a long way to go to achieve the full potential of GST and make it a true 'good and simple tax'. With petrol, diesel, ATF outside GST, a large part of the economy is still not covered by the indirect tax regime. Inclusion of petroleum products under the GST net, could reduce cost for companies, tax experts say. With emerging technology, there is emergence of newer asset classes like the virtual digital assets (VDA) or cryptocurrency. There is a need for clarity on whether they would be classified as supply of 'goods' or 'services' and what would be the tax rate on them. Tax rate rationalisation is something which would happen sooner or later. Current inflationary concerns may have derailed the plans to tweak rates and GST slabs, but it would eventually be a reality as both the Centre and states need revenues and lesser slabs would mean a simplified tax regime. Besides, the decision makers in the Council too have to work out a solution as state governments, from July 1, 2022, stare at a stoppage of compensation for revenue loss due to GST implementation. When GST was rolled out on July 1, 2017, states were promised a compensation, from the cess fund, for five years if their GST collection falls short of the 14 per cent compounded revenue growth. Most states have sought an extension to the compensation mechanism and a final decision is likely to be taken at the next GST Council meeting in Madurai in the first week of August. Abhishek Jain, Partner Indirect Tax, KPMG in India, said going forward, the Government can consider setting up of Central authority to resolve conflicting AAR judgements across states and consider doing away with anti-profiteering provisions freeing businesses to set prices. "Further, bringing petroleum and electricity under GST ambit will help prevent cascading and ensure further uniformity. Lastly, some checks can also be incorporated on system generated GST notices, so as to avoid any unnecessary harassment of taxpayers," Jain said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startups-like-unacademy-vedantu-blue-stone-caratlane-go-physical-from-digital-as-pandemic-boom-ends/articleshow/92564319.cms">Startups go physical from digital as pandemic boom ends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-credit-card-users-spend-40x-more-than-debit-card-users-online/articleshow/92543305.cms">Indian credit card users spend 40x more than debit card users online</a>

GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

<ul class="summary-list"><li>A foundry worker in Mapleton, Illinois, died in June after falling into a vat of molten iron.</li><li>Federal investigators say inadequate safety protections may be to blame for the worker's death.</li></ul>A 39-year-old worker on just his ninth day on the job at a Caterpillar-operated foundry in Mapleton, Illinois, died after falling into a vat of molten iron.The worker was "immediately incinerated" in the incident, which occurred in June, per the <a href="https://www.dol.gov/newsroom/releases/osha/osha20221109-1">Department of Labor</a>.<a href="https://www.dol.gov/newsroom/releases/osha/osha20221109-1">Federal investigators say</a> that inadequate safety protections may have contributed to the worker's death and propose to fine the foundry operator Caterpillar of $145,027.The Occupational Safety and Health Administration (OSHA), part of the Department of Labor, <a href="https://www.dol.gov/newsroom/releases/osha/osha20221109-1">determined</a> that the foundry routinely exposed employees to unprotected fall hazards, even though they worked less than four feet from deep ceramic containers of molten iron that were heated to more than 2,000 degrees Fahrenheit.Caterpillar has 15 working days to either comply with the proposed penalties, request an informal conference with OSHA, or <a href="https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/2022/11/20222145OSHACATERPILLAR.pdf">contest the findings</a> of the investigation."A worker's life could have been spared if Caterpillar had made sure required safety protections were in place, a fact that only adds to this tragedy," said OSHA's regional administrator Bill Donovan in Chicago."Caterpillar's foundry is one of the nation's largest, and they should be acutely aware of industry regulations to protect workers using smelters and other dangerous equipment," he added.A Caterpillar spokesperson said in a statement to <a href="https://www.cbsnews.com/news/caterpillar-inc-faces-145k-fine-after-employee-fell-to-death-in-molten-iron/" target="_blank" rel="noopener">CBS News</a>: "Our thoughts remain with this employee's family, friends and colleagues. The safety of our employees, contractors and visitors is our top priority at all Caterpillar locations around the world."The company would "continue to engage with OSHA to seek an appropriate resolution to its review," the spokesperson added.Caterpillar did not immediately respond to Insider's request for comment, sent outside normal working hours.

A foundry worker on his 9th day in the job fell into a vat of molten iron and was 'immediately incinerated'

<ul><li>Indonesia will levy a 0.1% tax on income from <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> trading and a 0.1% VAT as well.</li><li>Indonesia’s tax slabs are lower than those levied by countries like India.</li><li>Prices of <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> registered a significant drop over the weekend, after the announcements.</li></ul>The price of Bitcoin has seen a <a href="https://www.tokocrypto.com/en/trade/BTC_BIDR">rather steep decline</a> in Indonesia over the weekend as the country’s government announced plans to tax crypto income from next month. Come May, the Indonesian government will start taxing capital gains income from crypto trading and investments at 0.1%, officials announced this past Friday. In addition, a value-added tax (VAT) of 0.1% will also be levied on crypto transactions, the government said. Reuters was the first to report about Indonesia’s plans to tax crypto last week. Further, Indonesia’s director of tax regulations, the Ministry of Finance, <a href="https://news.bitcoin.com/indonesian-government-sets-crypto-tax-at-0-1-to-be-levied-starting-may/">told</a> CNN that both the taxes would be levied from May 1, giving investors just about a month to decide how they plan to invest in the future. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Acknowledging crypto as a commodity?" comment="subhead" text="Acknowledging crypto as a commodity?">Acknowledging crypto as a commodity?</cmsannotation> The move may not come as the best news for crypto investors in India, but much like in other countries, it suggests that the government is starting to consider crypto as a commodity in Indonesia. This is similar to moves seen in India and some other countries. It is also lower than the 11% tax that the Indonesian government levies on other goods and services in the country. In fact, Indonesia’s tax is also lower than the slabs decided in neighbouring India as well. On February 1, Finance Minister Nirmala Sitharaman announced the government’s plan to tax income from crypto trading and investments at 30% and will not allow losses from one token to be offset with another. The country also plans to levy a 1% tax deduction at source (TDS) on crypto transactions, under which buyers will have to deduct the tax amount from a seller when buying cryptocurrencies. This, according to many <a href="https://twitter.com/ThatNaimish/status/1488789108080078849?s=20&amp;t=8W1KBy-cu9hYnx3Tosw5Gg">experts</a>, could further hurt the crypto ecosystem in India. On April 1, Bitcoin.com reported a significant drop in trading volumes in India following the announcements. Crypto exchange CoinSwitch’s founder Ashish Singhal had also said that the lack of tax offset could impact the industry adversely. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hdfc-bank-hdfc-merger-news-makes-shareholders-richer-by-over-1-lakh-crore/articleshow/90638471.cms">HDFC Bank-HDFC merger news makes shareholders richer by over ₹1 lakh crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rally-in-adani-group-companies-not-only-made-gautam-adani-indias-richest-man-but-also-made-a-fortune-for-its-investors/articleshow/90638038.cms">Rally in Adani Group companies not only made Gautam Adani India’s richest man, but also made a fortune for its investors</a>

Indonesia plans to tax crypto from May – government to levy VAT and 0.1% tax on income from crypto trade

<ul class="summary-list"><li>Former minister Steve Brine has been cleared of breaching lobbying rules because no VAT was paid.</li><li>Brine told then-health secretary Matt Hancock Remedium Partners was "very worth a call". </li></ul>A former health minister has been cleared of breaching lobbying rules for a second time in less than a year, because in both cases no VAT was paid.Steve Brine, who served in Theresa May's government until March 2019, messaged then-health secretary Matt Hancock about Remedium Partners. He was being paid £1,600 a month, <a href="https://members.parliament.uk/member/4067/registeredinterests">his register of interests shows</a>.<a href="https://www.thetimes.co.uk/article/covid-19-lobbying-of-matt-hancock-didnt-break-rules-says-former-minister-steve-brine-nw80bzhp5">According to The Times</a>, Brine told Hancock the medical recruitment agency was "very worth a call from your team" about staffing of Nightingale hospitals set up during the height of the COVID-19 pandemic. Former ministers are banned from lobbying ministers for two years after their last day in office. The message was sent in March 2020, meaning his approach fell within the restricted period. However, an investigation by the Office of the Registrar of Consultant Lobbyists, an independent statutory office sponsored by the Cabinet Office, found that <a href="https://registrarofconsultantlobbyists.org.uk/summary-of-investigation-mr-steve-brine-mp/">Brine had not breached lobbying rules because no VAT was paid</a>."Payments to Mr Brine from Remedium Partners were not paid to a VAT registered entity," a summary of the decision said."Under the Transparency of Lobbying, Non-Party Campaigning and Trade Union Administration Act 2014 ("the Act"), registration under the Value Added Tax Act 1994 is one of three conditions that define consultant lobbying."This is the second time an investigation into Brine has concluded he was not lobbying. In November 2021, the Office of the Registrar of Consultant Lobbyists came to the <a href="https://registrarofconsultantlobbyists.org.uk/summary-of-investigation-mr-stephen-brine-mp-mr-brine/">same conclusion about his work for Sigma Pharmaceuticals</a>. Separately, a source told Insider that Brine was likely to be cleared of breaching the rules by the Advisory Committee on Business Appointments (ACOBA) on the basis that he did not make use of his former government role. The source was granted anonymity to speak freely.Letters confirming that decision are due to be published confirming this in the coming days, the source said.Neither Brine's office nor Remedium responded to requests for comment. An ACOBA spokesperson declined to comment on the specifics, but said: "We have sought further assurances from Mr Brine following the Times story and will be publishing correspondence shortly."But Francis Ingham, director general of the Public Relations and Communications Association, attacked the "loophole" that allowed Brine to be cleared."We have said all the way through the Lobbying Act is fully of loopholes and unfit for purpose and needs to be reviewed," he told Insider. As well as calling for a new act to be brought forward, he urged ORCL to be "tougher" on such cases, saying: "They appear to be taking quite a liberal interpretation of the current act."Ingham said it was "woefully wrong for a legislator to be a lobbyist", adding: "To the man in the street it stinks - if it walks like a lobbyist and talks like a lobbyist, it's a lobbyist."

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