India tax panel may not reach consensus on taxing online gaming – source – Yahoo Finance

NEW DELHI (Reuters) – A panel of Indian state finance ministers has yet to submit its report on taxation of the booming online gaming sector that is crucial to a final decision on how the levies should be imposed, a senior government official said on Monday.
The panel has for weeks been deliberating how it should tax online gaming companies — and whether federal tax should be imposed on only the profits of firms or on the value of the entire pool of money collected from participants.
The panel is unlikely to reach a consensus this month, the official told reporters in New Delhi.
Real-money online games have become hugely popular in India, prompting foreign investors like Tiger Global and Sequoia Capital to back local gaming startups Dream11 and Mobile Premier League, popular for their fantasy cricket games.
Any decision on this in the upcoming meeting of India's goods and services tax (GST) council on Dec. 17 will be contingent on availability of the report which has yet to be finalized, the official said.
India is also separately working on federal regulations for the gaming sector that research firm Redseeer estimates will be worth $7 billion by 2026, dominated by real-money games.
Those planned regulations will apply to all real-money games after the prime minister's office overruled a proposal to only regulate games of skill and leave out games of chance, Reuters reported on Sunday.
During the Dec. 17 meeting of the GST council, the panel of federal and state finance chiefs will also discuss decriminalising the tax laws by way of raising the threshold for prosecution, the official added.
A separate government panel tasked with rationalisation of GST rates is also discussing the 18% tax levied on health insurance, amid calls seeking a lower rate, said the official.
(Reporting by Shivangi Acharya; Editing by Aditya Kalra and Dhanya Ann Thoppil)
A punchy U.S. jobs report and the beginnings of China's COVID-related reopening seem to be seen more as positive soft-landing signals than another stick to rattle central bank cages. Even though news of above-forecast November U.S. payrolls and wages on Friday and the hesitant and patchy easing of China's COVID curbs could argue for a stickier inflation picture ahead, markets were determined to see the glass as half full. The employment report certainly didn't shift the dial on market expectations for the Federal Reserve, with futures still seeing a 90% chance the Fed downshifts its interest rate rises to 50 basis points next week and the implied terminal rate next year still well below 5%.
Euro zone business activity declined for a fifth month in November, suggesting the economy was sliding into a mild recession as consumers cut spending amid surging inflation, a survey showed. S&P Global's final composite Purchasing Managers' Index (PMI) for the euro zone, seen as a good guide to economic health, nudged up to 47.8 in November from October's 23-month low of 47.3, matching a preliminary estimate. "A fifth consecutive monthly falling output signalled by the PMI adds to the likelihood that the euro zone is sliding into recession," said Chris Williamson, chief business economist at S&P Global Market Intelligence.
Most readers would already know that Tornos Holding's (VTX:TOHN) stock increased by 9.2% over the past three months. As…
Generally speaking the aim of active stock picking is to find companies that provide returns that are superior to the…
Today we will run through one way of estimating the intrinsic value of TAKKT AG ( ETR:TTK ) by estimating the company's…
China's exports and imports likely contracted further in November due to weakening global demand, production disruptions and waning demand at home amid widespread pandemic controls, a Reuters poll showed on Monday. Data for November are expected to show a 3.5% fall in outbound shipments from a year earlier, after October's figures were down an annual 0.3%, according to the median forecast of 28 economists in the poll. The frail economists' estimate for exports suggests cooling global demand that has been hurt by higher interest rates in major economies will heap more pressure on policymakers in China, as the country's property downturn and struggle to contain COVID-19 continue to take a toll on the economy.
SINGAPORE/HONG KONG (Reuters) -It's what is known in the markets as a "tail risk": a highly unlikely scenario in which Hong Kong's currency peg suddenly snaps. Billionaire money manager Bill Ackman went public last month with his wager that the days of the Hong Kong dollar's 39-year-old peg to the U.S. dollar are numbered. Ripples in the derivatives market imply he is not alone, as "macro" trading – or betting on big global shifts – swings back into vogue and the prospect of reaping a huge reward for relatively little risk revives a perennially unsuccessful trade.
GettyRussia’s ill-conceived invasion of Ukraine has so far failed to yield the goals set out by Russian President Vladimir Putin, and his top propagandists are struggling to hide their growing sense of panic.On Monday, head of RT Margarita Simonyan appeared on The Evening With Vladimir Solovyov and admitted that the Kremlin’s collaborationist elite has concerns about the possibility of being tried for war crimes. After disingenuously claiming that neither the Russian leadership nor her fellow pr
A parcel of economic data awaits Wall Street this week as investors inch closer to the Federal Reserve’s final rate-setting meeting this year.
(Bloomberg) — Moscow fired missiles that hit Ukrainian energy infrastructure, triggering emergency blackouts, while blasts at two air bases in Russia killed three people and injured seven, Russian news services reported. Most Read from BloombergStocks Drop as Solid Economic Data Boost US Yields: Markets WrapChina’s Covid Pivot Accelerates as Cities Ease Testing RulesOPEC+ Pauses as Russia Sanctions and China Covid Rules Roil Crude MarketsAmbitious Plans to Build Indonesia a Brand New Capital Ci
(Bloomberg) — India isn’t worried by a European Union price cap on Russian crude, oil minister Hardeep Puri said, signaling that the South Asian economy intends to continue purchasing from Russia for now.Most Read from BloombergStocks Drop as Solid Economic Data Boost US Yields: Markets WrapChina’s Covid Pivot Accelerates as Cities Ease Testing RulesOPEC+ Pauses as Russia Sanctions and China Covid Rules Roil Crude MarketsAmbitious Plans to Build Indonesia a Brand New Capital City Are Falling Ap
Ministers are facilitating eleventh-hour talks with rail unions as demands for driver-operated doors emerge as a major sticking point.
Here are answers to 10 frequently asked Social Security questions, including when to file, how much you’ll get, and whether the program is in trouble.
As the Bank of Canada considers ditching oversized interest rate hikes, it is dealing with an economy likely more overheated than previously thought but also the bond market's clearest signal yet that recession and lower inflation lie ahead. Canada's central bank says that the economy needs to slow from overheated levels in order to ease inflation. The bond market could be flagging that risk.
(Bloomberg) — Germany will fail to meet a NATO guideline of spending 2% of gross domestic product on its military next year and again from 2026 onwards, according to an analysis quoted in local media on Monday.Most Read from BloombergChina’s Covid Pivot Accelerates as Cities Ease Testing RulesFutures Slip as Yields Rise, China Optimism Fades: Markets WrapOPEC+ Pauses as Russia Sanctions and China Covid Rules Roil Crude MarketsAmbitious Plans to Build Indonesia a Brand New Capital City Are Falli
Jonathan Drake/ReutersNorth Carolina investigators were hunting for at least one suspect after two electrical substations were “targeted” in an “intentional, willful, and malicious act” on Saturday evening, with damage so extensive to both facilities that just under 40,000 customers were warned to brace for possible outages until Thursday. Officials speaking at a Sunday afternoon press conference announced a county-wide state of emergency. A curfew of 9 p.m. to 5 a.m. beginning Sunday night was
Anticipation for a crypto bill out of the House Financial Services Committee ran so high this year that stablecoin issuers have been trying to meet the bill’s expected standards before the rules are even set. That’s why Rep. Maxine Waters and Rep. Patrick McHenry are two of CoinDesk’s Most Influential 2022.
An obscure and arcane economic indicator suggests that Federal Reserve Chairman Jerome Powell was wrong when he said at his Nov. 30 news conference that “There is a path to a soft, a softish landing” for the U.S. economy. A recession has occurred each time over the past four decades in which this divergence even approached its current level. To measure this divergence, this indicator focuses on the Conference Board’s Consumer Confidence Index (CCI) and the University of Michigan’s Consumer Sentiment Survey (UMI).
Recession in Europe and the U.K. is already the average of economic predictions, while the U.S. average forecast for next year is growth of a miserly 0.2%, according to Consensus Economics, the third lowest since 1989. The regular Wall Street Journal survey finds economists think there is a 63% chance of recession in the next year. Just because economists are convinced of their predictions doesn’t mean they are right, of course.
U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year. The Institute for Supply Management (ISM) said on Monday its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, which was the lowest reading since May 2020. Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.1.


Leave a Reply

Your email address will not be published. Required fields are marked *