Category: International Tax blog
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ChatGPT banned in Italy
Italy temporarily blocked access to ChatGPT, and now the country’s data privacy regulator said it would begin an investigation into the company behind the popular chatbot, OpenAI. In a news release, the Italian Data Protection Authority ordered the immediate ban on ChatGPT in the country and listed its concerns with the chatbot. No legal basis for Personal Data Collection…
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Is the US dollar losing its Reserve Currency status?
Recently China and France completed its first Yuan-settled LNG trade, signaling the end of using the US Dollar for these energy trades. China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, Russia, China, Iran and Saudi Arabia are moving away from the US Dollar.…
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Adani Group’s another controversy with Loan Repayments
The Adani Group is again embroiled in a new controversy since late January, when U.S.-based activist investor Hindenburg Research accused the group for stock manipulation. Now an investigative report by Indian business news outlet The Ken raised questions about the group’s claim about repaying $2.15 billion in loans borrowed against its stock earlier this month. According to the detailed…
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Crypto Giant Binance being sued by US Regulator
Now the world’s biggest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the U.S. Commodity Futures Trading Commission (CFTC) for operating what the regulator alleged were an “illegal” exchange and a “sham” compliance program. The CFTC sued Binance, Zhao and its former top compliance executive with “willful evasion” of U.S.…
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First Citizens Bank purchases the Silicon Valley Bank’s loans and deposits
North Carolina-based lender First Citizens Bank and Trust Company has agreed to buy the Silicon Valley Bank (SVB) which was seized by the US authorities. The purchase by unit First–Citizens Bank & Trust Company includes the purchase of about $72 billion of Silicon Valley Bank’s assets at a discount of $16.5 billion, the FDIC said.…
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Bill Gates views on the Artificial Intelligence
“The Age Of AI Has Begun” Recently Bill Gates just published a 7-page letter about AI & his predictions for its future. Here’s what you need to know: Personal AI assistant: Get ready for a personal AI that knows everything about you, and works seamlessly across all devices AI copilots is going to be the…
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Key amendments in Finance Bill 2023
Lok Sabha on Friday passed the Finance Bill 2023 with 64 amendments. After this several changes will come into effect from 1 April. Below are the key changes made, that can impact both individuals and businesses. Tax Hike on Royalty and fees from technical services: The government has hiked the tax on royalty and fees…
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Jack Dorsey Loses $526 Million after Hindenburg Report
Ex Twitter CEO and Co-founder of Block Inc, Jack Dorsey’s fortunes plummeted a day after Hindenburg Research released a report on the payments company. Dorsey’s fortunes plunged by $526 million, and is now worth $4.4 billion, according to Bloomberg Billionaires Index. The 11 per cent drop in his fortunes was his worst single-day decline since…
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SEC warns Coinbase of potential security charges
The Securities and Exchange Commission issued crypto exchange Coinbasea Wells notice, warning the company that it identified potential violations of U.S. securities law. According to a blog post published by Coinbase earlier today, this notice comes after a brief investigation into unspecified digital assets listed on Coinbase and its staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet. Coinbase’s defence…
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How Adobe and Nvidia generative AI will resolve copyright issues
Two Major companies Adobe Inc and Nvidia Corp announced new tools that use artificial intelligence to generate images without infringing any form of copyright and legal issues. Let’s understand how they work. Background: Why Artists are dissatisfied with AI-generated art? Recently artists on platforms such as ArtStation have staged protests to voice their discontent with the torrent…
