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IMF Says Crypto Industry's Carbon Footprint Rising; Officials Mull Tax Surge to Curb Emissions
IMF officials have raised concerns about the crypto sector's carbon emissions and are considering whether a tax increase on crypto mining could help reduce its carbon footprint. In a blog post, the officials suggested that an 85 percent tax hike on power usage by crypto miners could potentially cut the sector's annual emissions by an estimated 100 ...
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Big Win For Mineral Rich States In Court, Can Collect Past Dues On Royalty
The Supreme Court today allowed mining-rich states to collect past dues on royalties from mining companies. The court ordered that states can impose levies with effect from April 1, 2005 and the payments will be staggered in 12 years.
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"Breakdown Of Federal System...": Judge's Dissenting Verdict On Mineral Tax
In a dissenting verdict, Supreme Court judge Justice BV Nagarathna on Thursday said if the power to levy taxes on mineral resources are given to the states, there would be "breakdown of the federal system" as they would compete among themselves.
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In 8:1 Verdict, Supreme Court Upholds States' Rights On Mineral Tax Royalty
The Supreme Court on Thursday upheld states' right to levy royalty on mineral-bearing land, reasoning they had competence and power to do so; this will benefit mineral-rich states like Odisha, Jharkhand, Bengal, Chhattisgarh, Madhya Pradesh.
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"Why By Inference?" Supreme Court To Centre On Tax On Minerals
The Supreme Court on Tuesday asked the Centre as to why the statute does not say in clearer terms that only Parliament has the power to impose tax on minerals and states are denuded of authority to levy such exaction.
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Can Parliament Impose Tax On Mineral Rights? What Supreme Court Said
The Constitution vests the power to impose a tax on mineral rights not in Parliament but in states, the Supreme Court told the Centre on Thursday, underlining that such authority should not be diluted.
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"Taxes Paid": Kerala Government On Firm Owned By Chief Minister's Daughter
The Kerala government has made it clear that the IT firm owned by Chief Minister Pinarayi Vijayan's daughter had duly paid the required Integrated Goods and Services Tax (IGST) for her business transactions with a Kochi-based minerals company.
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US Scraps Excise Tax Proposal on Bitcoin Mining After Biden Refuses to Slash Crypto Taxes
Earlier this month, the US’ Council of Economic Advisors (CEA) floated a proposal to have Bitcoin miners pay a tax equal to 30 percent of the total energy cost that they consumed in the crypto mining process. The proposal has been scrapped by the US. The decision to pull the plug on this proposal could be part of a bunch of tax-related rebates in...
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US Government May Impose Disciplinary 30 Percent Taxes on Crypto Miners: Details
The US is mulling on imposing a punitive tax on companies and individuals indulging in crypto mining in the country. Soon, the US could ask crypto miners to pay a tax equal to 30 percent of the total energy cost that they consume in mining cryptocurrencies.
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US Inflation Reduction Act Could Help Cut Chinese Battery Metals Ties: Details
The US Inflation Reduction Act (IRA) is set to be signed into law by US President Joe Biden today. The law that is designed to increase green investment, comes at a price. It extends and expands the existing electric vehicle (EV) subsidy of up to $7,500 (roughly Rs. 5,94,800) but conditions the tax credit on the sourcing of the mineral content of...
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Uzbekistan Legalises Solar-Powered Crypto Mining, Offers Tax Exemption to Companies
Uzbekistan will reportedly allow companies to mine cryptocurrencies using solar energy and will exempt all crypto operations by domestic and foreign companies from income tax.
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Crypto Miners Face Stricter Oversight in Kazakhstan as President Tokayev Orders Electricity Tax Hike: Report
Kazakhstan President Kassym-Jomart Tokayev directed authorities to increase the electricity tax in the country. The move is intended to prevent crypto miners from exploiting the energy resources in the country. The government of Kazakhstan has been asked to draft regulations on crypto mining by April 1.
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On High Fuel Prices, Minister Says "You Must Have Taken Free Vaccine"
Union Minister of State for Petroleum and Natural Gas Rameswar Teli has compared the rising price of petrol with that of packaged mineral water and said that the price of such water is more.
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4 Tamil Nadu Sand Mining Firms Raided, Searches In Andhra Pradesh Also
Four sand mining companies faced massive tax raids at nearly 100 locations in Tamil Nadu and Andhra Pradesh this morning for allegedly exporting beach minerals and routing money abroad.
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Philippines' Rodrigo Duterte Warns Miners: 'I Will Tax You To Death'
Philippine President Rodrigo Duterte on Monday said he wanted to stop exporting mineral resources and might close the mining sector completely and tax miners "to death" if damage to the environment persisted.
-
IMF Says Crypto Industry's Carbon Footprint Rising; Officials Mull Tax Surge to Curb Emissions
IMF officials have raised concerns about the crypto sector's carbon emissions and are considering whether a tax increase on crypto mining could help reduce its carbon footprint. In a blog post, the officials suggested that an 85 percent tax hike on power usage by crypto miners could potentially cut the sector's annual emissions by an estimated 100 ...
-
Big Win For Mineral Rich States In Court, Can Collect Past Dues On Royalty
The Supreme Court today allowed mining-rich states to collect past dues on royalties from mining companies. The court ordered that states can impose levies with effect from April 1, 2005 and the payments will be staggered in 12 years.
-
"Breakdown Of Federal System...": Judge's Dissenting Verdict On Mineral Tax
In a dissenting verdict, Supreme Court judge Justice BV Nagarathna on Thursday said if the power to levy taxes on mineral resources are given to the states, there would be "breakdown of the federal system" as they would compete among themselves.
-
In 8:1 Verdict, Supreme Court Upholds States' Rights On Mineral Tax Royalty
The Supreme Court on Thursday upheld states' right to levy royalty on mineral-bearing land, reasoning they had competence and power to do so; this will benefit mineral-rich states like Odisha, Jharkhand, Bengal, Chhattisgarh, Madhya Pradesh.
-
"Why By Inference?" Supreme Court To Centre On Tax On Minerals
The Supreme Court on Tuesday asked the Centre as to why the statute does not say in clearer terms that only Parliament has the power to impose tax on minerals and states are denuded of authority to levy such exaction.
-
Can Parliament Impose Tax On Mineral Rights? What Supreme Court Said
The Constitution vests the power to impose a tax on mineral rights not in Parliament but in states, the Supreme Court told the Centre on Thursday, underlining that such authority should not be diluted.
-
"Taxes Paid": Kerala Government On Firm Owned By Chief Minister's Daughter
The Kerala government has made it clear that the IT firm owned by Chief Minister Pinarayi Vijayan's daughter had duly paid the required Integrated Goods and Services Tax (IGST) for her business transactions with a Kochi-based minerals company.
-
US Scraps Excise Tax Proposal on Bitcoin Mining After Biden Refuses to Slash Crypto Taxes
Earlier this month, the US’ Council of Economic Advisors (CEA) floated a proposal to have Bitcoin miners pay a tax equal to 30 percent of the total energy cost that they consumed in the crypto mining process. The proposal has been scrapped by the US. The decision to pull the plug on this proposal could be part of a bunch of tax-related rebates in...
-
US Government May Impose Disciplinary 30 Percent Taxes on Crypto Miners: Details
The US is mulling on imposing a punitive tax on companies and individuals indulging in crypto mining in the country. Soon, the US could ask crypto miners to pay a tax equal to 30 percent of the total energy cost that they consume in mining cryptocurrencies.
-
US Inflation Reduction Act Could Help Cut Chinese Battery Metals Ties: Details
The US Inflation Reduction Act (IRA) is set to be signed into law by US President Joe Biden today. The law that is designed to increase green investment, comes at a price. It extends and expands the existing electric vehicle (EV) subsidy of up to $7,500 (roughly Rs. 5,94,800) but conditions the tax credit on the sourcing of the mineral content of...
-
Uzbekistan Legalises Solar-Powered Crypto Mining, Offers Tax Exemption to Companies
Uzbekistan will reportedly allow companies to mine cryptocurrencies using solar energy and will exempt all crypto operations by domestic and foreign companies from income tax.
-
Crypto Miners Face Stricter Oversight in Kazakhstan as President Tokayev Orders Electricity Tax Hike: Report
Kazakhstan President Kassym-Jomart Tokayev directed authorities to increase the electricity tax in the country. The move is intended to prevent crypto miners from exploiting the energy resources in the country. The government of Kazakhstan has been asked to draft regulations on crypto mining by April 1.
-
On High Fuel Prices, Minister Says "You Must Have Taken Free Vaccine"
Union Minister of State for Petroleum and Natural Gas Rameswar Teli has compared the rising price of petrol with that of packaged mineral water and said that the price of such water is more.
-
4 Tamil Nadu Sand Mining Firms Raided, Searches In Andhra Pradesh Also
Four sand mining companies faced massive tax raids at nearly 100 locations in Tamil Nadu and Andhra Pradesh this morning for allegedly exporting beach minerals and routing money abroad.
-
Philippines' Rodrigo Duterte Warns Miners: 'I Will Tax You To Death'
Philippine President Rodrigo Duterte on Monday said he wanted to stop exporting mineral resources and might close the mining sector completely and tax miners "to death" if damage to the environment persisted.
