💵 An international tax crackdown is coming.

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An International Tax Crackdown is Imminent

Financial leaders of G-20 (the group of 20 largest economies in the world), have reportedly agreed upon strategies to move forward with a “more stable and fairer international tax architecture.” 

The next step would be to get the national leaders to approve the plan at a G-20 summit in October. 

The plan is to enforce a pact setting up a global minimum corporate tax of at least 15%. 

While, according to the German Finance Minister Olaf Scholz, all the G-20 economies are in agreement with the plan, the US Treasury Secretary Janet Yellen does not believe so. As she sees it, the low-tax, small-sized countries, like Ireland and Hungary, are still opposed to it.

According to the financial leaders of the G-20, a global minimum corporate tax rate would stop multinationals from consistently looking for geographies with a lower tax rate. Moreover, the tax jurisdiction of these companies would shift partly to the geographies where they sell their product.

At present, it comes entirely under the jurisdiction of their headquarters. 

Apple Expresses Interest in Acquiring Exclusive NFL Sunday Ticket Games Streaming Rights

As the latest reports suggest, the tech giant Apple is now seeking exclusive rights for the NFL Sunday Ticket streaming package. 

Apple’s bid has raised a lot of curiosity in the sports broadcasting market as NFL’s partnership with DirecTV, which broadcasts the ticket package now, will expire after the 2022 season. 

The streaming rights that Apple is trying to acquire will enable its subscribers to stream out of market football games.

Launched in November 2019, streaming service Apple TV+’s growth has been much slower than its contemporary Disney+. 

It only had 3% of the market share as of Q4 2020. 

With slow growth and Apple’s apparent disinterest in investing heavily in entertainment does not make it a serious contender in the eyes of many market experts. 

On the other hand, the NFL has already signed a deal with Amazon giving it the Thursday-nights games streaming rights. 

Tech Companies Have a New Hurdle to Face in China

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Confirming past speculations, China has proposed a new rule requiring all companies looking for listings in foreign markets to undergo a mandatory cybersecurity review. 

Any Chinese company having data on more than 1 million users will now have to apply for cybersecurity approval from the CAC, the Cyberspace Administration of China. 

The market observers believe that the rule aims at restraining the tech firms’ ability to raise capital in the United States. Many large Chinese tech companies, such as Alibaba Group Holdings Ltd., Baidu, Inc., and Didi Global have adopted the Variable Interest Entity Model to raise funds in the US market. 

According to experts, this new rule would push more Chinese tech firms to list in Hong Kong to stay away from this review. 

We’re already seeing some impact of this regulation, as Beijing-based LinkDoc Technology Ltd. has already postponed its IPO. 

With this review on the horizon, two other Chinese tech companies have shelved their US listing plans, including the fitness app Keep and the vegetable startup Meicai. The rules might also impact ByteDance Ltd, the parent company of TikTok, and on-demand logistics and delivery firm Lalamove.

Both these companies are contemplating IPOs.

Bitcoin Bill to be Tabled in Paraguay on July 14th

Congressman Carlitos Rejala and Senator Fernando Silva Facetti, are planning to introduce the Bitcoin bill to the Paraguay Congress on Wednesday, July 14th.

Speculations are rife that the bill intends to introduce measures to make Paraguay a leading hub for foreign crypto investors, businesses, and miners. The bill may go further in its ambition to ask for including provisions to accept BTC as legal tender. 

Pressure on the economy and the fiscal condition of the countries in the continent have been instrumental in slowly converting Latin America into a potential hotbed for Crypto adoption, especially in México, Venezuela, and Argentina. It would be interesting to see whether Paraguay becomes a member of that league or not.

Cloud Security Platform Netskope Raises $300 Million

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NetSkope is a company focused on Secure Access Service Edge architecture. It guides its clients by helping them locate sensitive data and protecting it. Led by co-founder and CEO Sanjay Beri, the firm has just completed building the largest cloud network in the world. It is just 15-milliseconds away from anyone in the world.

The funding round is led by ICONIQ Growth. Other investor firms to back the funding includes Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital.

NetSkope plans to invest the new funds into continued R&D, platform expansion, and building its go-to-market strategy. 

Netskope has become the second most-valuable venture-backed cybersecurity company in the world, raising $300 million on a $7.5 billion valuation.


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