Monday Minute – 10/26/2015

European Exchanges React to Bitcoin VAT Exemption

By Yessi Bello Perez

Bitcoin has officially been recognized as a legitimate means of payment in Europe. This means it will be in the “same realm as other currencies for tax purposes” and transactions in the digital currency are exempt from VAT. Bitcoin is a decentralized digital currency that allows peer-to-peer money transactions. The ruling has brought about positive reactions for many who interact with the online economy because it provides clarity and legitimacy to the site. There are also hopes it will bring about a more business-friendly environment in Europe.

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Commerce Initiates Antidumping Duty and Countervailing Duty Investigations of Imports of Welded Stainless Pressure Pipe from India

By International Trade Administration

“On October 21, 2015, the Department of Commerce announced the initiation of antidumping duty (AD) and countervailing duty (CVD) investigations of imports of welded stainless pressure pipe from India.” Dumping is defined as when a foreign company sells a product in the United States at less than its fair value and countervailable subsidies are financial assistance from foreign governments that give an unfair advantage to specific industries.

The laws enacted by AD and CVD laws will provide U.S. businesses and workers relief from these market- distorting effects by creating transparency on injurious dumping and unfair subsidization. This allows the United States to compete on a level playing field with international importers of welded stainless pressure pipes.

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Indonesia Needs to Join TPP

By Bloomberg View

Indonesian President Joko Widodo and Barack Obama met on Monday, October 26, 2015 to discuss multiple topics between the two nations, most importantly on the topic of trade. Not currently a member of the Trans-Pacific Partnership trade pact (TPP), Indonesia has a fearful and protectionist mindset about trade which has distorted the economy and slowed the growth. With joining TPP, Indonesia can shed its protectionist mindset and enter the global marketplace as a fierce competitor. It will provide new opportunities in new markets and integrate their global supply chains.

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