Canada will offer airlines a loan program as a solution to the problems they are facing due to high fuel costs, a consequence of the war in the Middle East.

According to the country’s Ministry of Finance on Monday, “the initiative aims to help airlines maintain their operations and preserve jobs.”

The program, which will be launched by the Canadian government, will provide eligible airlines with up to 150 million Canadian dollars (US$107.5 million) in repayable liquidity support.

The conditions stipulate that airlines will be required to limit executive compensation and maintain their operations in Canada.

M.Pino

Source: investing

(Reference image source: Jason Hafso on Unsplash)

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La entrada Canada announces loan program for airlines facing high fuel costs apareció primero en Bitfinance.

The Government of Chile, through the Ministry of Finance, improved its forecasts in relation to the growth of the country’s Gross Domestic Product (GDP) in 2023, which, according to its estimates, will expand by 0.3 % at the end of the year compared to the 0.7 % drop expected in the last Public Finance Report (IFP) for the fourth quarter of 2022.

Thus, the Government joins other institutions in the country, such as the Central Bank of Chile, which also indicated that the Chilean economy will grow more than initially expected. In the case of the central body, it is estimated that GDP could increase by up to 0.5 % and, in the worst-case scenario, only contract by 0.5 %.

On the contrary, different international organizations such as the World Bank or the Economic Commission for Latin America and the Caribbean (Cepal) recently stated that the Chilean economy will contract in 2023, with a decline in GDP of 0.7 % or 0, 3 %, according to both institutions.

For its part, inflation will maintain its downward trajectory during the year, assured by the monetary and fiscal contraction, the fall in the prices of raw materials at the global level, the appreciation of the peso and the adjustment of domestic demand. The Government report projects a Consumer Price Index (CPI) of 4.6 % in December, which for the year will average 7.9 %.

The good performance of economic activity in the first months of the year and a lower base of comparison have led to an upward revision of the estimates for GDP growth and domestic demand for 2023.

Source: dpa

(Reference image source: Unsplash)

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La entrada Chilean government rules out an economic recession for 2023 apareció primero en Bitfinance.

The Ministry of Finance has advanced to 2022 the entry into force of the ‘solidarity’ tax for large fortunes, with which the Government hopes to raise 3,000 million in two years, sources from the Department led by María Jesús Montero have confirmed to Europa Press. Until now, the Government had ensured that the tax would come into force in 2023 and would extend until 2024.

With this change, the new tax will be in force during the years 2022 and 2023 so that the collection takes effect in 2023 and 2024, coinciding with the liquidation of said tax. After these two years, the Government will evaluate whether to maintain it or not.

The Independent Authority for Fiscal Responsibility (AIReF) warned yesterday that the tax would have to come into force this year, given that the budget plan sent by the Government to Brussels a few weeks ago states that the collection of this new tax will already have in 2023. Specifically, AIReF forecasts a collection for next year of 1,270 million euros and 1,370 million for 2024.

The intention of the Treasury is to approve, therefore, the new tax on large fortunes before December 31 of this year so that it can come into force in 2022, and one of the options that it is considering is to introduce it as an amendment to the bill that Congress is currently processing to tax extraordinary income to energy companies and financial entities.

The new tax on large fortunes will tax net wealth over three million euros, with three brackets: 1.7 % on assets between 3 and 5 million; 2.1 % to assets of between 5 and 10 million, and 3.5 % from 10 million.

With this new tax, which will allow deducting 100 % of what is paid for the Wealth Tax managed by the Autonomous Communities, the Government expects to collect 3,000 million euros in 2023 and 2024. However, AIReF estimates that the collection will be somewhat lower, about 1.27 billion in 2023 and 1.37 billion in 2024.

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Source: dpa

La entrada Spain advances entry into force of the tax on large fortunes apareció primero en Bitfinance.

The German government will allocate some 3,000 million euros (about 3,235 million dollars) to four floating terminals of liquefied natural gas (LNG) in the next ten years, according to a letter addressed to the German Parliament.

Initially, the letter mentioned the amount of 2,470 million euros, but later a spokeswoman for the Ministry of Finance specified that the correct figure was 2,740 million euros, to which an additional 200 million had to be added.

According to the information, the Ministry of Finance has already released the funds without consulting the relevant budget commission. It was argued that such a procedure was necessary for “compelling reasons”.

It is expected that the corresponding freight contracts will be signed by next Wednesday, April 20. Their objective is to import liquefied natural gas to ensure the gas supply to Germany.

German government will increase LNG

Having more liquefied natural gas is one of the pillars of the German government’s efforts to reduce dependence on Russian gas supplies.

In a “Progress Report on Energy Security” published by the Ministry of Economy at the end of March, it is stated that the federal government had sought options for three floating LNG terminals through the companies RWE and Uniper in order to continue to increase security of supply in Germany.

According to information, the companies are currently negotiating the lease of these floating terminals and the negotiations are in the final stretch.

For its part, it was indicated that the Government is currently examining possible locations in the North Sea and the Baltic Sea, where the terminals could be deployed in the short term, in some cases even as early as the (European) winter of 2022-23.

Source: dpa

La entrada €3 billion for floating LNG terminals apareció primero en Bitfinance.

The Russian Ministry of Finance has sent a draft law for the regulation of digital currencies to the national government that aims to establish the legal bases for the cryptocurrency market and the rules for its circulation in the country. According to the Ministry, the bill was made according to the guidelines of the Russian government “on the basis of the approved concept of regulation of the mechanism of organization of the circulation of digital currencies.”

The text highlights that “the use of digital currencies as a means of payment in the Russian Federation would continue to be prohibited” and if the parliament approves the project, digital currencies will be used exclusively as an “investment instrument”.

Additionally, the Ministry of Finance stated that the prohibition made by the Central Bank of Russia, as well as the implementation of penalties, was not completely ruled out: “The proposals received by the Bank of Russia will be taken into account in future work on the project of law to the extent that they do not contradict the statements of the Russian Ministry of Finance.”

Creation of a regulatory body in Russia

The legislative project contemplates the requirements for digital asset exchange platforms and operators in general. The requirements include “reporting, storage of information, internal control and auditing, as well as the risk management system and the amount of own funds.”

In order to exercise and control these activities, the project contemplates the creation of a regulatory body, which will be determined by the government, in addition to creating a special registry of operators, highlighting that foreign cryptocurrency platforms must register in Russia to obtain a license.

In addition to requiring customers to “prior identification to carry out purchase and sale operations of digital currencies.” Clients will also be required to undergo a test before trading cryptocurrencies. Their level in said test will determine the amount they can invest in crypto.

Deposits and withdrawals will be made through financial institutions using a bank account, additionally the proposal indicates that “exchanges and banks must report directly to Rosfinmonitoring, the Russian Federal Financial Supervisory Service, of any suspicious transactions”.

On the other hand, the proposal also states that to protect investments, exchange platforms are obliged to inform you about the “high risks associated with the acquisition of digital currencies.”

M. Rodríguez

Source: diariobitcoin.com

La entrada Russia introduced draft law on digital currencies apareció primero en Bitfinance.

The Spanish Ministry of Finance, through the Union of Technicians of the Ministry, GESTHA, reported that it has been increasing its efforts to supervise and control operations with crypto assets and will continue to “monitor providers of wallets / digital wallets and companies related to payments crypto”.

The regulator highlighted that for several years it has been monitoring the crypto market and “had gradually managed to establish control measures to stop money laundering efforts that make use of bitcoin (BTC) and other tokens.”

Carlos Cruzado, president of GESTHA, pointed out that the institution has no intention of harassing or monitoring citizens or organizations that acquire or carry out operations with cryptocurrencies, but he warned that all crypto investors “should declare operations” according to the legal establishments of the country.

As will be recalled last June, the Spanish Parliament approved the Law on Prevention of Money Laundering and Terrorism Financing, which provides for the inclusion as obligated subjects of providers dedicated to virtual currency exchange services for currency legal tender, and providers of electronic wallet custody services (Wallet Service Providers or, simply, wallets) or key safeguarding services.

Additionally, it establishes the obligation that Spanish citizens have to declare their possessions in “crypto in exchanges based abroad”. In case of not complying with the requirement, they will be sanctioned with a “fixed fine of $ 5,900 for each infraction.”

The Ministry, together with the Spanish Tax Agency, are intensifying surveillance and are currently exhorting all citizens suspected of trading cryptocurrencies to make declarations of their activities and profits, because otherwise they could be sanctioned by regulatory entities.

M. Rodríguez

Source: cripto247.com

La entrada Spain increases its controls on cryptocurrencies apareció primero en Bitfinance.