🚀 Kazakhstan Launches Pilot Project Showcasing CBDC Programmability
#Kazakhstan #CBDC #DigitalTenge #VAT #DigitalCurrency #PublicProcurement #FinancialTechnology #SovereignWealthFund #InvestmentSubsidies #TaxEfficiency
According to Odaily, Kazakhstan has initiated a new pilot project to demonstrate the programmability of its Central Bank Digital Currency (CBDC). The National Bank of Kazakhstan (NBK), in collaboration with the Ministry of Finance, has made significant progress in handling Value Added Tax (VAT) refunds. Binur Zhalenov, the Chief Digital Officer of NBK, shared on LinkedIn that the use of the digital tenge CBDC in business-to-business transactions has automated the tagging of VAT, reducing the waiting time for exporters' refunds from 70-75 days to 10-15 days. The goal is to achieve instant refunds in the near future. This efficiency improvement is attributed to the tax authorities of the State Revenue Committee eliminating manual checks. Zhalenov also mentioned that pilot projects are being developed to adopt the digital tenge in public procurement, targeted financing by the national sovereign wealth fund, and investment subsidies.#Kazakhstan #CBDC #DigitalTenge #VAT #DigitalCurrency #PublicProcurement #FinancialTechnology #SovereignWealthFund #InvestmentSubsidies #TaxEfficiency
🚀 EU Legislation to Boost Local Production in Automotive and Construction Sectors
#EU #legislation #localproduction #automotive #construction #electricvehicles #industrialaccelerationact #carbonemissions #publicprocurement #EUindustry #EUcomponents
The European Union is set to introduce new legislation aimed at increasing local production within its automotive and construction industries. According to Jin10, the EU plans to mandate that electric vehicle manufacturers benefiting from state support ensure at least 70% of their vehicle components are produced within the EU. The legislative draft also stipulates that at least 25% of aluminum products and 30% of plastic used in doors and windows in the construction sector must be manufactured in the EU to qualify for government subsidies or public sector contracts.
The Industrial Acceleration Act, scheduled for release by the European Commission on February 25, seeks to protect EU industries by incorporating carbon emission considerations into public procurement tenders. The draft specifies that new electric, hybrid, and fuel cell vehicles purchased or leased by public institutions must be assembled within the EU, with at least 70% of their components, excluding batteries, produced locally. Additionally, several key components of vehicle batteries must originate from the EU.#EU #legislation #localproduction #automotive #construction #electricvehicles #industrialaccelerationact #carbonemissions #publicprocurement #EUindustry #EUcomponents
🚀 UK Seeks Support Against French Trade Proposals
#UK #France #trade #Germany #Italy #Netherlands #publicprocurement #Brexit #EuropeanUnion #internationaltrade
The United Kingdom is actively seeking support from countries such as Germany, Italy, and the Netherlands to oppose stringent French trade proposals. Bloomberg posted on X, highlighting that these proposals could potentially exclude Britain from participating in public procurement bids. The UK's efforts aim to ensure continued access to European markets and maintain its competitive edge in international trade. The situation underscores ongoing tensions in post-Brexit trade negotiations, as the UK navigates its new relationship with the European Union.#UK #France #trade #Germany #Italy #Netherlands #publicprocurement #Brexit #EuropeanUnion #internationaltrade