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The United Socialist States of Far Eastern Union of Soviet Republics.
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A Review of the Times: 20 Jan 2021
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萬國公報: A Review of the Times
SANCTIONS TO COME FOR -greater canada-; ICE ACT PASSED
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The passing of the Ice Act by the Supreme Soviet officially marks the first time the FEUSSR will intervene on financial grounds against a sovereign nation, as the nation readies its financial arsenal to attack drug-related crimes.
Foreign attempts at smuggling narcotics into and out of the FEUSSR and the former Qing is not an uncommon sight these days, which has led to the Ministry of Narcotics Protection releasing a comprehensive plan on combating illegal flows of people and narcotics into the country. The plan, which was presented to both houses of legislation, include the provisions of the Ice Act, along with several extra details which are expected to hamper the illegal flow of people. These include risk management plans, such as the funding of 500 rehabilitation facilities nationwide, and anti-drug use education from an early age for children - as well as reactive measures, including the death penalty for all drug smugglers, and government-mandated rehabilitation and therapy for drug users. Police have also been empowered to "raid, destroy, and kill" people and properties who distribute or manufacture illegal narcotics within the nation. The MNP has said that it plans a "comprehensive set of operations" aimed at crippling the capabilities of organised crime within the country, which has seen a green light by the PDF and the police.
Individuals and businesses who pose a threat to the state's anti-narcotics measures and security will also be targeted in the bill. The entities involved may include various decriminalisation advocacy groups, law enforcement departments, and politicians supporting decriminalisation. The rifle barrel of the Ice Act has fallen on -greater canada-, whose Supreme Court has ruled that her Federal Laws upholding a ban on marijuana are unconstitutional. Consequently, the Ice Act has been invoked, targeting members of the Canadian Drug Policy Coalition. These include the following entities: AIDS Vancouver Island, AIDS Coalition of Cape Breton, Avenue B Harm Reduction, Alliance for Healthier Communities in Ontario, L’Association Québécoise pour la promotion de la santé des personnes utilisatrices de drogues, AIDS New Brunswick, AIDS Committee of Newfoundland and Labrador, ANKORS – AIDS Network Kootenay Outreach and Support Society, BC Centre for Excellence in HIV/AIDS, Boyle Street Community Services, Blood Ties, Chrysalis Society, Cool Aid Society, CACTUS Montréal, Canadian Treatment Action Council, Canadian Students for Sensible Drug Policy, Canadian Association of Nurses in HIV/AIDS Care, Canadian AIDS Society, Canadian Unitarians For Social Justice, the Canadian HIV/AIDS Legal Network, Turning Point Society of Central Alberta, Canadian Cancer Survivor Network, Direction 180, Dixon Hall Neighbourhood Services, Élixir, Educators for Sensible Drug Policy, Families for Addition Recovery, Federation of Community Social Services of BC, From Grief to Action, Grip Montréal, Groupe Harmonie, À Deux Mains, Health Providers Against Poverty, Harm Reduction Nurses Association, L’Association des intervenants en dépendance du Québec (AIDQ), Law Enforcement Against Prohibition (Canada), Living Positive Resource Centre, MAPS Canada, Moms Stop the Harm, mumsDU – Moms United and Mandated to Saving the Lives of Drug Users, Ontario Harm Reduction Network, Prairie Harm Reduction, Pacific Hepatitis C Network, Parkdale Activity-Recreation Centre, PASAN, Peterborough Drug Strategy, Pivot Legal Society, Regional HIV/AIDS Connection, Streetworks, Street Saviors Outreach Society, Shelter House Thunder Bay, Spectre de rue, Sandy Hill CHC, Vancouver Area Network of Drug Users, Canadian Institute for Substance Use Research, Watari Counselling & Support Services Society, and YouthCO HIV & Hep C Society. Such groups are forbidden from carrying out any business transactions with FEUSSR nationals, forbidden from entering FEUSSR territory, forbidden from boarding a FEUSSR transit vehicle, and furthermore can be imprisoned by MNP authorities for "promoting dangerous drugs for societal use".
The MNP has also said it would not rule out sanctioning over 5,000 businesses across the province of British Columbia, including the Vancouver City Government, which has taken steps to actualise the decriminalisation of various narcotics.
TAXES ON DIGITAL PAYMENTS AND TRANSACTIONS
- With the growing significance of digital commerce in the national economy, the Supreme Soviet has released new taxes on digital payments and transactions, aimed at filling government coffers for the public interest. The digital economy has expanded much faster than the rest of the economy over the past decade, making it a prime target for taxation. Securities regulators have previously said that the Federal Government should consider imposing a digital tax on tech companies to enable citizen-users to share the benefits they helped create for the internet platforms they use.
Under the current tax system built for the traditional economy, tax is collected based on business operations. However, as a digital economy requires remote transactions online, it's easier for criminals to underpay or evade taxes. If the tax burden of digital-economy businesses is significantly lower than that of businesses in other industries, it compromises the principle of tax neutrality and brings negative consequences for economic integrity. This means that more developed regions of the country, which tend to make use of digital commerce, would be taxed less heavily than more underdeveloped regions which deal with traditional transanctions, aggravating imbalances among regions.
The Supreme Soviet has tackled this issue by enacting a 1% levy on each transaction. Every time a transaction occurs online, a 1% flat rate is charged, which is directly wired to the government's coffers. In this first approach, the government stands to make an additional $10.59 billion in revenues per annum without having to worry about tax evasion, as the transaction itself is taxed instead of the business. The second approach to increase digital tax revenue would be to strengthen tax collection and management for digital economy businesses, as lost revenues primarily stems from insufficient coverage of tax collection and management for small businesses on these platforms, like online merchants. Now, the Supreme Soviet has issued a decree, ordering that "e-commerce operators shall fulfil their tax obligations and enjoy tax benefits in accordance with the law", which formally lays a legal foundation for e-commerce groups and merchants to be indicted should they fail to pay up their taxes.
MONOPOLIES DEFINED FOR ANTITRUST PROBES
- The Supreme Soviet has outlined its definitions of monopoly among third-party online payments for the first time, as it moves ahead with a plan to curb the market concentration in the world’s largest fintech market.
Any nonbank service provider with 50% of the market share for online transactions, or two entities with a combined two-thirds share, could be subject to antitrust investigations. Three providers with three-quarters of the market would also set off the antitrust alarm. On the other hand, nonbank service providers with less than 10% market share will be excluded from antitrust probes by regulators.
According to the Minister of Economic Development, "it is impossible for payment services to escape from this new regulatory environment. There are no giants or businesses that cannot be carved up, and no company can be a monopoly forever. We will not fall into the corporatist hole - markets must remain fair and equitable for all players.”
The Supreme Soviet has allowed the Central Bank or the Republican Censors to flag any monopolistic or anticompetitive behaviour that breaches the principles of security, efficiency, credibility or fairness for rectification. These actions may include the suspensions of service, a veto of merger plans that produce monopolies, or a government-sanctioned breakup of the company. These regulations are aimed to encourage openness and competition in the markets. The new regulation also empowers Censors to conduct on-site inspections to payment service institutions.
Real estate development continues across the FEUSSR as conflict winds down. DEFAULTS INEVITABLE AS GOVT CURBS CORPORATE DEBT SHENCHENG– Corporate defaults in the Liangjiang and Zhili SSR may set a record this year, when a trio of the Far Eastern Central Bank's debt limits kick in this month, cutting down on the ability for borrowers to use loans for debt repayment. It is estimated that around 20% of the country's biggest real estate developers including Sunac or Greenland Holdings will be barred from borrowing any more money from banks as a result of breaching the three red lines. These include liability-to-asset ratio excluding advanced receipts at 70%, a net debt-to-equity ratio at 100%; and cash to short-term debt ratio at 1 time, as outlined by the Ministry of Revenues during a financial symposium. If a developer crosses all three red lines, its total debt level would not be allowed to increase any more, meaning that developers cannot borrow more from banks or other financial institutions unless their existing debts are paid, or if its overall leverage improves. The Federal government, presiding over an economy in need of recovery, is cautiously keeping its eyes on debt to avoid a systemic risk to banks. Regulators are also anxious to avoid runaway debt from setting off the kind of global financial crisis that followed the US subprime loans defaults in 2008. At this point, cutting off the financial lifelines of borrowers could drive many debt issuers into defaults at a time of low consumer demand and uncertain job prospects amid an economic recovery that is just starting to be realized. A benefit for the debt cap could be to force property prices to drop, as developers could use discounts to attract buyers and generate cash to repay their debt. The nation's home prices have jumped nearly fivefold over the past two decades, making Shencheng and Shuntian more expensive than Los Angeles, Paris, New York and London. Many argue that this new policy could even be positive from an investment perspective in the long run, as the real estate sector will be less volatile going forward, and that permits for more confidence when it comes to purchasing stocks, bonds, and investments. |
PDF MUST BE READY FOR WAR 'AT ANY TIME'
An armoured convoy of K2 Panther MBTs in the Chosun Liberation Army. HAISHANWEI – In his first order to the PDF, Beloved Leader Kum Jing-In stressed the need for “full-time combat readiness”, and said the PDF must be ready for war "at all times" to safeguard national sovereignty and security. He said this as he presided over several military debriefings and training exercises. The PDF is expected to integrate itself with more high-tech technologies in its exercises and in combat, while moving to keep up with the latest developments in military technology. These include the use of computer simulations and online combat in drills, as well as the exploration of more opportunities to use newer digital systems in training. Brigadier General Chae Kum-sok said that "the PDF must increase the integration of new equipment, new forces and new combat realms into training and combat systems if we are to have a fighting chance on the world stage." The PDF also stepped up exercises and air force fly-by operations near the Sea of Japan, as its navy enters into a series of drills near the Tsushima Strait. “Our nation is indeed facing a great risk of war, and losers are the ones who get caught with their pants down." The Grand Marshal has also emphasised joint operations in combat, mentioning how the latest tests during the Red Revolution and the Counter-revolutionary War proved the PDF's abilities to fight together. The aforementioned exercises, named Exercise Gold Sword, focuses on cooperation between military branches and on the detection, tracking, and engagement of units at sea, in the air, and on land in response to a wide range of missions. Air operations included thousands of sorties as well as in-air refuelings and parachute deployments. Aircraft from Valiant Shield deployed on missions ranging from the Chosun Peninsula to the Nanqian Islands. The exercise involved 22,000 personnel, 280 aircraft, and 30 ships, including 3 carrier strike groups (CSG-1, 2, and 4). |
- "All realms of the economy, education, defence, and culture must be developed from the Mogpyo-Juche-oriented strand of ideas, and we will never tolerate foreign ways, foreign fashions, and foreign ideas in the slightest. The minute we give into a foreign idea is the minute we reconcile with the notion of reliance on a foreign way. This stands in contradiction with the notion of revolutionary independence, and must be rectified. Our people have a bright, promising future ahead, but that can only be achieved if we are developing on the basis of independence, self-sufficiency and self-reliant defence, with the Union and the people achieving solid unity."
~Supreme Leader Kum Jing-In
