Here’s the latest news from the technology industry, which is coming under increasing global interest from governments.
Malaysia Receives Approximately $107 Million In Digital Service Taxes Last Year
Deputy Finance Minister Datuk Abdul Rahim Bakri reported that the government of Malaysia has taken in 428.07 million Malaysian Ringgit (approximately $107 million) to date in digital taxes since the policy was enforced starting in January 1, 2020, SoyaCincau reported.
Since that time, all digital services have been subject to the 6 percent levy. When the tax debuted, previous Deputy Finance Minister Datuk Amiruddin Hamzah noted that it was among the lowest since other nations have levied a higher rate on digital services.
FAA Green Lights Unmanned Aircraft Regulations
The Federal Aviation Administration (FAA) recently unveiled new unmanned aircraft (UA) regulations. Those regulations will mandate remote identification (Remote ID) for drones and will let small drone operators fly over humans and at night in some cases.
“These final rules carefully address safety, security and privacy concerns while advancing opportunities for innovation and utilization of drone technology,” U.S. Secretary of Transportation Elaine L. Chao said in a recent announcement.
Remote ID will assist in assuaging the risks connected with expanded drone operations such as flights over humans and flights at night, while both regulations “support technological and operational innovation and advancements,” according to the announcement.
Report: Facebook Migrates Important Assets From Ireland
Facebook has worked to wrap up multiple Irish holding companies that it harnessed to keep its intellectual property for global sales, The Times reported, citing documents. Moreover, the social media firm has reportedly repatriated billions in earnings from its Irish holding firm.
Facebook firms throughout the globe pay the Irish holding company to utilize the intellectual property, according to the report.
Jack Ma Out Of Public View As Chinese Regulators Flex Muscles
Jack Ma, the eCommerce billionaire, has been in the center of the storm as China’s regulators have flexed their muscles and taken on FinTech firms. Ma, however, has retreated from public view. The billionaire was last reportedly seen in Shanghai at an October event, where he reportedly denounced the nation’s regulatory system. Chinese regulators introduced a series of potential rules the following month that derailed Ma’s intentions to have his Ant Group hold an initial public offering (IPO).
Ant Group’s newest plan would place its digital financial businesses into a holding company. That kind of a move might satisfy regulators, but it could also reduce the firm’s valuation.
Amazon’s Ad Arm Soars As Retailers Seek Visibility
Amazon‘s advertising arm is pulling in big bucks as its marketplace retailers vie for position amid the COVID-powered online shopping boom. The tech firm is on its way to posting its first $100 billion quarter, with a forecasted $21 billion coming from just annual advertising dollars, per a Financial Times report that cited FactSet data. Amazon’s crowded online marketplace has led retailers to enhance their advertising on the site to be better seen in the search results.
Program Used To Plan Clandestine Parties Removed From App Store, TikTok
An iOS app aimed at helping partygoers locate secret gatherings amid the pandemic has been taken off Apple’s app store. Apple removed the recently rolled out Vybe Together app, which showcased the “Get your rebel on” slogan, after a journalist tweeted about its existence.
The mobile program provided a platform for users to organize gatherings, with venue addresses delivered to approved guests approximately two hours prior to start time. In addition, the app’s official TikTok account was reportedly shut down.
Read More On Regulations:
- Big Tech Compliance Tracker: Malaysia Gets Approximately $107 Million In Digital Services Taxes; FAA Approves New Drone Regulations
- Square CEO Pushes Back On FinCEN’s Proposed Crypto Rules
- Today In Digital-First Banking: Banks Ask UK To Raise Cap On Contactless Payments; Bank of Jamaica Drafts Rules For ePayments
- PayPal Wins Prepaid Card Regulation Lawsuit Against CFPB