Spotify has revealed plans to increase subscription fees in France, in response to a new tax directed at music-streaming services operating in the country.
While all the impacted companies are opposing the new law, Spotify has been the most vociferous, largely due to the fact it is the biggest player in the country.
The company wrote in a blog post today:“With the creation of this new tax, Spotify would be required to give approximately two-thirds of every euro it generates to music to rights holders and the French government.
What’s perhaps the most telling part of this whole episode is how important France is to Spotify in terms of market traction.
With regards to France, Spotify is conveying as much — if not more — grievance with the new tax as it did with Uruguay, yet it has given no indication that it will exit the country.
The Harness offering also has two other components, serving as a marketplace for discovery of advisors and services and consumer financial insight tools.
In order to fill that need, Harness partnered with experienced tax advisors who in most cases already had a significant roster of clients.
So when those advisors partnered with Harness, many of those clients became clients of Harness as well.
Put simply, the new platform “powers the collaboration between tax advisors and their clients,” the company said.
About 75% of Harness’ clients come through advisors that join the platform.
Naturally, global crypto VC funds flooded into India, hoping to replicate the home runs that Accel, Sequoia and Lightspeed had hit a decade prior.
Bullish reports predicted India housed over 100 million crypto participants, despite far fewer participating in any investment instrument in reality.
Despite having an earlier blanket ban overturned in court, regulators persisted in likening crypto to Ponzi schemes and pressured banks from engaging with any crypto startups.
The pending removal across Google Play, internet providers and beyond caps a journey mired with shutdowns, pivots and relocations abroad for Indian crypto startups.
Some entrepreneurs are still fighting for the Indian crypto dream, requesting New Delhi reconsider the punishing 30% crypto tax.
The EV tax credit is about to get better, and also harder to findThe federal tax credit for electric vehicles is about to change in one particular way that will make it far more attractive to buyers.
Vehicles qualify for a $3,500 credit if the automakers follow certain guidelines on where they source battery materials, and another $3,500 provided they stick to similar rules for battery components.
As a result, General Motors said this week only its Chevy Bolt will qualify for the full tax credit starting January 1.
Ford, meanwhile, said only its F-150 Lightning will qualify for the full $7,500 credit.
The Lincoln Corsair Grand Touring SUV will be eligible for half of the credit, while the Mustang Mach-E, Lincoln Aviator Grand Touring plug-in hybrid and E-Transit van won’t.
Spotify is pulling support for two music festivals in protest against a controversial new tax directed at music-streaming platforms operating in France, and threatened more action will follow in the coming months.
While all the major music-streaming platforms have come together in opposition to the new law, including Apple, Google’s YouTube, and local player Deezer, Spotify has been the most vocal.
In the wake of the announcement last week, Spotify said that the move was a “real blow to innovation,” and that it was evaluating its next moves.
The company later pulled a 180-degree turn when the government gave assurances that music-streaming platforms wouldn’t be expected to cover any extra costs resulting from the law.
“Spotify will have the means to absorb this tax, but Spotify will disinvest in France and will invest in other markets,” Monin said in an interview with FranceInfo last week.
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