Pianist Holly Bowling has taken the music of Phish to new heights, transcribing it for piano and performing these stripped-down versions for fans everywhere. Bowling turned heads with her performance of the full “Tahoe Tweezer,” and continues to impress with her unique interpretations of Phish’s improvisations.Of course, Phish’s music isn’t all improvised, and one of the more rigorous compositions by the band is their song “It’s Ice.” Bowling just released an intriguing video for Phish phans, where she talks about the transcription process and performs!Watch Bowling’s new video, streaming below.
Read also: Indonesia’s COVID-19 stimulus playbook, explainedThe significant economic presence will be determined through the companies’ gross circulated product, sales and/or active users in Indonesia, the Perppu reads. Those with a significant economic presence will be declared permanent establishments and, thus, are subject to domestic tax regulations.“Indonesia’s tax base will move toward digital taxation as online transactions have been growing significantly, especially during the COVID-19 pandemic,” Finance Minister Sri Mulyani Indrawati said during a teleconferenced press briefing on Wednesday.She said companies like streaming service Netflix and online meeting app Zoom are a few examples of foreign businesses with a significant economic presence in the country. A recent report by Statqo Analytics revealed that active Zoom users increased by 183 percent last month, especially since most businesses in the country implemented work-from-home on March 16.The government has struggled to tax digital companies that have limited or no physical presence in Indonesia but pocket a significant amount of revenues from the country. It previously incorporated regulations about digital tax in the omnibus bill on taxation submitted to the House of Representatives in February for deliberation.The government and the House have yet to start the deliberations.Read also: Indonesia’s economy may contract 0.4% in worst case scenario: Sri MulyaniThe Perppu also states that if the government cannot declare a digital company a permanent establishment because of the existence of a tax treaty with a certain country, it will then charge an electronic transaction tax on the company’s sales in Indonesia.Further provisions on the rates, object and calculation of the income tax and the electronic transactions tax will be regulated in a government regulation (PP).Article 7 regulates that digital companies that fail to comply with the rules would face an administrative sanction and even have their internet access cut by the telecommunication minister.Previously, a Netflix spokesperson told The Jakarta Post that the company supported the introduction of a digital tax in Indonesia when asked about the content of the omnibus bill on taxation.Topics : The Indonesian government has officially assumed the authority to tax digital companies operating in the country following the issuance of a new government regulation in lieu of law (Perppu) on Tuesday.The Perppu, which takes effect on Tuesday and aims to support the government’s efforts to fight the adverse economic impacts of the COVID-19 pandemic, states that the companies will be charged value added tax (VAT) on taxable intangible goods and/or services sold through electronic platforms.The government also charges income tax or electronic transaction tax on e-commerce activities carried out by foreign individuals or digital companies with a significant economic presence, according to Article 6.
The €300m Dutch pension fund for the travel sector has said it was looking for a merger with a larger industry-wide scheme or a switch to defined contribution (DC) arrangements.Reiswerk Pensioenen made clear that continuing independently was not an option because of its funding position and its predominantly young membership. “The long duration as a consequence of our young population requires taking more investment risk,” said Frank Radstake, the scheme’s employer chairman. ”But the financial assessment framework (FTK) doesn’t allow us to do so because of our funding shortfall.”The pension fund was therefore “stuck in the FTK trap.” The small sector scheme has been in trouble since the introduction of a new and lower ultimate forward rate (UFR) in 2015, part of the discount mechanism for liabilities.Despite a defensive investment policy, including a 90% interest hedge, the scheme’s funding level has since plummeted from 125% in 2014 to 99.5%.In its annual report, Reiswerk Pensioenen said it was unable to hedge against the impact of the new UFR, which had caused a steep rise of its long-term liabilities.Radstake said the UFR was expected to drop further and that the current asset mix would not solve the pension fund’s financial problems.He indicated that the scheme’s small size – it has 9,000 active members – was another reason why it wasn’t deemed future-proof.Joining another sector scheme or switching to DC would both give Reiswerk the option to increase the risk profile of its investments.A merger would bring the added benefit of scale, but would also mean an instant rights cut for the scheme’s members.“However, in the long term the results will improve,” said Radstake.Based on its current position, the pension fund was headed for a rights discount in 2021 anyway, he noted.The social partners in the travel industry said they wanted to make a decision about the scheme’s future next summer.