|3 THINGS THAT WILL CHANGE THE WORLD TODAY|
Good morning, here’s your Monday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.
Making Tax Digital comes into effect
UK-based businesses with a turnover above £85,000 will be required to switch to the new digital tax service to report earnings and calculate VAT tax owed from today.
VAT-registered businesses will be required to use the new service to keep digital records of their transactions and use software to submit their returns. According to HMRC, the switch will make it one of the “most digitally advanced tax administrations in the world”.
Christiaan van der Valk, VP of Strategy at Sovos, previously told Verdict that the change will make tax returns “simpler, more objective and less cumbersome to administer”.
The change will not apply to businesses, sole traders and landlords that earn below the £85,000 VAT threshold. However, HMRC plans to roll out the system to everyone once it has been proven to work effectively.
Committee hears from cybersecurity experts
The United Kingdom’s Public Accounts Committee will hear from a number of security experts on cybersecurity in the UK.
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The committee will take evidence from Mark Sedwill, Cabinet Secretary and the UK National Security Advisor, as well as Ciaran Martin, CEO of the Nation Cyber Security Centre.
Those giving evidence will be questioned on the failure to establish an efficient cybersecurity strategy. The session is part of an enquiry into the UK’s vulnerability to cyberattacks as one of the world’s leading digital economies.
The session is taking place at Portcullis House, London, starting at 4pm local time.
India launches EMISAT surveillance satellite
The Indian Space Research Organisation will today launch the EMISAT satellite as part of its Polar Satellite Launch Vehicle mission.
EMISAT, an electronic intelligence surveillance satellite, is being launched in collaboration with the Defense Resarch and Development Organisation. The satellite will make it easier to scan and intercept radio waves from communication systems and radars in difficult terrains, such as forests and coastal areas.
Alongside EMISAT, an additional 29 satellites will enter orbit as part of the mission, including 24 from the US, two from Lithuania, one from Spain and one from Switzerland.
The launch will take place at the Satish Dhawan Space Centre in Andhra Pradesh, India.