For years, Venezuela’s currency (currently the VES, was VEF) was the only currency legal to use within the country. However, with hyperinflation and a rapidly depreciating currency, using the VES was often difficult. Although not technically legal, transactions would often still occur using U.S. dollars, as it is a stable currency.

Japanese consumption tax is an indirect tax on goods and services, similar to value-added or sales taxes. Tax increases in Japan are notoriously unpopular and changes to the consumption tax have faced long delays and political battles. On October 1, the general consumption tax rate in Japan was raised from 8% to 10%, with a secondary tax tier of 8% for food products meant to be consumed at home. This increase had been delayed multiple times since its initial implementation date in 2015. The last consumption tax increase, from 5% to 8% in 2014, had been the first in 17 years.

Data Points brings you the latest updates from our Housing, Goods & Services, and Tax departments. These highlights are based on our expert international surveys, which are conducted on location by our global data collection team.

During my recent survey, I visited two small cities in Kazakhstan near the Caspian Sea. Oil is the main industry in this region, and these cities are no exception. The first of these cities I visited was Aktau, which directly overlooks the Caspian Sea. The city was originally built as an oil camp decades ago, and even now the city feels rural. The air in the city is dry and roads are not particularly walkable.

During my recent survey, I visited a number of cities in Kazakhstan, including Almaty, the country’s largest city and former capital, and Nur-Sultan, the capital since 1997 and known as Astana until March 2019. Nur-Sultan was a city planned under the direction of former president Nursultan Nazarbayev and was once called “the space station in the steppes” by the Guardian newspaper.

When I was visiting Cape Town during my recent survey, it was hard to believe that a water crisis had threatened the city so severely in 2017 and 2018 that city residents faced water restrictions as low as fifty liters of water per-person-per-day.

On August 11th, Argentina held primary elections ahead of the general election scheduled for October 27th. Center-left candidate Alberto Fernandez and running mate former President Cristina Fernandez de Kirchner defeated center-right President Mauricio Macri. This result created uncertainty about the future of Argentina’s economic policy. Many investors pulled their money out of Argentina, and ratings agencies such as Fitch and Standard & Poor’s downgraded their credit rating. The peso experienced rapid and significant devaluation against the dollar, losing roughly 20% of its value in a matter of days. In an effort to stabilize the peso, Macri re-instituted currency controls that had been eliminated in 2015.

During the August survey of Harare, our visit found the Zimbabwean economy in a state of transition. This June, after a decade of using a mix of approaches but primarily relying on the U.S. dollar for transactions, the Reserve Bank of Zimbabwe announced that a new Zimbabwean dollar (ZWL), also known as the Zimdollar, was the only acceptable form of payment.

Data Points brings you the latest updates from our Housing, Goods & Services, and Tax departments. These highlights are based on our expert international surveys, which are conducted on location by our global data collection team.

Economic liberalization in Myanmar over the past decade has brought significant change to the availability of goods and services in Yangon. While expatriates once shopped on home leave or R&R trips, now Mango or Nike are available at the nearest mall.