As Brazil continues to expand its business-to-government regulatory requirements to affect an ever-growing list of business processes and units, Block K is presenting drastic challenges to manufacturing, inventory management, supply chain and accounting teams. Starting February 1, 2016, companies will have to submit monthly inventory and production reports. Those that have yet to start preparing […]
The IRS has issued Notice 2015-66, which announces the IRS and Treasury’s intent to amend Sections 1471- 1474 of the Foreign Account Tax Compliance Act (FATCA). This Notice extends the time period applicable to the following transitional rules: The date for when withholding on gross proceeds and foreign pass thru payments will begin. The expected […]
There is no avoiding FATCA, a Canadian court has recently ruled. FATCA continues to withstand legal challenges, eliminating the last hope that some businesses had that FATCA will go away. The latest court ruling further proves FATCA and the expansion of global reporting are here to stay. The lawsuit was filed by two American expatriates – Virginia […]
Growing Trends in the Digital Economy: Japan and the Cross-Border Supply of Electronic Services The Destination Principle The fusion of globalization and digital commerce has sparked a trend in the world of indirect taxation. Effective October 1, 2015, Japan became the latest country to adopt the “Destination Principle” for the cross-border supply of electronic services, […]
Compliance with complex e-invoicing and e-accounting legislation in Latin America requires a dedicated, multi-tiered, flexible solution. While corporate governance and risk management dictate that such compliance be managed through corporate ERP systems, SAP’s support of these regulations has historically been fragmented, leaving gaping holes that result in severe audit and penalty risks. For example, SAP […]
Sovos recently published a new Smart Brief called Top Five Reasons to Automate Your VAT Compliance Process. The Smart brief describes the most important reasons to automate, including: Reducing Processing Time Increasing Accuracy and Consistency Staying Up-To-Date Refocusing on Higher-Level VAT Work Improving Staffing Plans Learn more about these reasons and about the VAT reporting cycle […]
European Union: Right of Input VAT Deduction for Holding Companies On July 16, 2015, the Court of Justice of the European Union (“ECJ”) delivered a judgment in joined cases C‑108/14 and C‑109/14 regarding the applicability of input VAT deduction for holding companies. The full names of the cases are Beteiligungsgesellschaft Larentia+Minerva GmbH & Co. KG […]
The IRS has released the 2015 reporting Forms for the Affordable Care Act (ACA). These Forms include the 1094-B, 1095-B, 1094-C, and the 1095-C. The 1095-B is for reporting Health Coverage and will generally be used by the Insurance Provider, while the 1094-B is the Transmittal of Health Coverage Information Returns. The purpose of the […]
As October 1 is just about here, it may be helpful to review those areas of tax reform brought about by Act 72-2015, which will go into effect on October 1, 2015. What Professions are Subject to the New 4% Tax in Puerto Rico? The new provisions of this Act, which impact organizations doing business […]
Although Peru’s e-invoicing requirements don’t go into full effect until the middle of next year, libros reporting extensions are due at the beginning of 2016. Companies MUST prepare now to meet these reporting requirements or risk fines and penalties. And unlike libros requirements throughout much of Latin America – Peru’s are significantly complex, more similar to […]
End-of-summer sales tax holidays may be fun, helpful and welcome to consumers, but they are no picnic for the tax departments of retailers. For different periods in July and August of this year, consumers in 19 states saved money by not having to pay sales tax on certain items. It is also not a coincidence […]
Governments around the world are joining the U.S. in its efforts to eliminate tax evasion by signing onto the Foreign Account Tax Compliance Act. While discussion surrounding FATCA has been ongoing for several years now, policies are just now going into effect in various parts of the world. The latest government to join the global tax […]
Over the last few years, I have spoken with many organizations who have implemented SAP ERP across Latin America as well as many that have either canceled the project or have support and change management nightmares on their hands. Here are the top 5 reasons I see projects fall off the rails. Thinking that […]
AIR System 101: Testing and Preparing for the First Year of Required Reporting, Transmittals to the IRS Who Must Use the New IRS AIR System? Starting in 2016, applicable large employers (ALE), those with 50 full-time employees or more who work at least 30 hours a week (or FTE equivalent), have a whole new tax […]
Increasing globalization has significantly changed the corporate tax function, with constantly shifting regulations and stakeholder demands. In a recent report, “Reshaping the Tax Function of the Future,” PricewaterhouseCoopers (PwC) details several critical factors that will drastically impact the way companies do business worldwide – trends we’ve especially seen in the complex Latin American compliance landscape. […]
As FATCA rolls on, countries are now starting to pay attention to CRS and recognizing that it isn’t simply a bigger version of FATCA. Australia, for example, is seeing that meeting the tax reporting requirements for FATCA was an arduous task for Australian financial institutions. However, they are preparing themselves for the broader scope of CRS, […]
Want to Improve Your VAT Processes’ Efficiency and Productivity? Strategically Implement Lean Management Techniques Applying the Lean Concept to Finance The holy grail of efficiency paired with cost effectiveness can be found in many management principles, yet the lean concept has found appreciation far beyond manufacturing in areas such as finance. When applying lean finance […]
With less than 100 business days until the mandatory reporting deadline arrives for ACA 1094 and 1095 forms, it is critical that human resource (HR) departments implement an ACA reporting solution to deal with this new and complex tax obligation. But what exactly is involved? Understand Your Obligations From figuring out your business determination obligations […]