There has been a trend of banking growth in the United Arab Emirates, and the swelling numbers are expected to continue. According to a report from the Khaleej Times, the UAE banking sector is presumed to experience year-on-year deposit growth of 13.6 percent from 2015-2017. Asset growth is expected to rise by 12.2 percent in […]
In the past few weeks, we’ve discussed the challenges associated with implementing a global instance of SAP ERP within the complex regulatory environment of Brazil. With the strictest mandated business requirements in the world, fully leveraging SAP in this country requires thorough planning, an expert team and patience during the implementation phase. If you’ve made […]
IMPORTANT NOTICE FOR BONDED IMPORTERS IN PUERTO RICO Puerto Rico recently enacted Law 72-2015 which (among other things) increased the state level Sales and Use Tax (IVU) from 6% to 10.5% effective July 1, 2015. The municipal level rate of 1% remains the same, which makes the total IVU rate 11.5% as of July 1. […]
On September 3rd, multinationals will be required to submit their first journal entry (polizas) reports as required under Mexico eContabilidad legislation. These journal entries must date back to July 1, 2015, meaning now is the time to evaluate your processes to ensure accurate reports. Yes – processes. Simply relying on your technology (SAP, ERP or […]
As countries all over the world join forces to eliminate schemes for tax evasion, those attempting to find a safe haven to avoid compliance laws are running out of options. World powers have made it apparent through pacts and alliances that they are no longer willing to tolerate individuals who seek to keep their income hidden […]
It’s understandable that multinational companies operating in Latin America’s complex regulatory environment first look to their ERP for compliance solutions. After making significant financial, IT and operational investments in SAP, managing compliance within this existing infrastructure is no doubt desirable. However, there are several factors that need to be considered when planning out your compliance […]
The European Union and the Group of Seven nations recently announced they would take steps to ensure that multinational countries pay their fair share of taxes to countries where they do business. The G7 – which comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – announced it would finalize recommendations made […]
On May 29 the Governor of Puerto Rico signed into law HB2482 which officially enacts Law 72-2015. This new law introduces fundamental changes to the direct and indirect tax regimes of the Commonwealth of Puerto Rico. For our purposes, we will focus on the changes as they apply to indirect tax. The new law proposes […]
When the U.S. introduced its Foreign Account Tax Compliance Act (FATCA) it established a precedent declaring the country would no longer tolerate tax evaders, or those who deliberately failed to comply with U.S. tax laws. While there has been much debate on both sides whether or not the U.S. Internal Revenue Service is causing more […]
Ecuador is among several countries in Latin America enacting and expanding e-invoicing legislation in 2015. The mandates in each country share similarities in purpose (boosting government revenues by decreasing tax inaccuracies and increasing fines and penalties) and scope (impacting accounts payable, accounts receivable, logistics, tax reporting and IT infrastructure). However, their differences are significant enough […]
The IRS announced a second 90 day filing extension for the Foreign Account Tax Compliance Act (FATCA), extending the time to file 8966 information to the IRS to 9/27/15. This additional extension further highlights the complex challenges of reporting globally for the first time as the world races towards the Common Reporting Standard (CRS) beginning […]
Thanks to the Foreign Account Tax Compliance Act (FATCA), foreign governments and financial institutions are assisting the U.S. Internal Revenue Service in reporting financial activity and holdings of American citizens living abroad. While the intent of the act was to prevent citizens from evading tax laws, there are opponents of the act who say it […]
Maryland’s income tax system has been challenged and ruled as unconstitutional by the U.S. Supreme Court. The reason was that Maryland’s tax policy essentially double-taxed its residents for income earned in other states. According to Forbes, the Maryland policy was operating as a tariff, since dollars earned and taxed outside of the state’s borders were […]
Proactively managing compliance in Latin America doesn’t just mean avoiding the significant fines and penalties associated with e-invoicing and reporting errors. It can also help your company free up cash flow and streamline business operations. It’s no secret that the risk of non-compliance with Latin America’s strict business regulations is severe. Errors can mean fines […]
Last week, we examined how to prepare for rolling out SAP in Brazil. In this complex regulatory environment, a SAP implementation is much more detailed and distinctive than in other countries. Special considerations must be taken into account to ensure compliance and avoid the hefty fines, penalties and business disruptions associated with e-invoicing and reporting errors […]
While Brazil is the most complex corporate regulatory environment in the world, it’s also a very attractive country in which to do business. The emerging market’s GDP is expected to grow 22.3% between 2013 to 2017. With access to raw materials and proximity to a booming population of both talent and consumers, global businesses are […]
While governments around the world are calling for more transparency and compliance when it comes to taxes, both domestic and abroad, citizens have their own batch of concerns. Most notably, there are an increasing number of American citizens who are nervous about the security of modern tax methods. Most tax filing is done digitally these days. […]
In the latest iteration of Latin American countries following the example set by Brazil’s e-invoicing regulations, Colombia is expected to introduce its own version of the legislation this year. The Dirección de Impuestos y Aduanas Nacionales (DIAN), Colombia’s version of the Internal Revenue Service, cites several benefits of making such a move, including: 1) Strengthening […]