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Sometimes it’s good to go back to basics. Want to learn more about value added tax (VAT)? You are not alone. Since most of Europe and around the world uses a VAT system, here is a good overview about how it works and how it is similar, but different, to sales tax in the United […]
We recently examined the 10 new financial compliance regulations expected to hit companies operating in Latin America this year. None present more challenges than those going into effect in Brazil. Couple this wave of changes and expansions with Brazil’s current complex mandates, and companies are in for a turbulent ride, risking significant fines, penalties and […]
New Year’s Day 2016 brought numerous indirect tax changes to the state of Maine. These changes were varied and intended to complement reductions in the state’s income tax. One of the biggest changes that became effective January 1, 2016 relates to the sale of food and now there are new snack food taxes. In the […]
The Benefits to Adhering to the Original ACA Reporting Timeline for Tax Year 2015 Although the IRS has extended the deadlines for the first year of mandatory ACA filing, it is still possible to fulfill your obligations early—and doing so will greatly benefit your employees and organization in the process. Help Your 1040 Filers You […]
Over this past week, there weren’t any new global updates to FATCA regulations. However, there is always information to stay well-versed on. For this week’s update, check out the chart below about UK CDOT reporting: UK CDOT Jurisdiction Due Date Guidance eFile Format Nil Reporting Anguilla TBD Not yet available Bermuda 9-30-2016 Currently, no formal Guide; […]
The rate of change of business-to-government compliance mandates in Latin America continues compounding, with no less than 10 (ten!) new regulations expected in 2016. Managing these changes can be challenging at all levels of a corporation – from IT integration to new processes and controls in finance and supply chain management to operational delays and […]
If you buy a 50” flat screen TV in California, you might notice California Sales Tax is not the only additional charge on your invoice; there is also a $5 “eWaste” fee. Consumers can sometimes be caught off-guard by additional fees when checking out at the register, however retailers should always be aware of such […]
On December 15, 2015, the Korea National Assembly enacted legislation that amends the application of Korean Value Added Tax (VAT) on foreign suppliers of electronic services in Korea. With retroactive effect from July 1, 2015, only supplies of electronic services by a foreign business to a non-VAT registrant in the Republic of Korea (Business-to-Consumer transactions) […]
On Wednesday, January 27th, the US Justice Department announced that it had reached its final non-prosecution agreement under Category 2 of its Swiss Bank Program, this completing the Swiss Bank Program phase 2. The NPA was signed with HSZH, a one-time UBS acquisition. The Department of Justice (DOJ) launched its Swiss Bank Program in August […]
Once again, there was a variety of changes to FATCA over the past week. Take a look below to see the most recent updates, gathered by our expert compliance and research team. Ireland Revenue Temporarily Suspends Online FATCA Filing Ireland has temporarily suspended online FATCA filing. Beginning January 29, 2016, and continuing until early April, […]
Global companies are expending significant resources on their shared services departments as they realize the benefits of standardized operations. In fact, a recent Deloitte study found that more than 90 percent of a pool of 300 private-sector organizations saw cost reductions and improved efficiencies from leveraging shared services, and such proven successes are resulting in […]
In mid-January the National Retail Federation held their 105th convention & expo at the Jacob K. Javits Convention Center in the heart of Manhattan. The event boasted over 33,000 attendees, 500 exhibitors, and at least one child-sized robot. Omnichannel, the New Philosophy The definitive unifying idea of the show was centered on the move to […]
This month’s VAT updates: European Union Extension of the 15% Minimum Standard VAT Rate Requirement Under the existing language of Article 97 of the EU VAT Directive, the requirement that no Member State apply a standard rate of VAT less than 15% would have expired effective December 31, 2015. However, the European Commission has adopted […]
The IRS recently announced significant modifications to FATCA reporting duties, affecting Chapters 3 and 4 of the Internal Revenue Code. Read more about this update, among others, in this week’s global recap from the Sovos expert compliance and research team. IRS Post Notice 2016-08 Announces Amendments of Chapter 3 and 4 Regulations The IRS posted […]
Tax information reporting presents many challenges for organizations due to the high demands of compliance regulations in addition to the frequent changes that need to be continually monitored and absorbed into current systems and processes. How organizations approach these challenges and the priority they place on tax compliance activity is a critical component to managing […]
Aside from the landmark decision of the European Court of Justice on March 5, 2015 that ebooks cannot benefit from the same reduced rate of VAT as paper books, there have been several noteworthy Value Added Tax (“VAT”) changes in the European Union (“EU”) over the past year. Below is a synopsis of some of […]
One of the more interesting and important things in tax research is learning about the imposition of new fees and taxes on specific and somewhat unexpected items. These taxes allow us to keep our research skills sharp as well as point us in the right direction of exciting new client possibilities. Recently, we are seeing […]
CMO, Troy Thibodeau, Discusses the Challenges of Complying With FATCA and the Harbinger of CRS In the first quarter issue of Risk & Compliance e-magazine for 2016, Troy Thibodeau, CMO of Sovos provides an update on the progression with regards to the implementation FATCA, the challenges that the IRS has encountered, and what this could […]