U.S. VAT, Inc.

U.S. VAT, Inc.

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected

  • Singapore studying GST on imported services

    The “Netflix tax” is doing the rounds – first in Europe, now in South-Africa and Russia and on to Asia and Australia. Singapore is gearing up to extend the scope of their GST to include the “import of services”, which is currently not taxed for both businesses and consumers. Businesses would potentially see a reverse […]

  • The future of the tax team – KPMG

    “Tax leaders’ top three priorities for new investment are additional personnel, tax technology and process optimization.” A couple of months ago KPMG released their annual Global Tax Benchmarking Survey – see the pdf below. As in every year, this is required reading for every tax practitioner – my main takeaway is that tax departments will […]

U.S. VAT, Inc.

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected

  • Understanding the Border Adjustment

    Kyle Pomerleau from the Tax Foundation writes a comprehensive overview of what the House Republicans want with the “Border Adjustment” legislation. I have now officially given up on explaining to my fellow Americans that businesses have a right of input tax reclaim under a common VAT. So if the House proposal does not  provide for a VAT on […]

  • Happy Valentine’s Day!

    Think of VAT (in the UK) when you’re buying for your Valentine! Also: item classification for VAT in the UK is crazy. Roses are redThey're subject to VATEat nasturtiums instead You can zero-rate that#taxvalentines — Heather Self (@hselftax) February 11, 2017 Roses are redAnd I baked you a cakeBut apparently it's a biscuitSo I can't […]

U.S. VAT, Inc.

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected

  • Border tariff and/or an export exemption?

    President Trump seems to warm to a broad-based tariff… Countries charge U.S. companies taxes or tariffs while the U.S. charges them nothing or little.We should charge them SAME as they charge us! — Donald J. Trump (@realDonaldTrump) February 4, 2017 But according to his advisers, all options for tax reform are still on the table: […]

  • Russia now taxes foreign B2C e-sellers

    Russia is now ready to receive your VAT registration application, if you are a foreign (i.e. US-based) seller of online services (i.e. videos, apps, games, subscriptions etc.). Dentons has the details and challenges of registering and filing Russian VAT in this article here: http://www.dentons.com/en/insights/alerts/2017/january/13/registration-with-the-rf-tax-authorities-aimed-at-payment-of-vat-b...

U.S. VAT, Inc.

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected

  • Import tax to fund Mexican border wall?

    The Trump administration keeps “floating” tax proposals – here is the latest one (1/26, 5pm EST): http://www.politico.com/story/2017/01/trump-tax-mexican-imports-pay-for-border-wall-234239 Obviously, the border wall financed this way is paid for by the American people. Other than keeping updated with the daily developments there is not much a worried Tax VP can do… Port of Seattle in the morning

  • The Fair Tax Act of 2017

    Abolition of income taxes and the Internal Revenue Service, and thus leaving collection of a national sales tax to the states. The proposed rate is 23%. Have a look at what Senator Jerry Moran (R-KS) has put forward for a national sales tax. A major legislative work it is not. https://www.congress.gov/bill/115th-congress/senate-bill/18/all-info?r=1 Avalara’s comments are here, […]

  • “Destination-based” and “Border adjustable” taxes vs VAT

    White & Case makes a good effort to explain what is currently going on in U.S. tax reform: http://www.whitecase.com/publications/alert/border-adjustable-taxes-under-wto-agreements … and Eversheds reviews the proposals against the common VAT: http://www.eversheds.com/global/en/what/articles/index.page?ArticleID=en/Competition_EU_and_Regulatory/U_S_border_tax_

  • Avalara: Top VAT changes for 2017

    Avalara’s Richard Asquith predicts global VAT changes for 2017: http://economia.icaew.com/en/opinion/january-2017/the-top-vat-changes-predicted-for-2017-brexit-eu-european-parliament

  • India GST: babysteps towards implementation

    Political leaders in India made good progress last week in addressing issues in relation to sharing of GST revenue. However, final agreement has not been reached, and it looks like the April 1, 2017 tentative date of go-live will not be reached. The India Constitution mandates that GST implementation must take place before September 16, 2017. […]

  • Trump threatens a 5% tariff, but Congress opposes

    President-elect Trump has been toying with the idea to use his Presidential executive authority – allowed under existing trade laws – to introduce a 5% tariff on all imports into the U.S. Although initially this proposal was considered a trial balloon to push WTO negotiations, re-negotiate NAFTA and more generally as an extension of the “America First” […]

  • Tax Analysts: Trump suffers from VAT envy

    Robert Goulder writes in Forbes “Diagnosis: Donald Trump Suffers From VAT Envy”: “Strictly speaking, Trump’s claims about VAT are false. VAT is neither a trade subsidy nor a trade barrier. In fact, VAT is economically neutral. Tax burdens from the origin country do not carry over with exports as they’re transported to their place of […]

  • HMRC flooded with VAT registrations

    The Scotsman writes: “HM Revenue & Customs (HMRC) has seen 7,185 internet retailers register for VAT since new rules were introduced in September, forcing overseas companies to pay the tax or risk being blocked from trading in the UK.” The full article is here: http://www.scotsman.com/business/companies/retail/online-sellers-scramble-as-1bn-vat-loophole-closes-1-4322649 Also see my earlier comment...

  • U.S. tax reform: import tariff still on the table

    From C-SPAN, House Ways and Means Committee Chair Kevin Brady (R-TX) insists that VAT is an export subsidy (transcript below from C-SPAN): “REP. BRADY: WE HAVE MADE A STRONG CASE THAT FOR AMERICA TO COMPETE AND WIN AGAIN, WE NEED TO CHANGE THE WAY WE TAX. AND ALL OF OUR COMPETITORS, THEY TAKE THE TAXES […]

  • U.S. tax reform: No way out anytime soon

    Tax reform is a royal pain – as Puerto Rico, Malaysia, Brazil, India and the Gulf countries have recently found out. Here in the U.S., tax reform has been an on-and-off hot topic, and over the past couple of weeks politicians, academics, journalists and traders have engaged in a Babylonian war of words and intentions. The […]

U.S. VAT, Inc.

Category: Content
Type: Blog Article

Generated 7 months ago

New blog articles detected

  • India issues FAQ on GST

    The introduction of Goods and Services Tax (GST) in India is for real. They may not make the intended go live date of April 1, 2017, but it will be close. If you are doing business in India, or with Indian companies, it makes perfect sense to prepare for this new tax. To help, The […]

  • VAT conference notes: Supply Chain Optimization

    From the VAT conference, organized by the Institute for Professionals in Taxation last week in Indianapolis, here are my brief notes of the session on Supply Chain Optimization. Paula Borhauer (Starbucks): Tax needs a ‘seat at the table’ with business development. Customs, Transfer Pricing, Income / Withholding Tax and indirect taxes are key drivers for supply chain efficiency […]

  • VAT conference note: China

    One session at the VAT conference, organized by the Institute for Professionals in Taxation last week in Indianapolis, discussed the VAT implementation in China. Robert Smith (EY): China VAT implementation now finalized – some transitional business tax liabilities remain. Business tax was not creditable – now replaced by a creditable VAT at a higher rate. Still China lost US$ 35 […]

  • VAT conference notes: India

    From the VAT conference, organized by the Institute for Professionals in Taxation last week in Indianapolis, here are my brief notes on the introduction of GST in India.  Robert Smith (EY): India is now past the point of no return – GST implementation is going to happen. Unlikely that they will meet the proposed introduction date […]

U.S. VAT, Inc.

Category: Content
Type: Blog Article

Generated 7 months ago

New blog articles detected

  • Progress! India GST law ratified and signed

    The “federal” GST in India made another big leap today towards realization. One of the outstanding major issues to be resolved is now the rates. Next is implementation of the umbrella-rules into each State’s tax law. This is expected to work broadly similar to the European VAT Directive, with various exemptions and differences of interpretation by […]

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