Tax & Accounting Blog

New Accounting Methodologies for Processing Trade

New Accounting Methodologies for Processing Trade

On the 6th of November 2015, China’s General Administration of Customs released the ‘Announcement on Developing Work order Write-off (WOW) of the Processing Trade’ (Announcement No. 53 [2015]), to develop the practice and clarify the management method of work order write-off for processing trade. By definition, work order[1] write-off means enterprises can file … Read More

What You Need To Know About BEPS: Country-by-Country Report Preparation for MNE’s

What You Need To Know About BEPS: Country-by-Country Report Preparation for MNE’s

The rules are now clear. Every MNE with at least 750 million Euro of revenue in 2015 must prepare Country-by-Country (CbC) reports for the 2016 fiscal year. If the ultimate parent company does not file, then a surrogate or the local entity will most likely be required to comply. The timeline seems to afford MNEs … Read More

What Every Importer Should Expect: Equal Treatment by CBP with Regard to Tariff Classifications

What Every Importer Should Expect: Equal Treatment by CBP with Regard to Tariff Classifications

A recent notice in the Federal Register published by Customs and Border Protection (CBP) brings to the public’s attention what is basically a complaint by an importer that they have not been treated fairly or consistently by CBP regarding a tariff classification issue.  It is interesting in that it highlights: A common classification determination … Read More

Impact Of The TPP On Agriculture

Impact Of The TPP On Agriculture

What is TPP? On Oct.5, 2015, the deal for a mega FTA was reached in Atlanta USA.  That is the TTP, Trans-Pacific Strategic Economic Partnership Agreement which includes 12 countries, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S., and Vietnam and covers the economic size of 3,100 trillion yen at … Read More