Tax & Accounting Blog

Effective March 1, 2016, the state of North Carolina will be increasing the number of service transactions subject to Sales and Use Tax. The Current Operations and Capital Improvements Appropriations Act of 2015 authorizes the fiscal year 2016-2017 annual budget, but also contains provisions affecting North Carolina Sales … Read More

This month in Utah, a panel of male law makers voted against exempting feminine hygiene products from sales and use tax. The so-called “tampon tax” is thought to be an additional economic burden on women.  Tampons and other feminine hygiene products are a basic necessity. Most states exempt basic necessities from tax – for … Read More

On January 13, Nigeria proposed to call an emergency meeting of OPEC to help stabilize oil prices. Oil prices on 12 January 2016 fell below $30 a barrel. Despite low oil prices OPEC will likely keep oil production at the same levels which could push prices further down. Part of this is part … Read More

Australia and New Zealand are both moving forward to tax electronic services from overseas to generate tax revenue and create a level playing field. New Zealand introduced the changes to the taxation laws last year and will look to have GST charged to consumers on October 1 2016. Australia’s legislation was introduced on … Read More

Premier Li Keqiang confirmed China will continue it’s Value Added Tax (VAT) reform. The VAT reform will provide tax relief up to $85 billion for businesses in China as the economy experiences a slow down. The VAT reform moves the services from the Business Tax to VAT. VAT in China has been a … Read More

The decline in oil prices globally has hit many countries hard but one country hit particularly hard with the decline in oil prices is the Kingdom of Saudi Arabia. The Kingdom derives 3/4 of its tax revenue from oil and gas production. As a result of the massive decline in oil prices the 2016 budget … Read More