Tax & Accounting Blog

Thomson Reuters ONESOURCE Indirect Tax Successfully Completes SSAE16 and ISAE 3402 Examinations

Thomson Reuters ONESOURCE Indirect Tax Successfully Completes SSAE16 and ISAE 3402 Examinations

NEW YORK, January 8, 2014 – The Tax & Accounting business of Thomson Reuters announced today that it has successfully completed SSAE16 Type 2 and ISAE 3402 examinations for its ONESOURCE Indirect Tax research and content subscriptions services, and its VAT compliance process.  Conducted by an independent CPA firm, the exams are used to establish … Read More

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January 2014 International Indirect Tax Updates

Along with released budget measures for year 2014 many countries have passed legislation or announced a number of changes that have an impact on the VAT rates. These changes are a response to economic and budgetary developments in the particular country. We have summarized the upcoming VAT rate changes with the following countries. The changes will … Read More

Belgium – Lawyer Services subject to 21% VAT in 2014

Belgium – Lawyer Services subject to 21% VAT in 2014

Until 31 December 2013 Belgium was the only EU country applying VAT exemption under art.44 §1 (1) of the VAT Act to lawyer services provided by Belgian, EU-listed lawyers or firms located in Belgium with the majority of Belgian or EU-listed partners. This allowed not charging clients VAT, however, the firms had to absorb any … Read More

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November 2013 International Indirect Tax Updates

As a result of  current economic developments the following VAT changes came recently into effect. Pakistan New sales tax of 3% was imposed on fabrics. A 2% additional sales tax will be charged from manufacturers. On October 4th, 2013 the Government of Pakistan Ministry of Finance Tax Department issued a notice amending Notification No. S.R.O. … Read More

IRS Releases Draft Form for Medicare Surtax on Net Investment Income

IRS Releases Draft Form for Medicare Surtax on Net Investment Income

On August 6, 2013, the IRS released a draft of 2013 Form 8960, Net Investment Income Tax – Individuals, Estates, and Trusts.  Taxpayers use the form to compute the 3.8% surtax on net investment income, added by the 2010 Health Care Act.  The IRS has not yet released instructions to the form. The IRS … Read More