Tax & Accounting Blog

Kenya Proposes VAT Reforms

Kenya Proposes VAT Reforms

Kenya has proposed significant reforms to its current VAT law in order to simplify compliance and increase revenues. According to the Treasury, the current compliance rate stands at about 55 per cent due to distortion and tax leakages caused by exemptions and zero rating. “When the proposed Bill becomes law, we hope to achieve 80 … Read More

We’re Listening: Getting Better Organized with Workpapers

We’re Listening: Getting Better Organized with Workpapers

Say good-bye to the days of files being stored in different areas, under different names and on c-drives. One of the top process management questions raised at the 2011 ONESOURCE User Conference was:  Are you doing anything to improve document management across the ONESOURCE products? We’ve been … Read More

Vietnam Extends VAT Exemptions to Financial Services

Vietnam Extends VAT Exemptions to Financial Services

Vietnam has issued a new directive effective March 1, 2012 which expands the definition of VAT exempt supplies to include a number of financial services transactions including foreign exchange trading, the management of securities investment companies, and debt factoring (including the sale of debts). The Directive is available at: http://thuvienphapluat.vn/archive/Nghi-dinh/Nghi-dinh-121-2011-ND-CP-sua-doi-Nghi-dinh-123-2008-ND-CP-huong-dan-Luat-Thue-vb133470t11.aspxRead More

Withholding on U.S. Business Income of Foreign Vendors – Part 1

Withholding on U.S. Business Income of Foreign Vendors – Part 1

Foreign vendors being paid by U.S. organizations may include foreign enterprises that are engaged in a U.S. trade or business. Income of a foreign vendor that is effectively connected with the enterprise’s U.S. trade or business is subject to U.S. income tax after allowable deductions at graduated rates. Such effectively connected income (called ECI), when paid by … Read More