Tax & Accounting Blog

Treaty Exemptions for Business Profits – Part 4: Permanent Establishment

Treaty Exemptions for Business Profits – Part 4: Permanent Establishment

The definition of a permanent establishment may be found in the Permanent Establishment Article (typically article 5) of the applicable treaty. An enterprise has a permanent establishment if it has “a fixed place of business through which the enterprise carries on its business in whole or in part.” It may be a place of management, … Read More

Are you ready for IFRS?

Are you ready for IFRS?

Most of us know, it’s only a matter of time. The move towards a single set of high quality, understandable and enforceable global accounting standards – IFRS – is already underway amongst most of the world’s economies and  before we know it, IFRS will be more or less mandatory for U.S. corporations as well. Some IFRS / U.S. … Read More

Finland — VAT Increase Announced

Finland — VAT Increase Announced

Following budget deliberations this week Finnish Government Ministers have announced an increase in value added tax (VAT) across the board by one percentage point. Prime Minister Jyrki Katainen has indicated raises in tax rates will take precedence over saving cuts in the government’s budget plans. The planned increase, which will affect necessities such as food and … Read More

We Ask About Your Biggest Data Management Issues

We Ask About Your Biggest Data Management Issues

Our polls revealed there are significant amounts of data and it’s difficult to reconcile it all efficiently. With more of a focus on standardization and automation, corporate tax leaders are tuning in to learn how data management can be improved. Andrew Bazil, Product Specialist for ONESOURCE, was joined by 200+ tax professionals this month to focus on the biggest data management issues … Read More

U.K. Announces Changes to VAT Registration Thresholds

U.K. Announces Changes to VAT Registration Thresholds

In Budget 2012, presented to Parliament by United Kingdom Chancellor, George Osborne on March 21st, several changes to VAT registration thresholds were announced that will be effective from 1 April 2012. Those changes are as follows: the registration threshold will be increased from GBP 73,000 to GBP 77,000; the deregistration threshold will be increased from GBP … Read More

Treaty Exemptions for Business Profits – Part 3: Treaty Exemptions from Withholding

Treaty Exemptions for Business Profits – Part 3: Treaty Exemptions from Withholding

A foreign entity may claim a treaty-based exemption from NRA withholding by submitting a Form W-8BEN with the treaty claim described in Part 2 and the income for which an exemption is being claimed described on line 10. To be valid, the Form W-8BEN must include the entity’s U.S. Employer Identification Number (EIN). An … Read More