Tax & Accounting Blog

Canada Publishes Information Circular 70-6R7 on Exchange of Information

Canada Publishes Information Circular 70-6R7 on Exchange of Information

Canada supports the OECD BEPS Action 5 recommendations  and has committed to the spontaneous exchange of information on tax rulings with other countries. In Information Circular (IC) 70-6R7, which replaces IC 70-6R6 (dated August 29, 2014), the Canada Revenue Agency (CRA) outlines the types of rulings that may be shared with … Read More

Vietnam’s Exports to Mexico in Recent Years

Vietnam’s Exports to Mexico in Recent Years

Blog, Global Trade, ONESOURCE April 29, 2016

Background   Vietnam and Mexico established diplomatic relations with each other after Vietnam’s liberalization in April 1975. Both nations have signed several cooperation agreements in areas such as scientific and technological cooperation, agriculture, healthcare, culture, education and suppression of visa requirements for official and diplomatic passport holders of both countries. Currently both Vietnam and Mexico are … Read More

Popular Washington Sales Tax Exemption Threatened by New Initiative

Popular Washington Sales Tax Exemption Threatened by New Initiative

If a recently introduced initiative passes, southwest Washington’s ability to lure Portland-area consumers may be threatened. Currently, Washington sellers may waive state and local sales taxes for residents of states (including Oregon, Montana, and Alaska) that either don’t levy a sales tax or levy a sales tax of less than 3%. According to a … Read More

Nexus: Quill and Its Challengers

Nexus: Quill and Its Challengers

Nexus refers to sufficient connection with a political jurisdiction that gives that jurisdiction authority to require a person or business to collect and remit taxes.  Without nexus, laws requiring a business to collect tax violate the Constitution of the United States under the dormant commerce clause (which prohibits states from discriminating against interstate commerce) and the … Read More

Panama Papers Bring FATCA & CRS into the Spotlight

Panama Papers Bring FATCA & CRS into the Spotlight

The Panama Papers allege that many high profile figures around the world, including current and former world leaders, government officials and celebrities, used the law firm Mossack Fonseca to hide assets and the identity of those who control the assets. Two major actions must take place to tackle this issue, including:      1. Identifying where the … Read More