Tax & Accounting Blog

Romania Issues Guidance on Automatic Exchange of Financial Account Information

Romania Issues Guidance on Automatic Exchange of Financial Account Information

On August 24, 2016, Romania’s Ministry of Public Finance issued guidance (Order No. 1939/2016) on automatic exchange of financial account information (AEOI) under the U.S. Foreign Account Tax Compliance Act (FATCA) regime and OECD Common Reporting Standard (CRS). Financial institutions in Romania have to begin reporting FATCA information by August 31, 2016, and … Read More

Transitioning to GST Involves Unparalleled Work and Big Challenges

Transitioning to GST Involves Unparalleled Work and Big Challenges

GST or VAT is prevalent in world over in almost 150 countries where no distinction is made between goods and services for levying tax. GST is a multi-layer tax where the consumer of the good or services bears the ultimate burden of the entire tax. In India, the current indirect taxes structure is complex and … Read More

Cleveland Merger: Is This Thing Happening or What?

Cleveland Merger: Is This Thing Happening or What?

The clock is ticking for one of Ohio’s poorest cities, East Cleveland, to come up with a proposal that would meet acceptable terms for a merger with nearby Cleveland. East Cleveland has been hemorrhaging funds for years due to a dramatic decline in population combined with lower average household income to support tax revenues for local services, ranging from trash collection … Read More

Russia and Turkey Foreign Trade

Russia and Turkey Foreign Trade

Blog, Global Trade August 26, 2016

On the 24th of November in 2015, a Turkish Air Force F-16 warplane shot down a Russian aircraft because of a violation of Turkish airspace. Immediately after the downing of the Russian jet, the Russian government placed some embargos on Turkey and also called its citizens not to visit Turkey, including cancelling any existing trips already … Read More

U.S. Treasury Seeks Comments on CbC Reporting Form

U.S. Treasury Seeks Comments on CbC Reporting Form

On August 22, 2016, Treasury published a notice in the Federal Register seeking comments on IRS Form 8975 (Country-by-Country Report), which ultimate parent entities of U.S. multinational enterprise (MNE) groups will use for country-by-country (CbC) reporting purposes. Written comments are due by September 21, 2016. The notice says that “businesses or … Read More