Tax & Accounting Blog

What Every Importer Should Expect: Equal Treatment by CBP with Regard to Tariff Classifications

What Every Importer Should Expect: Equal Treatment by CBP with Regard to Tariff Classifications

A recent notice in the Federal Register published by Customs and Border Protection (CBP) brings to the public’s attention what is basically a complaint by an importer that they have not been treated fairly or consistently by CBP regarding a tariff classification issue.  It is interesting in that it highlights: A common classification determination … Read More

Oregon Pot Shops Lax on Grass Tax

Oregon Pot Shops Lax on Grass Tax

The state of Oregon has nearly 402 medical marijuana dispensaries, and as of January 1, 2016, those dispensaries that also sell recreational marijuana have been required to collect a 25% excise tax on the retail sale of that non-medical marijuana. In a temporary Administrative Rule adopted January 4, 2016, the Oregon Department of Revenue described the … Read More

What You Need To Know About BEPS: The Evolving List of Countries that Require a CbC Report for Fiscal Year 2016

What You Need To Know About BEPS: The Evolving List of Countries that Require a CbC Report for Fiscal Year 2016

The rules are now clear. Every MNE with at least 750 million Euro of revenue in 2015 must prepare Country-by-Country (CbC) reports for the 2016 fiscal year. If the ultimate parent company does not file, then a surrogate or the local entity will most likely be required to comply. The timeline seems to afford MNEs … Read More

Water System Installation is Double-Edged Sword in Eyes of Key West Residents

Water System Installation is Double-Edged Sword in Eyes of Key West Residents

Blog, Indirect Tax, ONESOURCE February 24, 2016

Residents of the Twin Ridge subdivision near Dubuque city, Iowa, are muffed over the city’s recent purchase of a $1.3 million water and sewer provider, viewing the purchase as a coercion to force an annexation of their community.  Although some see the purchase as a logical step due to current infrastructure, others view it as the … Read More

Russian Amendments to Controlled Foreign Corporation and Thin Capitalization Rules Enter into Force

Russian Amendments to Controlled Foreign Corporation and Thin Capitalization Rules Enter into Force

On February 15, 2016, Russian President Vladimir Putin signed Federal Law N 32-FZ (amending Chapter 3.4. of the Russian Tax Code (Tax Code) with regard to controlled foreign corporations (CFCs)) and Federal Law N 25-FZ, which revises existing thin capitalization rules (Article 269 of the Tax Code). We will address each … Read More