Tax & Accounting Blog

Exemptions for Food,  School Supplies, and Clothing a Possibility in Kansas This Year

Exemptions for Food, School Supplies, and Clothing a Possibility in Kansas This Year

Blog, Indirect Tax June 1, 2016

Two bills introduced this February could establish three sales tax holidays by the end of this year. House Bill (HB) 2076 would exempt certain sales of school supplies, computers, and clothing from sales and use taxes annually. The bill sets an item threshold amount depending on category (clothing, computers, or school supplies) for eligible items. … Read More

Korea’s Sluggish Trade and the Government’s Efforts to Boost This Slump

Korea’s Sluggish Trade and the Government’s Efforts to Boost This Slump

Current status of international trade in Korea Being the world’s sixth largest exporter, South Korea has a high level of dependence on exports for the economy. Recently though, the fiscal prospect of Korea’s economy for 2016 is dark, as exports are shrinking year-on-year from Jan. 2015 to Mar. 2016. In fact, Korea noted 15 straight … Read More

Italy Issues Guidance on Patent Box Election Requirements

Italy Issues Guidance on Patent Box Election Requirements

On May 6, 2016, the Italian tax authorities (ITA) issued Protocol No. 67014 concerning procedures for obtaining advance tax rulings for qualifying taxpayers electing application of the patent box regime. Starting May 6, 2016, qualifying taxpayers with turnover (or gross revenues) up to €300 million must submit their applications (and related supporting documentation) … Read More