Tax & Accounting Blog

Maldives Green Tax, U.S. Greenbacks

Maldives Green Tax, U.S. Greenbacks

Starting 1 November 2015, non-resident visitors to the Maldives will be subject to a $6 per person per day tax. Known as the Green Tax, the tax was approved by the parliament on 15 December 2014 and ratified by President Abdulla Yameen on 17 December 2015. On 12 October 2015 the Maldives Inland Revenue Authority Read More

Good News, Bad News for Pakistan Fuel Consumers

Good News, Bad News for Pakistan Fuel Consumers

For Pakistan’s fuel consumers the Federal Board of Revenue’s recent actions are a case of good news, bad news. That is because while worldwide oil prices continue to fall, Pakistan has been ramping up its fuel tax rates, first in July, then again in August, September, and October. During that time – between July 1st and October … Read More

Residential Electricity VAT Rate in Belgium Rises 9/1/2015

Residential Electricity VAT Rate in Belgium Rises 9/1/2015

The center-right Belgian coalition government of Charles Michel has announced that as of 1 September 2015 the value-added tax rate applied to residential energy service will rise to 21%. The applicable rate had been 6% since 1 April 2014 under initiative of the previous government under Elio Di Rupo. Reception to the change has been … Read More

IRS Announces Increase in Penalty Amounts: It isn’t a bad thing

IRS Announces Increase in Penalty Amounts: It isn’t a bad thing

The Affordable Care Act (ACA) may provide more affordable health care, but the new IRS information reporting penalties for non-compliance just got less affordable. You may already know this, but Congress recently passed new legislation mandating new tax provisions including an increase in penalties under Section 6721 for failing to file correct information returns and … Read More