Tax & Accounting Blog

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Qatar Considering a VAT

Qatar is considering introducing a value added tax in the near future. The General Secretariat of Development Planning (GSDP), in its recently released report entitled ‘Qatar Economic Outlook 2011-12’, said that although Qatar’s overall fiscal balance has been in surplus during the past few fiscal years, the balance on the  non-hydrocarbon account has been in … Read More

Kenya Proposes VAT Reforms

Kenya Proposes VAT Reforms

Kenya has proposed significant reforms to its current VAT law in order to simplify compliance and increase revenues. According to the Treasury, the current compliance rate stands at about 55 per cent due to distortion and tax leakages caused by exemptions and zero rating. “When the proposed Bill becomes law, we hope to achieve 80 … Read More

Vietnam Extends VAT Exemptions to Financial Services

Vietnam Extends VAT Exemptions to Financial Services

Vietnam has issued a new directive effective March 1, 2012 which expands the definition of VAT exempt supplies to include a number of financial services transactions including foreign exchange trading, the management of securities investment companies, and debt factoring (including the sale of debts). The Directive is available at: http://thuvienphapluat.vn/archive/Nghi-dinh/Nghi-dinh-121-2011-ND-CP-sua-doi-Nghi-dinh-123-2008-ND-CP-huong-dan-Luat-Thue-vb133470t11.aspxRead More

Danish Chocolate Tax

Danish Chocolate Tax

If a proposed tax on chocolate is passed by the Danish Parliament you can expect to pay a lot more for a chocolate bar or cake in Denmark next year. The Chocolate Tax which is expected to pass this week and go into effect on January 1st would levy an extra six Danish Kroner ($1.05) on every … Read More

Pennsylvania Unveils New Online Sales Tax Policy

Pennsylvania Unveils New Online Sales Tax Policy

The  Department of Revenue issued a bulletin on December 1st announcing its reinterpretation of existing law regarding nexus. In announcing the new policy, state Secretary of Revenue Dan Meuser said the bulletin is intended to clarify laws regarding which businesses must collect sales tax for the state. Under the Pennsylvania Tax Reform Code (TRC), any … Read More

Bipartisan Senate Support For E-Fairness Tax

Bipartisan Senate Support For E-Fairness Tax

A month after drawing bipartisan support in the House, the Senate has also introduced legislation known as The Marketplace Fairness Act, which supporters say evens the playing field between traditional stores and online only retailers such as Amazon.  Currently, online retailers such as Amazon are granted the ability to forgo collecting state sales tax, which … Read More