Tax & Accounting Blog

The Brazilian State of Bahia Increases Substitution Tax on Construction Materials

The Brazilian State of Bahia Increases Substitution Tax on Construction Materials

On Feb 01, 2015, the Decree 15.807 entered into effect in the Brazilian state of Bahia. This decree relates to ICMS Tax Substitution for transactions involving construction materials within the state of Bahia. Under the regime of Tax Substitution, a manufacturer or other business entity designated as a tax substitute becomes responsible for remitting the … Read More

Brazil FTZ Extended to 2073

Brazil FTZ Extended to 2073

On Tuesday of last week, the camera of deputies of the Brazilian federal senate enacted Emenda Constitucional 83, which extends the constitutional term allowed to the Zona Franca de Manaus (Free Trade Zone of Manaus) until the year 2073. This program has operated since before the federal constitution of 1988 with the intent to develop … Read More

Sales Tax Burden Holds Steady for U.S. Consumers and Businesses in Q2 2014

Sales Tax Burden Holds Steady for U.S. Consumers and Businesses in Q2 2014

New York – The U.S. sales tax burden was unchanged in the second quarter of 2014, according to the latest ONESOURCE Indirect Tax rate report from Thomson Reuters. “We are clearly in the midst of a stabilizing trend for domestic tax rates,” said Bernadette Sablan, Director of Tax Research and Content at Thomson … Read More

July 2014 International Indirect Tax Update

July 2014 International Indirect Tax Update

The month of July saw many changes across several countries. The following is a list of those countries and the specifics behind each change. Canada – Multiple Provinces EPRA has announced that environmental handling fees will be updated in several provinces effective 1 October 2014. Czech Republic The emerging government coalition of the … Read More

Thailand Maintains 7% VAT Rate until October 2015

Thailand Maintains 7% VAT Rate until October 2015

Thailand’s ruling National Council for Peace and Order has extended the 7% VAT rate until 30 September 2015. The VAT rate in Thailand is set by the Revenue Code at 10%. In 2012, the rate was scheduled to increase to 10% but the 7% rate was extended until 2014. Source: http://thainews.prd.go.th/centerweb/newsen/NewsDetail?NT01_NewsID=WNECO5707170010009 Read More