Tax & Accounting Blog

India GST is nearing the homestretch

India GST is nearing the homestretch

Last summer India’s Parliament finally approved the Constitutional Amendment Bill. With that out of the way, India will now have to sort out five enabling laws—the CGST Bill, SGST Bill, IGST Bill, UTGST Bill and Compensation Bill. These five laws appear to be the final hurdles before GST can be implemented. The SGST Bill will need the approval of … Read More

Italy Implements Automatic Exchange of Country-by-Country Reports

Italy Implements Automatic Exchange of Country-by-Country Reports

On March 8, 2017, Italy's Ministry of Economy and Finance published the Ministerial Decree of February 23, 2017 in the official gazette, which provides additional rules concerning country-by-country (CbC) reporting requirements in Italy, and implements EU Directive 2016/881 (the "Directive") on the mandatory automatic exchange of CbC reports among EU member … Read More

Part 2: India’s Goods and Services Tax: Key challenges for corporates to consider

Part 2: India’s Goods and Services Tax: Key challenges for corporates to consider

GST is being touted as one of the single biggest economic reform in India since liberalization and one that promises to change the way India does business. This is is Part 2 of a two part blog series discussing the challenges for corporations implanting the impending India’s Goods and Services Tax requirement. See Part … Read More

Blockchain, Accounting and Audit: What Accountants Need to Know

Blockchain, Accounting and Audit: What Accountants Need to Know

Among the many disruptive technology trends impacting the way we do business, blockchain is one lesser known within the accounting community. However, given its potential impact, blockchain is certainly not a trend that accountants can afford to overlook any longer. Defined as an open, distributed ledger, blockchain technology records and verifies transactions without any trusted … Read More

Australia Publishes New Guidance on Penalties for Significant Global Entities

Australia Publishes New Guidance on Penalties for Significant Global Entities

On March 15, 2017, the Australian Taxation Office published new guidance on increased penalties for significant global entities (SGEs). An entity is a SGE for Australian tax purposes if it satisfies one of the following:  A global parent entity whose annual global income for the period is AUD$1 billion or more. … Read More