Tax & Accounting Blog

Alabama Governor Offers Another Sales Tax Holiday

Alabama Governor Offers Another Sales Tax Holiday

Governor Bailey, of Alabama, has proposed a possible sales tax holiday similar to Louisiana’s “Hurricane Preparedness” holiday, during which time supplies such as weather radios, flashlights, generators, and other weather disaster related supplies are exempt from sales tax.  This holiday would work much like the annual August Back-to-School holiday in Alabama, in which the state … Read More

Withholding on U.S. Business Income of Foreign Vendors – Part 2: Claiming Exemption from Withholding on Effectively Connected Income

Withholding on U.S. Business Income of Foreign Vendors – Part 2: Claiming Exemption from Withholding on Effectively Connected Income

A foreign enterprise that is engaged in a U.S. trade or business during the tax year may request an exemption from NRA withholding on its Effectively Connected Income (ECI) that is identified on line 9 of a valid Form W-8ECI presented to the payer prior to payment (unless an exemption is not available). To be valid, … Read More

IRS Issues Temporary Regulations on Foreign Asset Reporting

IRS Issues Temporary Regulations on Foreign Asset Reporting

The IRS  issued temporary and proposed regulations fleshing out the Code Section 6038D requirement for individuals to attach a statement to their income tax return to provide information on foreign financial assets in which they have an interest. The temporary regulations are effective for tax years ending after December 19, 2011 but taxpayers can apply … Read More

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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