Tax & Accounting Blog

Uncertainty in VAT reforms and Sri Lanka

Uncertainty in VAT reforms and Sri Lanka

Very often countries adopt VAT reforms in order to deal with unforeseen economic circumstances and balance their budgets or to respond to political pressure from different groups. As governments try to react fast on changing circumstances, many times the details on the implementation of the reforms are not thought thoroughly, leading to uncertainty and posterior … Read More

UK Publishes Finance (No. 2) Bill 2016, Includes Anti-Avoidance Measures

UK Publishes Finance (No. 2) Bill 2016, Includes Anti-Avoidance Measures

On March 24, 2016, the UK published Finance (No.2) Bill 2016 (the “Bill”), introducing measures to tackle multinational tax avoidance, including: Anti-avoidance rules with respect to intellectual property (IP), hybrid mismatch arrangements, transfer pricing, VAT, and state aid. Civil and criminal penalties for tax avoidance. IP Provisions Clause 40 amends the rules in Part … Read More

New Florida Law Allows Counties to Impose Sales Tax to Fund Public Pensions

New Florida Law Allows Counties to Impose Sales Tax to Fund Public Pensions

On March 25, 2016, Florida Governor Rick Scott approved HB 1297, a bill allowing counties to impose a discretionary sales surtax to fund underfunded public pension plans. The bill was the result of intense lobbying by the City of Jacksonville, which is consolidated with Duval County. According to the Florida Times-Union, Jacksonville pushed for approval … Read More