Tax & Accounting Blog

Hong Kong Publishes Amendment Ordinance Encouraging Multinationals to Establish Corporate Treasury Centers

Hong Kong Publishes Amendment Ordinance Encouraging Multinationals to Establish Corporate Treasury Centers

On June 3, 2016, Hong Kong issued a press release saying that the Government published the Inland Revenue (Amendment) (No. 2) Ordinance 2016 (the Amendment Ordinance) in the Gazette. The purpose of the Amendment Ordinance is to encourage multinationals to establish corporate treasury centers in Hong Kong. The Amendment Ordinance allows, … Read More

Part 1: Self-Preparing Country-by-Country Reports & OECD XML Schema

Part 1: Self-Preparing Country-by-Country Reports & OECD XML Schema

On March 22, 2016, the OECD published its standardized electronic format for the exchange of Country-by-Country (“CbC”) Reports between Competent Authorities, including the CbC extensible markup language (“XML”) schema and related User Guide. Both documents were developed to assist the speedy and consistent implementation of CbC Reporting with a view to accommodating the electronic … Read More

The Industry Needs a Comprehensive Information Management Solution

The Industry Needs a Comprehensive Information Management Solution

The Indian automotive industry is one of the most important contributors to the country’s economy, both in terms of growth and employment. The industry accounts for 45% of the country’s manufacturing GDP, 7.1 % of the country’s GDP by volume and employs about 19 million people both directly and indirectly. Currently, the Indian automotive industry … Read More

Department of Labor Releases New Overtime Wage Thresholds

Department of Labor Releases New Overtime Wage Thresholds

On May 17, 2016, President Obama announced new wage thresholds for nonexempt wage earners to be subject to overtime. The old limits of $23,660 and $100,000 for high earner test have been in place since August of 2004. The new wage thresholds become effective on December 1, 2016. The final regulation should be available on … Read More