Tax & Accounting Blog

What is the difference between FATCA and CRS? Both are often mentioned in the same breath and are in some ways similar, but there are major differences between the two. FATCA vs. CRS FATCA (the Foreign Account Tax Compliance Act) was introduced by the U.S. Department of Treasury and Internal Revenue Service in 2010 to … Read More

One of the main topics in the UK during the last few weeks has been related to the possibility of the UK leaving the EU following a referendum to be held on the 23th of June. With few days to go, the things look very tight and the polls show quite similar results for both … Read More

Sometime around January 1, many tax and accounting professionals promised themselves they would be lean by the summer—and I’m not referring to waistlines. Well, summer is here, and I’m guessing many of you are working with the same inefficiencies that frustrated you throughout this tax season and tax seasons past. Fortunately, summer is the perfect … Read More

On June 16, 2016, the Singapore Ministry of Finance issued a press release saying that Singapore will join the “inclusive framework” for the global implementation of the BEPS project. Under this framework, all state- and non-state jurisdictions that commit to the BEPS project will participate as BEPS Associates of the OECD’s Committee on Fiscal … Read More

The Finance Minister “officially” released the GST model law this week, it had been released a couple of months earlier. The model law confirms the dual GST system proposed for years. It also had a provision to address electronic commerce and its targets electronic commerce operators to collect and remit tax. Electronic commerce was defined … Read More

On June 13, 2016, U.K. Parliament member Caroline Flint issued a press release concerning proposed amendments that the U.K. Labour Party added to Finance (No. 2) Bill 2016 (“Bill”) for public country-by-country (CbC) reporting. The amendments were published on June 8, 2016. MP Flint said: “I am delighted to have such … Read More