Today’s blog post will examine how the foreign earned income and housing exclusion rules will apply in 2017, given the inflation adjustments and Internal Revenue Service (IRS) housing cost adjustments for high rent cities.
When transacting with China, a foreign company’s ability to benefit from Double Tax Agreements (DTAs) often depends on the cooperation and competency of the Chinese party to effectively complete Certificate of Tax Residency (CTR) application procedures.
Vishakhapatnam, often abbreviated to Vizag, is a coastal port city in the state of Andhra Pradesh. It is located in the northeastern part of the state, nestled between the hills of the Eastern Ghats and the Bay of Bengal. Known for its beautiful landscape and golden beaches, the city is also called ‘Jewel of the East coast’ and ‘Goa of the East’.
The IRS watchdog known as the Treasury Inspector General for Tax Administration has issued a report with some shocking figures about serious employment tax crimes. The number and size of payroll tax violations is going up, and mere IRS penalties are not enough to stop the trend.
Registering trademarks in India just got simpler: the government introduced its new Trade Mark Rules, 2017 on March 6. The new rules replace the Trademark Rules of 2002, and aim to establish a much more streamlines process, with emphasis on digital communication.
The Administrative Council of Tax Appeals (Carf) defined that the profit of indirect subsidiaries must be taxed even if the companies are established in countries with which Brazil has treaty to avoid double taxation.
The US Internal Revenue Service (IRS) recently published final regulations (the “Regulations”) under section 6038A of the Internal Revenue Code that address reporting and recordkeeping obligations of US disregarded entities (e.g., single member US LLCs) that are wholly owned by a foreign (i.e., non-US) person.
Payroll tax violations can be serious, especially big ones. A Houston, Texas business owner has pleaded guilty to one count of failing to pay over employment taxes. But the dollar amount of the violation was Texas-sized.
In December 2016, the National People’s Congress promulgated China’s first Environmental Protection Tax Law (the EPT Law), replacing the existing Pollutant Discharge Fees (PDF) system in a bid to strengthen the enforcement of environmental regulations.
Personal income tax, or PIT as it is commonly reffered, is a tax levied on all wage earners within a given jurisdiction. With the exception of Brunei and Cambodia, the former having no PIT in place and the latter a fixed 20 percent rate, ASEAN members all employ a progressive taxation system wherein an individual is taxed according to how much they earn.
Revenue neutrality is an often-stated goal of tax reform proposals. Typically, revenue neutral tax plans are marketed as “lowering tax rates and broadening the base” in such away that the opposing revenue effects exactly offset each other.
The UK’s lengthy process of leaving the EU is set to begin by the end of March 2017. While reaching a positive partnership with the EU is an immediate priority for the UK, as China is one of the UK’s biggest trade partners, the prospect of a free trade agreement with China is becoming more and more of an issue.
Once an investor has set up their trading company within Vietnam, it is important that their workers gain a strong understanding of the country’s import and export regulations and procedures. Below we lay out the key takeaways that companies must be aware of before starting their trading activities in Vietnam.