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Content tagged 'Tax Update'

January 27, 2014
By Equipe de Notícias da Ataway

Em 01 de agosto, a China começou a implementar o seu novo programa de VAT em escala nacional. O  programa , que já foi testado com sucesso em muitas das principais cidades da China, tem como objetivo fazer a transição da China Continental para um sistema fiscal universal. O sistema tributário anterior era um programa de imposto duplo exclusivo onde é utilizado tanto um imposto sobre as empresas (BT) e um imposto VAT. O objetivo do novo programa de VAT é eliminar o atual sistema de dupla tributação e unificar a China sob uma lei simplificada de impostos sobre vendas. O objetivo final da reforma tributária é o de facilitar o desenvolvimento dos setores de serviços e alcançar uma desejável estrutura industrial.

October 25, 2013
By Frederic Portal, Ataway Director of Strategy and Alliance

According to an article recently published in the New York Times, Japan will move forward with a plan to increase the national sales tax to 8 percent (from its current level of 5 percent) effective April 2014.

Legislation previously passed by Parliament gave the government scope for this move if legislators felt the economy was strong enough. And indeed, recent data have confirmed the Japanese economy has been on a solid recovery path, clearing the way for the tax increase.

Japanese Prime Minister Shinzo Abe has said the tax hike is seen as crucial to tackling Japan’s staggering national debt -- proportionately the worst among industrialized nations at more than twice the size of the economy -- but there are also fears that higher taxes will hit consumer demand and blunt Japan's nascent recovery. To soften the blow of the tax hike, Abe has plans to launch a 5 trillion yen (USD$51 billion) stimulus package in order to avoid any negative impact the tax increase may have on the nation's budding economic recovery. The stimulus could return around 2 percentage points of the tax rate increase to consumers and companies.

So how exactly will the new tax regulations impact companies operating in Japan?

October 18, 2013
By The Ataway News Team

On August 1st, China began implementing its new VAT tax program on a national scale. The program, which has already been successfully piloted in many of China’s major cities, is aiming to transition Mainland China to one universal tax system. The previous tax system was an exclusive dual tax program that used both a business tax (BT) and a VAT tax. The goal of the new VAT program is to eliminate the current double taxation system and unify China under a singular sales tax law. The ultimate goal of the tax reform is to facilitate the development of service sectors and achieve a desirable industrial structure.

What could these changes mean for your business?

September 20, 2013
By Frederic Portal, Ataway Director of Strategy and Alliance

More than a decade ago, the European Union launched an initiative to simplify bank transfers in euros.

The project's aim is to improve the efficiency of cross-border payments and turn the fragmented national markets for euro payments into a single domestic one. The Single Euro Payments Area (SEPA) will enable organizations to make euro payments to anyone located anywhere in the SEPA area, using a single bank account and a single set of payment instruments.

The SEPA project focuses on three payment instruments: credit transfers, direct debits and payment cards. The European Payments Council (EPC) has developed payment schemes for credit transfers and direct debits. These schemes are defined in rulebooks that cover the rules, practices and standards applicable to SEPA payment instruments.

SEPA includes common financial instruments, standards, procedures, and infrastructure to enable economies of scale. This should, in turn, reduce the overall cost to the European economy of moving capital around the region (estimated as two to three percent of total GDP).

SEPA is entering its final migration phase for two SEPA payment instruments:

  • • By February 1, 2014, all retail CT and DD in the euro area need to fulfill SEPA requirements. (Regulation 260/2012)
  • • Niche products with specific characteristics transition phase until February 1, 2016.
  • • For EU member states with currencies other than the euro, the respective end-date is October 31, 2016 for all credit transfers and direct debits in euro.

Within less than six months, organizations must have systems in place to participate in the unified European payments market. But many organizations still aren’t ready for the changes. How can your organization get prepared?

July 19, 2013
By Frederic Portal, Ataway Director of Strategy and Alliance

Earlier last month, the Senate passed a comprehensive immigration reform bill that, if signed into law, would bring the biggest changes to U.S. immigration law since 1986.  U.S. law requires companies to employ only individuals who may legally work in the United States – either U.S. citizens, or foreign citizens who have the necessary authorization.

A critical component of the new bill is a provision that would require all U.S. employers to participate in the E-Verify program. E-Verify is an Internet-based system operated by the Department of Homeland Security (DHS) in partnership with the Social Security Administration (SSA). This system allows businesses to determine the eligibility of their employees to work in the United States.

July 12, 2013
By Frederic Portal, Ataway Director of Strategy and Alliance

A new program to revise the current tax audit rules and procedures will extend to all taxpayers in France beginning in 2014. Will your business be prepared for the switch?

Today, almost all companies keep their accounts on a computer. The last French government supplementary budget for 2012, published on December 29, substantially amends the rules of tax audits for companies that keep their accounts on a computer. The new regulations will go into effect January 1, 2014, and any company with a computerized accounting system that is subject to a tax audit will be required to transmit its data administration in the form of computer files.

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