Things worth reading: 2nd June 2017
Chris Skinner
JUNE 2, 2017
The race to become Islamic banking’s fintech hub The super-rich are different: they pay less tax. The post Things worth reading: 2nd June 2017 appeared first on Chris Skinner's blog.
2017 Regulation Taxes 
How Online Sales Tax Impacts Different eCommerce Models
PYMNTS
SEPTEMBER 4, 2019
Since 1992, when eCommerce was still in its infancy, online retailers have not had to collect sales tax. States can now tax sales by companies that do not have a physical presence within the state. Will this increasingly regulated online sales tax environment affect this growth? Online Sales Tax and Marketplaces.
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How Pilot Is Innovating Corporate Taxes For Millennial-Run Businesses
PYMNTS
MARCH 13, 2020
Tax season frustrations can blossom into real financial problems, especially when refunds are paper checks sent through postal mail. tax code changes passed in 2017 did not soothe these frictions, either, as they shifted income brackets and altered rates, affecting consumers’ refunds and earnings.
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Funding Options Criticizes UK Approach To Late SMB Tax Payments
PYMNTS
APRIL 16, 2019
tax authorities’ approach to small businesses that fall behind on tax payments. Reports in AltFi said Funding Options argued that the approach by HM Revenue and Customs (HMRC) to late tax payments is “too aggressive,” citing the high number of applications HMRC submitted to shutter small businesses.
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Will eSports And Other Online Businesses Spike Digital Taxes?
PYMNTS
JANUARY 17, 2020
Historians and economists regularly look to tax policies to get a sense of what happened within a particular industry, society or country. No doubt the chronicles to come about the rise of the internet age and the spread of digital culture will include serious treatment of tax issues. Taxing Confusion. billion in 2022.”.
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Things worth reading: 7th November 2017
Chris Skinner
NOVEMBER 6, 2017
Aldermore … The post Things worth reading: 7th November 2017 appeared first on Chris Skinner's blog.
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Navigating The ‘Hot Mess’ Of Online Food Delivery Sales Tax
PYMNTS
DECEMBER 13, 2019
In commerce, when it comes to taxes, new business models beget new (tax) problems. Against that backdrop, tax collection in the nascent restaurant delivery space remains fragmented at best — and confusing at worst. But in many cases, these firms may not be collecting sales taxes at all. billion received in 2017.
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Deep Dive: How Not To Lose A Bundle On Bundled Taxes
PYMNTS
DECEMBER 30, 2019
Merchants’ marketing departments may find bundling useful, but their accountants are less likely to see it positively — determining individual items’ tax obligations in the different states into which they are sold can be challenging, and putting offerings into bundles only magnifies complexities. Unpacking States’ Unbundling Policies .
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Intel Unit Case Could Mean Billions In Taxes For Big Tech
PYMNTS
SEPTEMBER 3, 2019
A tax dispute between Intel and the Internal Revenue Service could cost large technology companies billions of dollars, according to a report by The Wall Street Journal. billion tax expense due to the case, and Alphabet turned around on a $418 million benefit. Facebook disclosed a $1.1
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China Turns To Tax Policy To Bolster Entrepreneurs
PYMNTS
MAY 7, 2018
China introduced new tax initiatives aimed at bolstering the nation’s entrepreneurs, according to local news reports on Friday (May 4). Vice finance minister Cheng Lihua introduced seven new tax policies during a press conference Friday, with the goal of saving small businesses $9.45 billion a year, reports from Xinhua said.
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EU Wants US Tech Giants To Pay Revenue Tax
PYMNTS
SEPTEMBER 12, 2017
Germany, France, Italy and Spain’s finance ministers have announced plans to tax tech multinationals, such as Amazon and Alphabet Inc./ This news is just the latest sign that European politicians and regulators are uncomfortable with the growing strength of U.S. politicians, especially because of the amount of taxes in play.
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Bitcoin, Peers Slammed On South Korean Tax Fears
PYMNTS
JANUARY 22, 2018
The financial publication Barron’s reported that regulations — new ones, rumored to be in the offing — were the impetus that sent the price skidding. As for the rumors (confirmed through a government announcement), in South Korea, several exchanges might be on the hook to pay taxes of as much as 24 percent on earnings from 2017.
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Tax Reform Not Enough To Convince Corporates To Spend, AFP Finds
PYMNTS
MAY 3, 2018
Tax reform played a key role for several corporate successes in the first quarter of 2018. corporates both quarter over quarter and year over year for Q1 2017. ” Forty-four percent of survey respondents held larger cash and short-term investment balances by the end of the first quarter compared to the end of Q4 2017.
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London’s Airbnb Regulations Will Cost The Company $400M
PYMNTS
JANUARY 3, 2017
Airbnb has $400 million or so in losses in London to look forward to in 2017, thanks to new regulatory enforcement of the 90-night limit for hosts. If its listings hold constant, Airbnb could see its bookings in 2017 drop by a third thanks to the new rules. billion in 2017.
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TurboTax Bid For Credit Karma Triggers Antitrust Worries
PYMNTS
MARCH 2, 2020
As the leader in DIY taxes, TurboTax has been dealing with escalating competition from Credit Karma, which is now a leading financial app among younger customers. Credit Karma started offering a free tax filing service in 2017. Regulators blocked the deal from going through.
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130 Colorado’s Marijuana Industry Tops $6B
PYMNTS
FEBRUARY 13, 2019
The Colorado Department of Revenue has revealed that the state’s regulated marijuana industry sales have topped $6 billion since sales began in 2014. In addition, taxes generated by the industry grew by nearly 8 percent last year. Last year, regulated marijuana sales in Colorado were nearly $1.55 billion the previous year.
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Bitcoin Daily: Malaysia Will Start Regulating ICOs, Russia May Invest In Bitcoin To Take On Sanctions
PYMNTS
JANUARY 15, 2019
Malaysia’s initial coin offering (ICO) regulations are said to take effect on Tuesday (January 15) per a notice from the Securities Commission (SC) in the country, Coindesk reported. At the same time, it was said that those who engage in digital asset dealing will have to follow rules for anti-money laundering (AML), among other regulations.
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India Moves To Outlaw Cryptocurrencies
PYMNTS
APRIL 26, 2019
The Indian government has drafted a bill that would ban cryptocurrencies and attempt to regulate any official digital money, according to reports. . He is believed to have been running the scheme since around the crypto surge at the end of 2017.
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NYDFS requires regulated institutions to submit plans describing preparations for LIBOR transition by Feb. 7
CFPB Monitor
JANUARY 9, 2020
The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR cessation and transition risk.” (LIBOR is the acronym for the London Inter-Bank Offered Rate.).
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Local Governments Move In On Retail Vacancies
PYMNTS
MARCH 17, 2020
Craftmakers, according to the regulation, must sell as well as manufacture, with the retail side of the business-boosting commerce in mixed-use districts. The new regulations encourage interaction with the public by also mandating that the artisan businesses offer attractions such as tours and classes. and San Francisco. Starting Jan.
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135 Wirex Rolls Out Beta Version Of Crypto Business Account
PYMNTS
FEBRUARY 28, 2019
Wirex, a cryptocurrency and fiat (real money) payments platform, is releasing a beta version of a regulated crypto-oriented business account, according to reports. to allow businesses to pay their corporate taxes in bitcoin. Last year, Ohio partnered with cryptocurrency company BitPay, and the state became first in the U.S.
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Buying into AML risks in real estate
Abrigo
JUNE 27, 2023
Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases. The limited regulation around the real estate industry has made it especially easy for these bad actors to cycle their dirty money into the financial system using this avenue. In 2017, over 5.51
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195 Turkey Is Most Difficult Market for Regulatory Compliance
PYMNTS
JUNE 14, 2017
Tax and accounting compliance can be an overwhelmingly monumental task as companies expand their geographic footprint. Not only do regulations vary from jurisdiction to jurisdiction, but the consequences of non-compliance vary greatly, too. There are also an “extremely high number” of tax rules.
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Bitcoin Plunges Over 50 Percent
PYMNTS
JANUARY 17, 2018
Bitcoin wasn’t alone in its fall, as other cryptocurrencies lost value over investor concerns that regulators would take measures to curb speculation. At the time, police and tax authorities had reportedly been raiding local exchanges on alleged tax evasion charges. at 5:25 P.M. according to CoinDesk.
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Deep Dive: Wayfair’s Complex, Ongoing And Unexpected Effects On Retailers
PYMNTS
OCTOBER 28, 2019
Wayfair’s case enabled cities and states to pass economic nexus laws that require out-of-state sellers to collect and remit taxes on local residents’ sales, and it permitted these jurisdictions to implement marketplace facilitator laws necessitating that eCommerce platforms collect and remit taxes on third-party merchants’ sales. .
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105 Fizzle Of The Week: The Cannabis Payments Conundrum
PYMNTS
NOVEMBER 16, 2018
states (and the District of Columbia) where marijuana has been legalized for sale in some capacity, it has thrown off a fairly large chunk of tax revenue in the last year. billion in taxes from legal cannabis companies last year, an amount of money that is undoubtedly a sizzle for the federal coffers. And though local U.S.
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177 Economic Nexus Laws’ Unexpected Impacts On Restricted Substance Retailers
PYMNTS
SEPTEMBER 30, 2019
eCommerce sales tax laws are having unintended consequences in the tobacco industry. These laws were meant to make online sellers face sales tax requirements similar to those for retailers with on-the-ground locations, putting both types of businesses on equal footing. in 2017 had a 52.75
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US Banks Expected To Lose 200K Jobs To Technology
PYMNTS
OCTOBER 1, 2019
John Cryan, former Deutsche Bank boss, warned in 2017 that up to half of the 97,000-strong workforce of the bank could go. The reasons, according to the past report: economic expansion, regulations put in place after the recession that are improving the risk at banks and President Donald Trump’s corporate tax changes.
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Citi Says Issues Arise With Credit Card Interest Rate Calculations
PYMNTS
FEBRUARY 23, 2018
The company disclosed it “self-reported” the findings to regulators, said Reuters, as pertains to Regulation Z and the CARD Act. In other news gleaned from the filing, unreserved legal costs in their entirety have been estimated at $1 billion as of the end of 2017, down from the $1.5
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109 FICO Survey: APAC Banks Expect Rise in Tax Evasion
FICO
MAY 25, 2017
million digital records exposed the dark deeds of dirty money and tax evasion and burst the bubble of pretense that the world is effective at dealing with corruption. One in five banks in Asia Pacific say that they expect tax evasion to increase 100 to 500 percent over last year’s levels according to a recent poll by FICO.
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$500M Rescue Plan Considered For Debt-Burdened Taxi Drivers
PYMNTS
JANUARY 16, 2020
17) that would relieve medallion owners from tax liability for debt forgiveness. “We The city rejected the offer, which was contingent on NYC dropping regulations that would limit the number of ride-hailing drivers in the city. State and city leaders are planning to announce legislation on Friday (Jan.
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178 India’s Struggling Yes Bank Sees Share Boost From $1.2B Offer
PYMNTS
OCTOBER 31, 2019
Regulators must approve it as well. The bank has had a tumultuous 2019, facing increased attention from regulators as well as scrutiny from investors, who are concerned about bad loans , lack of lender regulation and availability of capital. The deal is still awaiting approval by the bank’s shareholders and the board.
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Regulatory Concerns Ease For The World’s CFOs
PYMNTS
DECEMBER 18, 2017
Amid these changes is a world of regulatory shifts, from tax reform in the U.S. 50 percent of North American CFOs believe large companies will benefit the most from tax reform , according to a new CNBC survey. 3 percent more Chinese CFOs reported they were less optimistic in Q3 2017 than they were in Q2, according to Deloitte.
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EU May Create Algorithms To Find Anti-Competitive Pricing
PYMNTS
MAY 4, 2018
To find companies that may be using software to fix prices, EU regulators may create their own algorithms. Through an inquiry in 2017, the European Commission discovered that two-third of retailers use software tools to monitor prices from their competitors.
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Nordea Accused Of Handling $790M In Suspicious Transactions
PYMNTS
MARCH 4, 2019
According to a report in Reuters , citing Finnish broadcaster Yle, which had access to leaked documents, the money came from companies registered in countries with tax havens, including the British Virgin Islands, Panama and Belize. The investment firm rates Nordea at underperform.
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116 Nordea Institutes Cryptocurrency Trading Ban For Employees
PYMNTS
JANUARY 22, 2018
in December of 2017. Bitcoin wasn’t alone in its fall, as other cryptocurrencies lost value over investor concerns that regulators would take measures to curb speculation. At the time, police and tax authorities had reportedly been raiding local exchanges on alleged tax evasion charges. at 5:25 P.M., at 5:25 P.M.,
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Accountants Missing Construction’s Nuanced Cash Management Needs
PYMNTS
SEPTEMBER 13, 2017
. “Because of that complexity, taxes are more complex – it’s a snowball effect. The way taxes are done in the construction industry is different than in other industries.” ” Indeed, the construction industry has dizzying tax rules that don’t apply to other verticals. .”
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129 Despite Plenty Of Concerns, SMB Optimism Holds Fast
PYMNTS
NOVEMBER 13, 2017
Small business owners have a lot on their plates today and, depending on who one asks, top concerns range from taxes to late invoice payments. Bank of America also found in a fall 2017 survey that nearly three-quarters of SMBs expect their 2017 year-end revenues to beat 2016’s figures.
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Shifting Payroll Rules Make Employee Data A Priority
PYMNTS
JANUARY 12, 2017
Analysis from Bloomberg BNA in its “ 2017 Outlook — International Payroll ” report released just before the new year suggests data protection has become a paramount concern for payroll managers. One of these regulations is the Privacy Shield agreement, which regulates how data is moved between the EU and U.S. In the U.K.,
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The ICBA 22/23 executive committee is all in
Independent Banker
MARCH 31, 2022
We must also keep our focus on protecting the 2017 tax cuts and, as always, monitoring and confronting credit union overreach. Lucas White: We need to continue to differentiate community banks and educate policymakers on why tiered and proportionate regulation is necessary. We are not Wall Street banks—we are community banks.
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Weird Commerce: ComplyRight, All Those Employment Regulation Signs
PYMNTS
DECEMBER 27, 2016
“Our overarching mission is to provide compliance services for small businesses, businesses that don’t have in-house attorneys or tech professionals, to provide the info that small businesses need to comply with employee management and tax reporting requirements,” said Susan Drenning, president of ComplyRight Inc.
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100 Citibank Agrees To Settle SEC ‘Dark Pool’ Claims For $12M
PYMNTS
SEPTEMBER 14, 2018
The company disclosed it “self-reported” the findings to regulators, as pertains to Regulation Z and the CARD Act. In other news gleaned from the filing, unreserved legal costs in their entirety have been estimated at $1 billion as of the end of 2017, down from the $1.5 billion, up from an earlier disclosure of $22 billion.
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Trade groups seek clarifications to Military Lending Act regulations
CFPB Monitor
APRIL 11, 2016
Although the DoD’s final rule took effect on October 1, 2015, it will apply only to consumer credit transactions or accounts that are consummated or established after October 3, 2016 for most products, and after October 3, 2017 for credit cards.
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Beneficial Ownership: Is the U.S. Doing Enough to Pierce the Corporate Veil?
Abrigo
FEBRUARY 2, 2020
The importance of FinCEN’s Customer Due Diligence (CDD) Rule , effective May of 2018, is evident, and regulator expectations are high. The CDD Rule amended the Bank Secrecy Act regulations to strengthen customer due diligence requirements for financial institutions. BSA Rules and Regulation. In fact, the U.S. In fact, the U.S.
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