The Paypers

AUGUST 19, 2024

The Nigerian Federal Inland Revenue Service (FIRS) has set out to introduce a bill aimed at overhauling the tax system, including crypto regulation.

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DECEMBER 27, 2019

Sales taxes empower governments to maintain critical public services, but they can also make medical essentials too expensive for those who need them. Campaigns against taxing obligatory items are spreading across the United States, forcing states to rethink their revenue generation decisions. Sales taxes’ price tags.

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APRIL 10, 2019

Expansive supply chains mean organizations must not only address the risks they face directly, but the risks their supplier bases face as well, including compliance with labor, money laundering, Know Your Customer (KYC) and other regulations. To support that addition to the supply chain, though, data integration is essential.

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JANUARY 22, 2021

Amazon is planning to hike fees for Spanish companies using its platform by 3 percent from April, according to a Reuters report, since the country's government imposed a new digital tax. A spokesperson for Amazon said the so-called " Google tax" would end up hitting users. Spain began charging the fee on Jan.

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FEBRUARY 14, 2020

Amazon and Flipkart are pushing back against a proposed Indian tax on the online eCommerce market, saying it will stymie growth in the industry, according to a report by Reuters. . The tax would be 1 percent on every sale made by a seller on the eCommerce platforms, and it would take effect in April if approved by the country’s parliament.

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MAY 1, 2020

Small businesses fortunate enough to get their Paycheck Protection Program (PPP) loans forgiven will forfeit some tax breaks, according to new rules from the Internal Revenue Service (IRS). . This treatment prevents a double tax benefit,” the agency said in the notice. This conclusion is consistent with prior guidance of the IRS.”.

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DECEMBER 30, 2019

Wayfair Supreme Court decision continue to rattle online merchants, as three states (California, Louisiana and South Carolina) are now trying to collect eCommerce sales tax retroactively, as far back as five years. have moved to collect sales tax from remote sellers, and it’s just the beginning. To date 43 states and Washington, D.C.

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JANUARY 6, 2020

As 2020 dawns, regulators are continuing to focus on taxes and possible anti-competitive behavior on the part of tech’s marquee names. Russian regulators are seemingly taking aim at larger U.S. The Russian regulation means that tech giants would have to pre-install the Yandex web browser and other apps. Across the Pond.

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DECEMBER 29, 2020

Turkish prosecutors have issued a detention warrant for Turkish businessman Sezgin Baran Korkmaz, who has ties to Utah business executives who recently pleaded guilty to a $511 million tax credit scheme in the U.S., The Kingstons pleaded guilty in the tax credit scheme in the U.S., the Associated Press (AP) reported.

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NOVEMBER 15, 2018

million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies. Most of these companies were forced to pay their federal taxes in cash because about 70 percent of all legal cannabis businesses are unbanked.

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MARCH 12, 2020

The joys of tax season: complex paperwork, long wait times and check disbursements. Many United States consumers are still reliant on paper checks when it comes to receiving their tax refunds, which represents the largest sum of money many of them will receive at one point during the fiscal year.

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OCTOBER 19, 2020

Regulation. EU regulators are reportedly creating a “hit list” of approximately 20 firms — Big Tech signature names among them — that will encounter stricter regulations over market competition and other operational activities. OECD’s Tax Reform To Be Presented To G20. EU Watchdogs Create ‘Big Tech Hit List’.

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FEBRUARY 10, 2020

The jousting over eCommerce taxes — especially for U.S. Last week in India, the government proposed a tax on eCommerce transactions that will likely increase operating costs for sellers large and small. The tax, technically known as “Tax Deducted at Source” (TDS), is sent directly to an account held by the central government.

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SEPTEMBER 16, 2020

To assist companies in following Goods and Services Tax (GST) rules in India, Avalara, Inc. India, for its part, recently embarked on a digital invoice mandate effort, and the Central Board of Indirect Taxes and Custom (CBIC) brought about regulations that make businesses adopt eInvoices to cut down on GST evasion.

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AUGUST 27, 2019

The Australian government is preparing a strategy to combat tax dodging among small businesses amounting to an estimated $11 billion in missing tax payments, News.com.au billion small business “tax gap” — the difference between income tax collected and what small businesses actually owed. reported Monday (Aug.

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SEPTEMBER 30, 2019

Scrutiny of tech firms is spreading across the globe, hinting at broader regulations over privacy and, possibly, bigger tax bills. In one example, Indonesia is “already preparing legislation” that would require tech companies with online services to pay value-added tax on local sales, the report noted. Libra, Too. On Privacy.

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AUGUST 7, 2019

The European Central Bank (ECB) said in a report that fixing cryptocurrency asset data gaps still presents a sizable challenge for financial institutions as well as regulators, Cointelegraph reported. Ted Budd (NC) has reintroduced the Virtual Value Tax Fix Act, Coindesk reported. Budd’s legislation comes after U.S.

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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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SEPTEMBER 4, 2019

Merchants must handle the sales tax compliance obligations of each locale from which they receive money if they want to sell online. The complexities of sales tax compliance affect business decisions by both sellers and marketplaces, according to Ted Hettich, chief sales officer at U.K. Deciphering obligations. he said. .

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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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JANUARY 11, 2021

US Trade Representative: India, Italy, Turkey Digital Taxes Discriminates Against US Firms. Trade Representative (USTR) recently released the results of Section 301 probes of digital services taxes (DSTs) that Turkey, Italy and India have adopted, finding that each tax “discriminates against U.S. Billion Of French Products.

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NOVEMBER 16, 2020

Regulation. Tencent Holdings President Martin Lau said further regulations are needed in China to mirror a “new reality.”. As technology companies become bigger and more important to the economy, I would say more regulations to reflect the new reality are needed," Lau said, according to the report. Larry Hogan vetoed the levy.

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NOVEMBER 25, 2019

Amid the continuing drumbeat for taxes on global commerce done through digital means, the Czech government has approved a new seven percent digital tax on global Internet firms which will, as Reuters reports , be levied on revenues tied to Czech users across advertising, digital marketplaces and data sales. In Japan, Crypto Scrutiny.

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NOVEMBER 26, 2019

Businesses depend on the public services tax revenues pay for: roads that facilitate deliveries, courts where firms resolve legal disputes and regulators that help protect businesses from fraud. Even businesses eager to pay their share, however, may feel that complying with tax laws is complicated. .

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DECEMBER 23, 2019

Indonesia has announced it’s going to reduce the threshold for taxing imported eCommerce consumer goods from $75 to $3, to help control the purchases of cheap foreign goods and help protect smaller Indonesian firms, according to a report by Reuters. They’ll be taxed at a rate of 32.5 million last year and 6.1 percent to 37.5

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NOVEMBER 26, 2018

Ohio is leading the charge in terms of accepting bitcoin as a payment method, as it is the first state to accept bitcoin to cover tax bills. The state will eventually open it up to individual tax filers as well. Jerry Brito, director of Coin Center, a Washington, D.C.-based

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SEPTEMBER 3, 2019

Merchants working to expand and sell online in more markets must comply with each market’s local sales tax regulations, however, and that is an increasingly complicated task. Levy laws can vary widely between states, with one state taxing a product that another does not, for example. Around The Next-Gen Sales Tax World.

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MARCH 6, 2019

The European Union has announced that it will not move forward with a digital tax plan covering the entire EU, but also said it would look at reforming tax laws for internet companies, according to a report from Reuters. The global tax reform is being prepared by the Organisation for Economic Co-operation and Development (OECD).

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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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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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DECEMBER 27, 2019

Retailers that want to sell merchandise nationwide must pay attention to how each state’s tax code treats their goods. For example, products considered to be exempt medical necessities in some states might be taxed at high rates in others. 100: Minimum number of local tax codes in Alaska.

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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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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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JULY 22, 2020

In other news, South Korea intends to levy a two-tenths tax on income made via digital currency transactions, The Block reported. The country had been looking to tax digital currency income for more than half of a year. 3, while the revamped tax code could become live as of Oct. 1 of next year.

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OCTOBER 9, 2018

tax reform on the small business community, but so far, small business owners say the overhauls have made little impact on their hiring practices. “We asked, ‘What effect on your hiring plans has the Tax Cuts and Jobs Act had?' . “We asked, ‘What effect on your hiring plans has the Tax Cuts and Jobs Act had?'”

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JANUARY 29, 2020

businesses are likely already feeling tax season’s pressures. Filing is exhausting and complicated for individuals, and businesses experience those tax difficulties to a far greater degree. SMBs need to remain compliant with increasingly complex financial regulations. SMBs And Manual Tax Frustrations.

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JANUARY 25, 2021

Amazon Plans to Raise Fees for Companies in Wake of New Digital Tax in Spain . After Spain’s government levied a new digital tax, Amazon plans to increase fees by 3 percent starting in April for Spanish firms harnessing its platform, Reuters reported. Google Raises Specter of Making Search Inaccessible in Australia.

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