Canada: Good Documentation Is Critical To GST/HST Audit Success

Besides providing a major cash flow boost to the government of Canada, one of the most significant accomplishments of the goods and services tax and harmonized sales tax (GST/HST) was that the law imposed, on almost all businesses, a higher standard for record keeping. The operation of the GST/HST requires businesses to impose the tax and allows input credits throughout the production and distribution chain of a supply (goods or service). For this to […]

By |December 11th, 2014|

Are you an American living in NZ? – Implications of FATCA in New Zealand

What is FATCA and why was it introduced?

The Foreign Account Tax Compliance Act (FATCA) was introduced to prevent offshore tax evasion by United States persons (includes citizens, tax residents and entities) whether they reside in the US or not.

The rules will require non-U.S. financial institutions, investment entities and insurance companies report back to the United States Internal Revenue Service (IRS) on their US clients and owners if their financial assets exceed certain thresholds.

New Zealand […]

By |December 11th, 2014|

Brazil Reduces Maximum Income Tax Rate For Other Countries To Be Considered Favorable Tax Havens

Keywords: income tax rate, tax havens, Brazil, Ordinance No. 488,

Ordinance No. 488, published in the Official Gazette on December 1, reduced to 17 percent the tax rate threshold for purposes of classifying a country as a favorable taxation jurisdiction (tax haven), according to Articles 24 and 24-A of Law No. 9,430/96. The previous tax rate threshold was 20 percent.

Originally published December 2, 2014

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By |December 10th, 2014|