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When businesses receive domestic invoices in a foreign currency they may face unexpected complications, especially when it comes to determining the correct amount of tax to report and recover. One key issue arises when the invoice determines a positive tax rate, such as a standard
The prospect of managing more than 100,000 tax rates can intimidate even the most experienced tax professionals. But that’s exactly the task facing businesses trading in the US, where over 100,000 rates for Sales & Use Tax alone are currently in existence. Your first response
When it comes to the creation of new legislation – particularly as a lever to respond to global and market disruptions – the tax industry is guilty of safe thinking, inaction and lagging – perhaps more than any other sector. Indeed, it can often
Last year’s introduction of the Directive on Administrative Cooperation (DAC7) is just one of many new compliance requirements placed on tax teams around the world in recent times. Aimed at enhancing transparency and combating tax evasion, DAC7 extends the European Union’s (EU’s) tax reporting requirements
With the global birth rate plummeting and the average age of people alive today steadily rising, the world is experiencing a demographic shift of unprecedented scale that will have a huge impact on the economy, health and climate. But there is another less obvious – but
It’s a legal requirement in many parts of the world – including within the European Union (EU) and the UK – to correctly record the Tax Registration Number (TRN) of every customer and supplier to your business. We use the acronym TRN, but you
You could be forgiven for viewing the unprecedented digitalisation of tax in recent years as the preserve of western Europe, North America and a small number of other countries, including those in South America that were actually among the very first to kickstart tax’s digital
GST could be set for a return in Malaysia just five years after it was abolished in favour of a turnover-based Sales and Services Tax. It comes after some government ministers and industry bodies suggested it is the only realistic way to reverse diminishing revenues
Let’s face it, the only reason any of us produce a VAT report is because we have a legal obligation to do so. It’s certainly not for our own entertainment! As with any legal requirement, getting your VAT reports right has always been important. But
When you begin the process of scoping out a tax transformation project, two of the key terms you’re likely to hear plenty about are localisations and globalisations. Both localisations and globalisations sit within your Oracle ERP and are crucial to ensuring your tax data is
