Deep Dive: Anticipating The Post-Brexit eCommerce Tax Landscape

PYMNTS

Key international negotiations surrounding Brexit stand to reshape global eCommerce, including the kinds and amounts of taxes that online marketplaces will face. Tax Impact of a No-Deal Brexit . Plans also call for services that would enable tax payments via text or email.

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The (Un)Certainty Of eCommerce Sales Taxes

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The only certainties in life, the saying goes, are death and taxes. We’ll underscore the certainty of the latter — taxes — for eCommerce firms and sales taxes , especially. And yet, tax policy remains a bit of a patch quilt. Taxes, Local And Complex.

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How Sales Tax Complexities Shape eCommerce, Sellers’ Business Decisions

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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.-headquartered

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Italy Sidesteps Sales Tax Hike With Levy On Digital Transactions

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Italy is preparing to tax digital companies to help fund its 2020 budget as it seeks different revenue streams to avoid a scheduled sales tax hike, sources told Reuters on Monday (Oct. The sales tax hike, estimated at $26 billion, was scheduled to start in January.

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Death And Taxes: One Is Becoming Much More Digital

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After the holiday season comes tax season — everyone’s favorite time — but at least the payment of taxes, along with the tax refund process, promises to become even more digital this year. And digital payers are striving to win more business from tax filers this year.

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French Government Institutes 3 Percent Digital Tax

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based internet companies, announcing Wednesday (March 6) the introduction of a digital tax that will impact companies including Google, Facebook, and Amazon. The tax is expected to yield France $565 million each year, reported CNBC. The French government is going after U.S.-based

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US And France Reportedly Reach Digital Tax Deal

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have reached a deal to end the standoff over a French tax on big internet companies, The Hill reported. Macron also took to Twitter : “Some digital players pay very little tax. Earlier this year, France passed a law that would tax revenues earned on digital services at 3 percent.

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 Do New Taxes Loom For Big Tech?

PYMNTS

Will Big Tech face bigger tax bills on an international stage? Beyond the debates on data privacy and compliance, marquee names in technology face greater scrutiny from various governments, and perhaps bigger tax bills, too.

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EU Will Not Implement Digital Tax, Agrees To Internet Tax Reform

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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.

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Report: The Risky Business Of Navigating Online Sales Tax For Merchants

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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.

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France Moving Forward With Big Tech Taxes

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Despite President Donald Trump’s recent threats, French Finance Minister Bruno Le Maire said that his country is moving forward with taxing big tech firms. It’s in our interest to have a fair digital tax,” Le Maire told reporters, according to Reuters.

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Thailand to Tax Cryptocurrencies

Bank Innovation

Taxes on cryptocurrency? According to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains. Taxing cryptocurrency is a way for […].

Trending: Close But No Cigar? What Local Sales Tax Laws Mean For Tobacco eSellers

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Countries around the globe are launching new digital sales taxes in efforts to improve their revenue streams and create more balanced business environments for domestic brick-and-mortars and foreign eCommerce marketplaces. Around the Next-Gen Sales Tax world.

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California Expects IPO Tax Windfall

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California is gearing up to get a tax windfall from all the initial public offerings of California companies slated for this year. According to a report in The Wall Street Journal , close to 10 percent of the tax revenue for the state in the coming fiscal year will come from capital gains. The paper noted the revenue from taxes could grow even more as companies and executives tap the public markets to cash in. billion in tax revenue.

Xero Targets Taxes With Instafile Acquisition

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Cloud accounting software firm Xero is broadening its reach in the small business tax filing space through an acquisition of Instafile. based Instafile to integrate its cloud-based tax preparation and filing solution.

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NRF On The Case For Revising eCommerce Sales Tax Laws

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Wayfair ruling gave states and cities permission to tax remote sellers and online marketplaces based on their economic participation in the state, regardless of whether they had physical presences. Around The Next-Gen Sales Tax Worl d. online tax landscape.

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KPMG Debuts SMB Accounting, Tax Platform

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KPMG is taking further steps into the small business financial services world with a new tax and accounting solution for SMBs, the company announced Thursday (Dec. KPMG’s latest launch is timely, considering the upcoming tax season as well as the latest tax law overhauls in the U.S.

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Aussie Tax Reg: Cash-Only SMBs Dodging Taxes

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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 For the 2015-16 tax year, the ATO said the small business tax gap stood at 12.5

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Israel to Tax Cryptocurrencies

Bank Innovation

Israel is going to put a tax on cryptocurrencies including bitcoin, regulators in the country said yesterday. According to a circular by Israel Tax Authority yesterday, the government said it looks at cryptocurrencies as a property rather than a currency, and therefore it will be taxable.

Cannabis Cos’ $4.7B In Cash-Based Taxes Overwhelm IRS

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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. That means the companies are dealing exclusively in cash, even when paying their taxes.

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Procure-To-Pay’s Tax Conundrum

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“Over the past few years, governments have begun using Big Data and technology to digitize existing and new tax regulations in an attempt to reduce value-added tax (VAT), and sales- and use-tax gaps,” he told PYMNTS in a recent interview.

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Amazon Raises Seller Fees Due To Digital Tax In France

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With a 3 percent digital tax passed by the French government, Amazon is hiking seller fees for small and medium-sized businesses in France beginning in the fall. The eCommerce company cited the tax as the reason for the increase, CNBC reported.

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Brexit And Beyond: Crossing The International eCommerce Tax Rubicon

PYMNTS

But along the way, global digital sales also carry a host of regulatory hurdles when it comes to satisfying various tax regimes. and the European Union — the VAT and tax collection landscape is clouded by a looming seismic event.

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How Online Sales Tax Impacts Different eCommerce Models

PYMNTS

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?

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Who Pays A Higher Price For Online Sales Tax?

PYMNTS

Wayfair case that allowed states and individual cities to launch tax policies aimed at remote sellers and marketplaces is still reverberating in 2019 and will likely affect online retail in 2020. In Q3 2019, 14 states started collected online sales tax and 11 more followed in October.

Taxes 130

New Square Tool Helps SMBs Create Separate Tax Infrastructures

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The tool’s purpose is to simplify the difficult EIN acquisition process to create a separate tax infrastructure for the business. SMBs EIN Employer Identification Number IRS News small business Square taxes What's Hot

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Where The Tax Man Will Knock Louder Post-Wayfair — And Sooner

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The tax man looms across state and international borders, searching for digitally derived dollars due — scanning sites, platforms and even pop-up stores. Depending on how far afield they expand, those issues can span currencies, locally preferred payment methods and, increasingly, taxes.

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Tax Reform Shows Early Signs Of SMB Bank Lending Impact

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tax reform led to much chatter and some confusion about exactly how changes would impact the nation’s small businesses (SMBs). However, the impact of the tax reform on the small business community is not clear, particularly so soon after the reform came into effect.

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EY Debuts Corporate Crypto Accounting, Tax Solution

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EY announced in a press release this week that its new crypto accounting tool targets the tax preparation process. The CAAT solution automates data collection and automatically generates reports for visibility and analytics, while supporting IRS tax return preparation.

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Thailand Govt Eyes Blockchain To Track Taxes

PYMNTS

As the saying goes, nothing in life is certain but death and taxes. To be certain of taxes, will blockchain seal the deal? Last week, Thailand’s Revenue Department was reported to be bringing blockchain projects into the fold to track tax payments, aided by machine learning.

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SMB Tax Complexity Preserves Role For The Human Accountant

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With the first tax season post-tax reform nearing completion in the U.S., Andre Kattoura, head accountant at small business accounting and tax services firm AccuAlly , explained to PYMNTS the friction SMBs face when they don’t outsource the accounting function.

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Sen. Warren Proposes 7 Percent Corporate Tax Law

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Elizabeth Warren announced her vision for a revamped corporate tax law, The Wall Street Journal reported Thursday (April 11), an initiative that could raise $1 trillion over 10 years. corporations and heighten overall corporate tax collections by 30 percent over a decade.

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Vestager: EU Should Be Willing To Act On Digital Tax

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In a move that increases pressure on multinationals, European Union commissioners-designate said the bloc should come to an agreement on a digital tax if a deal doesn’t happen at a worldwide level by the conclusion of 2020. Europe digital tax European Union Margrethe Vestager News What's Hot

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Bitcoin Daily: ECB Tightens Scrutiny On Crypto Transactions; Tax Bill Would End Double Crypto Tax

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Ted Budd (NC) has reintroduced the Virtual Value Tax Fix Act, Coindesk reported. Budd noted prior to an introduction of the bill earlier in the summer that the code puts a 40 percent tax rate on transactions.

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Ohio Treasurer Suspends Bitcoin Business Tax Payment Program

PYMNTS

The state of Ohio has decided to end its support for bitcoin tax payments, state Treasurer Robert Sprague announced this week. As Ohio treasurer, it’s my job to provide trusted stewardship and protection of Ohio’s tax dollars, and to follow the laws of this state,” added Sprague.

Ohio 163

Libra Could Pose Tax Challenges In Europe

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With the idea of pegging Libra’s value to a basket of international currencies, Facebook ’s proposed cryptocurrency would bring tax challenges to European users, per tax lawyers. Cryptocurrency cryptocurrency digital currency europe Facebook Libra News regulation taxes uk What's Hot

Taxes 163

Chile Weighs 19 Percent Tax On eCommerce Firms

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Chile is considering a 19 percent tax on multinational eCommerce companies like Amazon, Netflix and Uber. The Chilean Chamber of Commerce, the Confederation of Production and Commerce and the Organisation for Economic Co-operation and Development (OECD) are all backing the tax rate.

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G20 To Close Tax Loopholes For Big Tech By Next Year

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The Group of 20 finance ministers said over the weekend that they will come up with common rules to prevent tech companies from using tactics to lower taxes. and France have been big supporters by making it harder for tech companies to move profits to low-tax countries.

Taxes 172

AICPA Wants To Exclude Some SMB Tax Shelters

PYMNTS

The American Institute of CPAs (AICPA) has asked the Internal Revenue Service (IRS) to exclude some small businesses (SMBs) from being treated as tax shelters. The letter went on to explain that an SMB that meets the definition of a syndicate would instead be treated as a tax shelter.

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As The Online Tax Man Cometh, Will Smaller Retailers Embrace Marketplaces?

PYMNTS

As commerce has, increasingly, moved into the digital realm, and even the smallest merchants have gone omnichannel, tax policy has evolved as well — although perhaps it may be more apt to say tax policy has scrambled to keep up. More than 230 million U.S.

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Business Advocacy Groups Fight Proposed Transaction Tax

PYMNTS

Business advocacy groups are fighting a proposed financial transaction tax aimed at limiting high-frequency trading, and decreasing the budget deficit. We cannot tax and spend our way into prosperity.

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Albania Rolling Out E-Invoicing System To Ensure Tax Compliance

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Albania has announced it will implement a new online billing system to prevent businesses from circumventing tax payments and to boost revenue in the country, according to a report by Reuters. By 2021, all tax transactions will be electronic.

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Crypto Fails To Impress For Corporate Tax Payments

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to allow businesses to pay their corporate taxes in bitcoin. During the first tax season in which crypto payments were an option for Ohio companies, only two businesses in the state actually used cryptocurrency to do so.

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