How much tax is lost each year? #defi

Chris Skinner

Building on my discussion yesterday about offshore tax havens and decentralisation to avoid governance in both the physical and virtual world, there’s a more fundamental issue at large here. Tax avoidance.

Taxes 378

Mexico To Tax Digital Services From Other Countries

PYMNTS

Mexico passed a law this week that taxes digital services from other countries, according to a report. A 16 percent value-added tax (VAT) will be tacked onto digital services starting on June 1 of this year.

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Tax Compliance Software Firm Avalara Acquires INPOSIA

PYMNTS

Avalara , a tax compliance software firm with a focus on the business sector, said on Tuesday (Dec. E-invoicing is becoming a mandatory global requirement for transactional tax compliance,” said Jayme Fishman , EVP of corporate development at Avalara, in a press release.

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Tax Compliance Complicates Software Subscription Business

PYMNTS

Tax compliance has never been a simple issue for businesses. Enter Software as a Service (SaaS), and even tax codes have been playing catch-up with the subscription business. And for all the good things subscription commerce offers software firms, like more recurring revenue, ensuring that subscription models and their payment processes are successful under the new paradigm can become a taxing burden on companies. So tax compliance is really everybody's concern now.”.

Taxes 180

Tax me, I’m a millionaire

Chris Skinner

The aim of this group is to get governments to tax them more. High Net Worth Individuals (HNWI) and Ultra High Net Work Individauls (UHNWI) are those two groups who … The post Tax me, I’m a millionaire appeared first on Chris Skinner's blog. Well, I’m actually not.

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When One State’s Tax-Exempt Necessity Is Another’s High-Tax Discretionary Purchase

PYMNTS

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.

Taxes 141

A ‘Diaper’ By Any Other Tax Code: The Complexities Of Selling Across State Tax Laws

PYMNTS

Merchants aiming to sell nationwide must pay attention to how their goods are treated by each state’s tax code. Items considered as exempt medical necessities in some states may be taxed at high rates in others, and businesses cannot afford to be caught by surprise.

Taxes 130

Why You Shouldn’t File Income Tax Returns Earlier Than June 1st

BankBazaar

Are you the sort of person that rushes to file their income tax return as early as possible so that it’s done and dusted? Are you very proud of that gold certificate the income tax department sent you for timely filing? Additional Reading: Which is Better – New Tax or Old Tax Regime?

Taxes 137

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 […]. That’s what regulators in Thailand are planning to institute.

Tax Time Tardiness And The Faster Refund

PYMNTS

The federal tax filing deadline in 2020 has been waived in the wake of coronavirus disruptions. But come coronavirus or the Martian measles, taxes will be filed, and refunds issued. In time-honored tradition, tax accountants will prepare forms and the U.S. It’s unprecedented.

Taxes 130

Can payments data help bridge the tax gap?

Accenture

Historically speaking, taxes have been taxing. Since the inception of taxes, the payment and collection of them has been filled to the brim with delays, hassles, and needless complications. The post Can payments data help bridge the tax gap?

Taxes 350

Unclaimed Money, Tax Returns, What’s Next for Credit Karma?

Bank Innovation

Exclusive Online Payments PFM Credit Karma credit karma tax personal financial mangement tax returns unclaimed moneyCould personal finance management be the next chapter in free credit-score provider, Credit Karma growing business? Could it leverage its consumer data to branch out into the popular PFM space? Maybe. “We We are not engaged in it right now,” Greg Lull, Chief Marketing Officer at Credit Karma, told Bank Innovation. But I wouldn’t take it […].

Taxes 280

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. According to the circular, translated by multiple reports, cryptocurrencies will […]. Cryptocurrency Exclusive Bitcoin cryptocurrency

Reuters, KPMG Team For Aussie Business Taxes

PYMNTS

Business information firm Thomson Reuters is teaming up with global tax company KPMG to offer Australia businesses a solution to deal with fringe benefits taxes (FBT), Thomson Reuters announced Thursday (Feb.

Taxes 130

Amazon (And Others) Brace For India’s New eCommerce Tax

PYMNTS

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. Amazon India and Flipkart stated that they are both studying the proposed tax.

Taxes 160

Seattle OKs Head Tax Aimed At Big Business

PYMNTS

Seattle’s City Council passed a new tax for big businesses operating in the city, including Amazon , according to CNBC. The tax, called the JumpStart Seattle Tax, will target businesses with at least $7 million in annual revenue. Those businesses will be taxed 0.7

2021 Tax Proposals

TrustBank

On September 15, the House Ways and Means Committee approved the tax provisions of the Build Back Better Act (BBBA), the legislation intended to implement President Biden’s social and education reforms. This proposal would be effective for tax years beginning after Dec.

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The Economic Case For Remote Sales Tax Uniformity

PYMNTS

Isaacson, a lawyer, Bowdoin College professor, senior partner at Brann & Isaacson and Data & Marketing Association tax counsel, argued Wayfair’s side in the precedent-setting Supreme Court case that has small businesses struggling. Remote Sales Tax Laws: Winners and Losers .

Taxes 131

Navigating The ‘Hot Mess’ Of Online Food Delivery Sales Tax

PYMNTS

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. Over the Counter — and Into Murky Tax Waters.

Taxes 130

Listen: 3 fintechs partner to distribute early tax refunds

BankInovation

tax refunds given each year, three fintechs have teamed up for Tax Refund Unlock, a new service that offers consumers ongoing, incremental access to the funds they would normally receive as a single payment after filing their annual tax returns. With some $350 billion in U.S.

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Amazon Raises Fees For Spanish Companies Due To New Tax

PYMNTS

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.

Taxes 144

As Consumers Embrace eCommerce, Tax Complexity Grows

PYMNTS

The Supreme Court ruling has started the ball rolling for states and municipalities to tax eCommerce – specifically, out-of-state firms and online marketplaces. But there have already been disputes making their way through the courts, as detailed in the latest Next-Gen Sales Tax Tracker.

Taxes 143

Deutsche Bank Report Eyes WFH Tax To Boost Economy

PYMNTS

A tax for working at home? and other countries will need to step up and tax remote work, using the money to help workers in service sectors whose jobs are imperiled by the trend, the Deutsche Bank researchers argue. And how much of a tax are we talking about?

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How Pilot Is Innovating Corporate Taxes For Millennial-Run Businesses

PYMNTS

Tax season frustrations can blossom into real financial problems, especially when refunds are paper checks sent through postal mail. Pilot offers business clients — including eCommerce companies and technology startups — bookkeeping, corporate payment and tax services, he added.

Taxes 150

Italy Will Tax Big Tech

PYMNTS

Italy has announced that it’s going to follow in France’s footsteps and tax big tech companies, a move that threatens to further complicate relations with the United States over the issue, according to a report by The Wall Street Journal.

Taxes 130

What The Streamlined Sales And Use Tax Agreement Means After Wayfair

PYMNTS

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. Wayfair ruling have made tax compliance challenges highly visible.

Taxes 137

PPP Recipients To Lose Valuable Tax Breaks

PYMNTS

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.

Taxes 160

Aussie Tax Office Warns SMBs To Pay Up

PYMNTS

The Australian Taxation Office (ATO) is warning small and medium-sized businesses (SMBs) that if they don’t pay their taxes on time, they could face consequences like a reduction in credit rating, Mozo reported on Wednesday (Feb.

Taxes 145

Nations Move Toward Imposing ‘Digital Taxes’ On Big Tech

PYMNTS

Governments around the world are setting their sights on putting a variety of digital taxes on Big Tech giants. France has long been angling to levy digital taxes, although such moves have become a bone of contention with the United States and have faced significant delays.

Taxes 130

XBRL News about HK tax reporting, project Ellipse and ESEF

Daily Fintech

1 Getting ready for XBRL tax reporting in Hong Kong with draft taxonomy package Hong Kong’s Inland Revenue Department (IRD) has released a preliminary version of its new IRD Taxonomy Package, in […]. Default/Ignore esef hong kong Regtech tax xbrl

Taxes 101

Xero Targets Taxes With Instafile Acquisition

PYMNTS

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. The company connects accountants, bookkeepers and small businesses to tax authorities to maintain compliance. million paid over three years, with more paid to the tax filing firm subject to its ability to meet certain performance targets.

Taxes 132

Many banks to pay higher taxes under Inflation Reduction Act

American Banker

Corporate taxes Commercial banking Politics and policy

Taxes 58

Canada Seeks Digital Tax On Google, Netflix And Other Global Web Giants

PYMNTS

Facing a growing budget deficit and the cries from local businesses about fairness, the Canadian government is proposing a new digital tax on foreign web giants such as Netflix, Facebook, Amazon and Google. The digital tax is part of a broader five-year, $3.4

Taxes 173

Will eSports And Other Online Businesses Spike Digital Taxes?

PYMNTS

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.

Taxes 131

4 Ways To Invest Your Tax Refund

BankBazaar

Got a big tax refund? We all dread that time of the year when we have to file our Income Tax returns. All those calculations and figuring out which section of the Income Tax Act to claim refunds under can get pretty complicated, we admit.

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