From October 5-6, 2017, Norris McLaughlin & Marcus, PA will participate in the Meritas® Latin American/Caribbean “LAC” Regional Meeting in Panama City, Panama. On the afternoon of October 5, 2017, the LAC members will host a Client Round Table focused on “Doing Business in Latin America and the Caribbean” featuring attorney panelists from countries throughout the entire region. NMM attorneys will attend and participate in the event.» Read More
In the 2017 Statistics of Income Bulletin, the IRS reported that foreign recipients of U.S. source income from treaty countries had an average withholding rate of 13.9% compared to 25.6% for payments made to residents of non-treaty countries. Absent certain exceptions and/or exemptions, a foreign person, including a foreign entity, is generally subject to tax at a flat 30% rate on U.S.» Read More
In a decision that again pits the United States against the European Union in that ongoing battle over which entity can primarily tax international business, Margrethe Vestager, the European Union commissioner for competition, ordered Ireland on Tuesday to claw back billions from Apple over illegal tax breaks. At issue is up to 13 billion Euros (US$14.5 billion) in back taxes, which the European Commission claims are due for a 10-year period. » Read More
The introduction of a Goods and Services Tax “GST” in India is quickly approaching and will have an impact on all global businesses. Our friends at Khaitan & Co., one of the oldest and largest Indian law firms, recently put out an alert on GST implications. Read their alert below and register to attend one of their webinars to learn more about the implications!» Read More
2016 will require CFOs to address changes in accounting standards both in the US and for companies engaged in international commerce. The rules regarding Revenue Recognition, Lease Accounting, Insurance Contracts and Corporate Tax are on tap for CFOs to address in 2016 and 2017.
With respect to Revenue Recognition, the Wall Street Journal reported on Tuesday, December 7 that “CFOs received some breathing room when the Financial Accounting Standards Board disclosed it would allow companies to wait until 2018—instead of 2017—to adopt rules governing how they account for deferred revenue from everything from cellphone contracts to car sales to software.» Read More