I saw many animals on our trip. Horses, seals, a variety of fish types, polar foxes and countless birds. I particularly fell in love with the puffins.
Read More »AUSTRIA: Changes as from 2020 – Digital services tax on online advertising services and Obligation to keep records and liability for online platforms
Digitalization and the business models of “digital MNEs” present challenges for international taxation. At EU level, the proposed “Council Directive on the common system of a digital services tax on revenues resulting from the supply of certain digital services” has recently been rejected. On a global level, there are discussions on digital taxation within the G20/OECD with a view to developing digital PEs and a digital services tax. Nevertheless, some states have chosen not to wait for international solutions and have started to implement unilateral measures.Read More »
USA: President Trump announces additional tariffs of 10% on ‘List 4’ China imports
President Trump on August 1 announced via Twitter that, beginning on September 1, the United States will impose additional Section 301 duties of 10% on Chinese-origin products with an annual trade value of approximately $300 billion, covered by List 4.
President Trump had agreed in June not to impose more tariffs while the two sides tried to reach a trade deal, but said August 1 that China has reneged on its agreement to buy agricultural products from the United States in large quantities, and also did not fulfill its commitment to stop the sale of fentanyl into the United States.
The announcement follows the office of the US Trade Representative (USTR)’s May publication of a notice in the Federal Register proposing additional Section 301 duties of up to 25% on the List 4 products. (For prior coverage of the List 4 tariffs, see PwC Insights, USTR proposes more tariffs on long list of China imports, May 15, 2019.)
Products that will be affected by the tariff increase include essentially all products not previously included in Lists 1-3, including all apparel, footwear, and manufactured textile products, as well as common consumer goods such as cellphones, televisions, toilet seats, and pillows. The proposed product list excludes pharmaceuticals, certain pharmaceutical inputs, select medical goods, rare earth materials, and critical minerals. Product exclusions granted by the USTR with respect to Lists 1-3 would not be affected.
The Takeaway
Now that President Trump has announced that additional duties on almost all remaining Chinese-origin products will begin in one month, US companies engaging in business with China need to assess their duty exposure. List 4 reinforces the importance of those companies taking action aimed at making their trade function and supply chains as efficient as possible.
Companies in previously unaffected industries need to re-examine their import profiles and supply chains, including the use of available analytical tools, to determine potential impacts and explore mitigation strategies.
For a deeper discussion regarding the Section 301 tariffs and how your business may be able to mitigate risks in the changing trade environment, please contact:
Simeon Probst, Partner
Customs, Trade and Indirect Taxes, PwC Basel
Tel. +41 58 792 53 51
simeon.probst@ch.pwc.com
Image source: unsplash.com
Iceland – Akureyri
I wanted to visit Iceland for several years but my youngest wanted to go on a cruise ship. I was against the cruise idea but family life is a continuous compromise. So we went around the island in a cruise ship. I imagined Iceland to be different. Even though I have three travel guides at home and have seen countless images. Iceland is different, not comparable to other countries and unpredictable. One of the best sayings that we heard on our journey goes as follows: ‘if you don’t like the weather just wait five minutes’. It describes what you experience on the island very well. It can be foggy and suddenly sunny, it can be ice cold and quarter of an hour later it’ll be T-Shirt summer weather. Accordingly, our backpacks for the hikes were large. You can experience anything there. Rain, the cold, the sun, wind. You need sunglasses, hats, rain coats and jackets. You need quite a bit to survive the weather conditions.
Read More »Island – Akureyri
Ich wollte schon seit Jahren nach Island und mein Jüngster wünschte sich eine Kreuzfahrt. Ich war gegen die Kreuzfahrt aber das Familienleben basiert auf ständigem Kompromiss. So sind wir mit einer Kreuzfahrt rund um Island gefahren. Ich habe mir Island anders vorgestellt. Auch wenn ich zu Hause drei Reiseführer habe und unzählige Bilder angeschaut hatte. Island ist anders, kaum vergleichbar, unberechenbar. Einer der besten Sprüche die wir auf unserer Reise gesehen hatten, war der folgende: «Gefällt dir das Wetter nicht, warte einfach 5 Minuten». Es beschreibt was man auf dieser Insel antrifft sehr gut. Es kann neblig sein und plötzlich kommt die Sonne, es ist bitter kalt und in der nächste viertel Stunde gibt es ein T-Shirt Sommer Wetter. Unsere Rucksäcke für unsere Wandertouren waren dementsprechend gross. Man kann nämlich alles antreffen. Regen, Kälte, Sonne, Wind. Das braucht Sonnenbrillen und Mützen, Regenjacke und Jacken. Es braucht einiges um es bequem zu überstehen.
Read More »Taxmarc is now certified for SAP S/4HANA
I’m proud to announce that SAP has certified our Taxmarc solution for the latest SAP version S/4HANA.
This certification guarantees the quality and compatibility of Taxmarc within the SAP S/4HANA platform. As a result, the customers of SAP can implement the solution without encountering problems in their SAP systems. Last year, we received the SAP certification of Taxmarc for the platform ECC. This means that currently our solution is certified for the two most used SAP platforms.
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POLAND: Mandatory Split Payment as of 1 November 2019
On 19 July 2019, the changes in the Polish VAT law have been approved and published.
One of those revolutionary changes relates to the implementation of the Mandatory Split Payment Mechanism as of 1 November 2019.
Fête des Vignerons 2019
I arrived in Vevey on Saturday alongside 22’000 people. Vevey is one of the most idyllic cities that I know – Riverbanks, mountains, vineyards. Now, to top it off, this festival. The spectacle takes place once every 20/25 years. The first one was in the year of 1797, the most recent one in 1999. The budget for the festival amounts to an unbelievable amount of 100 Million francs. There are 6’500 participants, 5’500 actors, 1’000 musicians, cows, goats, hoarses – it is massive. I don’ recall ever having seen anything so wondrously colorful and varied in my life. The actors are from the region and are amateurs. They wear bright costumes and perform with an unbelievable amount of passion and pride. The director of the festivity, Danielle Finzi Pasca, who was a clown at Circus Nock, directed the closing ceremony at the Olympics in Torino and Sochi. What he put together in Vevey with the ensemble was huge and unforgettable. What impressed me the most, were the participants who created something unique through countless hours of work. You can join the spectacle till the 11th of August. Otherwise in the year of 2040. The journey is worth it.
Read More »Fête des Vignerons 2019
Am Samstag kam ich mit 22’000 anderen Personen in Vevey an. Vevey ist eine der idyllischsten Städte die ich kenne – Seeufer, Alpen, Weinberge. Und jetzt noch das Fest. Die Show findet einmal pro 20/25 Jahre statt. Die erste war im Jahre 1797, die letzte 1999. Das Budget für die Veranstaltung beträgt unglaubliche 100 Millionen Franken. Es gibt 6’500 Akteure, 5’500 Schauspieler, 1’000 Musiker, Kühe, Ziegen, Pferde – Es ist gewaltig. Ich mag mich nicht erinnern, dass ich je etwas so monumentales, farbenfrohes und abwechslungsreiches gesehen hatte. Die Darsteller kommen aus der Region und sind Laien. Sie tragen farbenfrohe Kostüme und machen mit unglaublicher Leidenschaft und Stolz mit. Der Regisseur dieses Festes Danielle Finzi Pasca, der früher in Zirkus Nock als Clown das Handwerk lernte, inszenierte Olympische Abschlussfeier in Turin und Sotchi. Das was er in Vevey mit diesem Ensemble zusammenstellt hatte, war einfach gewaltig und unvergesslich. Das was mich aber am meisten beeindruckt, sind die Leute die da mitmachen und in unzähligen Stunden Arbeit etwas Einmaliges kreiert hatten. Bis zum 11. August habt ihr Zeit dabei zu sein. Sonst wieder vielleicht im Jahr 2040. Eine Reise lohnt sich.
Read More »RUSSIA: VAT recovery for export of services is possible as from July 1
The State Duma approved amendments to the Russian Tax Code (RTC) introducing the right for input VAT recovery in relation of export of many types of services. This is generally in line with the VAT principles in many other countries. Read More »
Michaela Merz 