US Supreme Court overturns physical presence rule for state taxation

Last week, 21 June, the Supreme Court ruled 5-4 in favour of South Dakota in the South Dakota vs. Wayfair, Inc. case, which reverses the 1992 Quill Corp vs. North Dakota ruling. The Court remanded the case to the South Dakota Supreme Court to address the matter in light of its decision. Read More »

South African electronically supplied services – Webcast recording now available

South Africa has proposed extensive reforms for electronic services supplies (“ESS”) which were announced in the draft electronic services Regulation on 21 February 2018. A recorded version of the Webcast is now available on our Webcast page.Read More »

EU – European Commission launches public consultation on the fight against VAT fraud

The European Commission has launched a public consultation on the fight against VAT fraud and administrative cooperation in the area of VAT. The consultation stems directly from the Commission’s VAT Action Plan, in which addressing the VAT gap and tackling VAT fraud received prominent attention. Read More »

Italy – important changes

Introduction of the so called “European VAT group”

The Budget Law 2017 has introduced, in the Presidential Decree no. 633/1972, the new title V-bis which regulates the institute of the VAT group, effective from January 1, 2018, subject to prior consultation of the European VAT committee.Read More »

USA – are looking to hold off bitcoin regulations for 5 years

Photo_RGB_R_IST_D5_8984.jpgA proposal has been made by one of one of the US Representatives to introduce a 5-year moratorium period on digital currency regulation in the US. As per the bill submitted by to the Congress, any statutory restrictions or regulations on digital currency should be hold off for five years starting 15th June 2015 in order to use the above period to fully access and examine the potential economic benefits of digital currencies.Read More »

USA – tax regulation of bitcoins and other crypto currencies

IRS (internal revenue service), the US tax authority, published this year (March 25, 2014) a clear guidance (Notice 2014-21) on how the tax principles apply to transactions involving bitcoins and other crypto currencies. It is not a new law but just an interpretation of how the existing law should be applied to the new technology. It describes how Bitcoin and other crypto currencies transactions should be taxed. Read More »

Switzerland: New Customs Regulations as from 1 July 2014

On 1 July 2014, new regulations come into force in case goods are imported to Switzerland by travelers. The aim of those new rules is to simplify touristic traffic and make it more transparent.  

From now on, travelers attempting to import goods into Switzerland are required to answer two questions:

(1)   Does the total value of all goods exceed CHF 300?

(2)  Are defined duty free limits exceeded?Read More »