Customs4trade’s Post

The IRS has just released the highly anticipated Qualified Intermediary (QI) list, a vital resource to prevent entities without QI status from misrepresenting themselves to withholding agents. If you're a QI, it's crucial to verify your data for accuracy. The list reveals an intriguing mix of QIs without GIINs, with a notable 75% based in Europe. Interestingly, I discovered some new countries and potential vacation spots! The UK presence accounts for about 4% of the total, excluding branches, with over 3,500 QIs listed. Updated quarterly, this list includes entities approved for QI status and issued QI-EINs at least two months before the quarter's start, ensuring compliance and integrity within the system. Withholding agents should update their onboarding and change in circumstances processes to regularly check this list. This might be a glimpse into how national registers could operate under EU FASTER. Danielle Nishida Candace Ewell Jasper van Schijndel Matthias Staubli Thor Pors Dominick Dell'Imperio CAMILLE PEREZ Thomas Daffern Bilal Abba Hannah Tailor Omar R. Jamal Kabbaj Henry Risk Matt Osmond Nicole Lorenz Nenad Ilic, CFA #QI #operational taxes #FATCA #FASTER

[𝐄-𝐈𝐧𝐯𝐨𝐢𝐜𝐢𝐧𝐠 𝐆𝐮𝐢𝐝𝐞𝐥𝐢𝐧𝐞] The Inland Revenue Board of Malaysia’s (IRBM) has announced the implementation of e-invoicing in 2024, aimed at enhancing the efficiency of tax administration and supporting the growth of the digital economy. A guideline has been published that states an e-invoice is a file created in the format .xml or .json specified by IRBM that can be automatically processed by relevant systems. The format of the e-invoice is not a .pdf or others. E-invoicing applies to all taxpayers undertaking commercial activities in Malaysia. Scenarios requiring an e-invoice to be issued are for proof of income and expenses. Click on the link below for more information on the e-invoicing guideline: https://lnkd.in/gE9vUTJY #BYCompetency #CYLimit #ACC2024 #BGSUUMChapter #UUMAACSB

Reminder for Sint Maarten Businesses! The deadline to submit and pay your August 2024 declarations is Monday, September 16th, 2024! Don't miss the deadline—make sure your online payment and Employer Portal submissions are done in time to stay compliant. Need SZV’s banking details? Head to www.szv.sx for all the info. #TaxCompliance #ComplianceMatters #EthicalBusiness #StayCompliant #SintMaartenBusinesses #BusinessCompliance #SintMaarten

🔍 Navigating Global Tax Compliance? We’ve Got You Covered! As the fiscal year draws to a close, ensure you’re on top of your deadlines with our Country Summaries Booklet. This essential resource offers up-to-date information on transfer pricing requirements and regulations across 100+ jurisdictions, making complex tax compliance effortless. 📘 📌 Why You Need It: - Detailed insights on document preparation, deadlines, and format requirements. - Jurisdiction-specific tables for quick reference. - Aligned with OECD and UN guidelines for accuracy. 🚀 Download now to tackle your final compliance deadlines with confidence: https://lnkd.in/dSGxbJsV But that’s not all! We’re also excited to announce that we’re working on a refreshed edition of our booklet for the new fiscal year. Look out for the latest updates, coming at the end of October/beginning of November! #TaxCompliance #TransferPricing #CountrySummaries #FiscalYearEnd #GlobalTax #TaxUpdates #OECD #UNGuidelines

Last week, our Business Development Director in Brazil Oseas Xavier Neto had the pleasure of attending an insightful event on Non-Resident Accounts and international payments organized by Trace Finance at Pinheiro Neto Advogados. The panels provided a great opportunity to explore the complexities and opportunities of the new foreign exchange framework, covering everything from regulatory issues to innovative use cases for NRAs. Let’s keep exploring cross-border payment opportunities together! #InternationalPayments #FinancialInnovation #BeyondPayments

Attention small business owners in Pakistan! The Federal Board of Revenue (FBR) has launched a new initiative called the Tajir Dost Scheme. Goal - Increase government revenue by including unregistered businesses in the tax system. Who needs to register? - Shops, Offices, Warehouses (operating in specified cities). Registration - ⏰ April 1st to April 30th, 2024 (Don't miss it!). How to register? - Tajir Dost App or FBR Form 181 (Detailed guides coming soon). Tax rates - ⚖️ Determined by FBR based on business category and size (Minimum Rs. 2,000/month). Tax payments - Monthly starting July 1st, 2024 (Potential discounts for timely payments!). Penalties - ⚠️ Late registration or missed payments will result in penalties. FBR Task Force - Team visiting businesses to provide guidance and encourage registration. #tax #smallbusiness #tajirdostscheme #learning #FBR

TP Practitioner Tip of the Day: "Safe harbor" TP margins (i.e., officially-prescribed TP policy margins which can substitute/supplement arm's lengthbenchmarking) are becoming more widespread. A few common examples: -India's margin list for various types of service provider entities (software development, R&D, etc.) -Australia's guidance on routine distributor margins -The OECD's proposed "pricing matrix" in Pillar One, Amount B These can be a useful way to minimize compliance risk and even reduce cost. However, a few caveats and considerations before you "set it and forget it": -The application/validity of the safe harbor margin still depends on proper characterization of the transactions and the parties to them. Read: you still need a solid functional analysis. -Juridictionally-prescribed safe harbors are generally not valid beyond that jurisdiction, meaning you'll generally need arm's length benchmarking for the other side of the transaction. -Safe harbor margins can be subject to thresholds and may change year on year (India is a good example both cases.) In consideration of the above, I hereby propose we start referring to them as "shallow, caveated, arbitrary measures" (SCAMs). #TransferPricing #InternationalTax

For transfers exceeding the SDA or falling under specific categories, you’ll need to file an AIT application through the SARS eFiling platform... #SouthAfricanRevenueService #SouthAfricanFinance #SouthAfricansAbroad

🔔 ZATCA has announced the criteria for the thirteenth wave of taxpayers to comply with the Integration Phase. Additionally, the Cancellation of Fines and Exemption of Financial Penalties Initiative has been extended. Get the latest updates and understand the implications for your business at https://lnkd.in/db4jsH9w #PageroCompliance #ZATCA #KSA #einvoicing

Enhanced e-Filing Complaints Process: A Guide for Taxpayers and Traders To lodge a complaint with the South African Revenue Service (SARS), you have three options: Via eFiling: Log in to eFiling and submit your complaint. If you’re not registered yet, sign up on the eFiling platform. Visit a SARS Branch: Make an appointment and visit your nearest SARS branch. Common complaint categories include legal/policy issues, employee behavior/competence, channel experience/environmental concerns, quality and speed of service, and unresolved service/operational matters. Remember, if you disagree with your assessment outcome or a decision by SARS, follow the dispute resolution process instead of the complaints process. For more details, refer to the SARS Guide to the Complaints Functionality on E-Filing. #TaxTips #SARS #complaints https://bit.ly/4fuXGvK