By Nick Hart, Director, Advisory Services
If you’re a business with overseas operations, chances are you’ve had experience dealing with the intricacies of Value Added Tax (VAT). If your business has already set up shop in China, you’re probably in tune with the China VAT Reform Pilot Program and the impending August 1st nationwide rollout of VAT in certain commercial sectors.
By Nick Hart, Director, VAT Advisory Services
China’s tax systems are some of the most complex in the world. Regulations change at a rapid pace, so if you’re doing business in China or planning to take the leap, make sure you have good advice and systems in place for keeping up with the regular release of important information.
Determining your international tax burden can be overwhelming and time consuming. Corporate taxes may apply in each individual country your company operates in, meaning a different set of obligations for each entity. Even though rules and rates may differ country to country, there are a handful of taxes that you can expect wherever you expand. Consider these three taxes when you business expands internationally.
Is your business delivering electronic content to consumers worldwide? The global market for digital media is booming, and products traditionally sold in tangible formats—music, books, movies—are readily available as instantaneous downloads, straight to a consumer’s device of choice.
But as companies switch from in-hand goods to downloadable materials, a new liability comes into play. Value-added tax (VAT), traditionally the burden of the end consumer of goods sold internationally, becomes an obligation for businesses delivering electronic content. Read on to learn more about where VAT comes into play and if your company is on the hook.
Yesterday's webinar VAT & Your Supply Chain: Getting it Right in a Global Economy encouraged a lot of discussion. There were several interesting questions from attendees for HSP's VAT expert Nick Hart; here are some of the highlights, and answers:
If an international expansion is on the horizon for your business, value added tax (VAT) may be one of the many details you need to address. With harsh consequences for violation (lost revenue, fines, prosecution), VAT compliance is an essential consideration for any company with international operations.
Since VAT can impact everyday business for companies expanding internationally, it was no surprise that many of you had a host of additional questions after our webinar this week Getting the "Value Add" Out of VAT. We didn’t have time to cover them all in the allotted hour, so we thought it would benefit everyone to see the additional questions that came up, as well as the answers from our VAT expert.