Tax news and archive

Global postal services suspend US shipments amid de minimis changes

Global postal services are enacting either a full or partial pause on shipments to the US amid the region’s changes to the de minimis rule, which had allowed for packages worth under 800 dollars to enter the country duty-free. First introduced in 2016, President Donald Trump had first brought the exemption to an end in May for goods imported...

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Trump officially closes de minimis loophole for Chinese goods: What you need to know

The de minimis tax exemption has officially closed for Chinese imports to the US. The loophole has caused much debate in recent years, particularly as experts weigh the possible impact and implications on both companies and consumers if a full halt was enforced. Here is what you need to know… What is the de minimis exemption? De minimis – a...

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Adidas headquarters raided amid German tax evasion probe

The Herzogenaurach headquarters of sportswear giant Adidas have been raided as part of a multiyear probe into alleged tax evasion reportedly worth more than 1.1 billion euros. The European Public Prosector’s Office (EPPO) told the Financial Times (FT) that it was pursuing a “criminal investigation" against a German “corporate group trading in...

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European Commission investigates Nike’s tax status in the Netherlands

The European Commission has launched an in-depth investigation into Nike’s tax arrangements in the Netherlands, looking to examine whether the country’s tax administration body, Belastingdienst, has given the sportswear giant an unfair advantage over its competitors. Between 2006 and 2015, Dutch authorities issued five tax rulings, two of which...

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Delhi govt brings ecommerce portals under tax scanner

The Delhi government's Value Added Tax department has decided to bring all big and small e-commerce platforms under the scanner to check tax evasion. A notification would be sent out to all the players making it for them to file tax returns every quarter. All dealers operating through these platforms will also have to file their returns to avoid...

Fashion

Budget 2012-13: Thumbs-up for FDI, GST, excise a bugbear

The Union Budget presented by the Finance Minister Pranab Mukherjee in Lok Sabha today emphasised the need to reach a consensus over allowing 51 per cent foreign direct investment (FDI) in India’s retail sector and tax reforms. However, the apparel industry’s expectations of a breakthrough on excise duty were not fulfilled. The 10 per cent...