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  • EY Webcast | New VAT/GST regimes - EY - Global
    new value added tax VAT or goods and services tax GST is a major event for tax administrations and taxpayers alike New tax rules bring uncertainty and increase the risk of errors and disputes Designing and implementing the new tax into legislation and business systems and processes requires significant work in the months ahead This webcast focuses on five countries that are planning extending or considering implementing VAT GST in the next 12 months Malaysia India China Egypt and Puerto Rico What is changing and who will it affect What are the implications What should you be doing if you operate in these jurisdictions Join our experienced panel as we discuss the latest developments and what they mean for business This webcast will be of interest to indirect tax professionals as well as tax professionals tax directors and chief financial officers Audience participants are encouraged to ask questions throughout the webcast Panelists Harishanker Subramaniam Ernst Young LLP Harishanker is leader of Indian Indirect Tax Practice for EY He is experienced in verticals of industrial and consumer products infrastructure real estate and government technology communications and entertainment Harishanker joined EY in 2009 and has 26 years experience as an indirect tax professional across the industry and Big 4 professional services organizations Over the years Harishanker has been involved in diverse industries and his area of experience includes customs and international trade and in country taxes namely service tax VAT and excise duty He is currently involved in creating awareness in the industry about the impending introduction of the GST regime in India Harishanker has advised and assisted various multinational companies on resolution of customs valuation through special valuation proceedings He has also advised companies on export incentive programs besides assisting in setting up of export oriented units EOU software technology parks STP and special economic zones SEZ Pablo Hymovitz Ernst Young Puerto Rico LLC Pablo Hymovitz Cardona has returned to EY as an Executive Director in the Tax Advisory Division of the Tax Department of Ernst Young Puerto Rico LLC an affiliate of Ernst Young LLP with 12 years of experience in both Public Accounting and government He previously worked at Ernst Young LLP from 2005 to 2008 as a senior tax consultant He is an attorney with experience in tax corporate and litigation matters From 2009 to 2011 Pablo worked in the Puerto Rico Treasury Department as the Assistant Secretary for Internal Revenue Area which involved responsibility for overseeing the administration of the Puerto Rico Internal Revenue Code as well as other related tax laws and the operation of the seven bureaus that make up the Internal Revenue Area Pablo received a BBA in Accounting and a Masters of Taxation degree from Georgia State University and a Juris Doctor from Tulane University Aaron Bromley Ernst Young Tax Consultants Sdn Bhd Aaron Bromley based in our Kuala Lumpur office is a Partner with the Ernst Young Malaysia Indirect Tax team and is the APAC lead for Indirect Tax Global Compliance Reporting

    Original URL path: http://www.ey.com/GL/en/Issues/webcast_2015-03-25-1500_new-vat-gst-regimes (2016-02-10)
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  • EY Webcast | European VAT: new rules for intercompany flows - EY - Global
    and Operations Technology Assurance About Assurance Services Accounting Compliance and Reporting Climate Change and Sustainability Services Financial Accounting Advisory Services Financial Statement Audit Fraud Investigation Dispute Services Tax About Our Global Tax Services Country Tax Advisory Cross Border Tax Advisory Global Trade Global Compliance and Reporting Human Capital Private Client Services Law Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Insights EY Webcast European VAT new rules for intercompany flows EY tax webcast European VAT new rules for intercompany flows Options Overview General FAQ CPE FAQ Thought Center home Share Register Watch Live Watch On Demand A recent European Court judgment will create additional complexity and potentially significant costs for businesses operating across the EU using a branch network The judgment could result in value added tax VAT falling due on all branch to branch and intercompany flows In addition to determining how and where any tax is due it will also create costs for those businesses that are not entitled to VAT recovery The major impact will be for non EU headquartered businesses and their EU branch structure The

    Original URL path: http://www.ey.com/GL/en/Issues/webcast_2014-12-02-1600_european-vat-new-rules-for-intercompany-flows (2016-02-10)
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  • Malaysia enacts 2015 budget proposals - EY - Global
    for year of assessment 2016 2 in line with the impending introduction of the Goods and Services Tax GST effective as of 1 April 2015 3 The Act includes the expanded scope of items that are not subject to GST corporate tax incentives for selected industries and expenditure the increased statute of limitation for transfer pricing adjustments and an increase in the withholding amount for the purpose of real property gains tax RPGT This Alert summarizes the key tax changes in the Act Expanded scope of supplies not subject to GST The scope of items proposed to be zero rated for GST purposes has been expanded These additional items include certain food products pharmaceutical products listed under the national essential medicine list as well as selected reading materials such as reference books and newspapers More significantly the retail sales of RON 95 petrol diesel and liquefied petroleum gas to end consumers and targeted groups will not be subject to GST Corporate tax incentives for selected industries and expenditure Some of the incentives provided in the Act are described below Introduction of customized incentives for Principal Hubs 4 to encourage more multinational companies to establish global operational centers in Malaysia 100 income tax exemption for five years for companies that manage maintain and upgrade industrial parks in less developed areas and 70 income tax exemption for five years for such activities undertaken in other areas An automation capital allowance of 200 on the first RM4 million US 1 2 million incurred on automation expenditure from 2015 to 2017 for the qualifying manufacturing companies engaging in high labor intensive industries such as rubber products plastics wood furniture and textile or on the first RM2 million US 0 6 million incurred within the period from 2015 to 2020 for other industries in the manufacturing sector An extension of sunset provisions for tax incentives for a company that provides private healthcare facilities services to a healthcare traveler 5 for applications received from 1 January 2015 to 31 December 2017 This incentive provides a tax exemption on income equivalent to an investment tax allowance of 100 of qualifying capital expenditure incurred for a period of five years Increased statute of limitation for transfer pricing adjustments The current statute of limitation for tax adjustments in Malaysia is five years Under the Act the statute of limitation has been extended to seven years specifically for transfer pricing As the transfer pricing provisions became effective as of 1 January 2009 this proposal effectively gives the Inland Revenue Board an additional period of two years to conduct a transfer pricing audit and raise any additional adjustment for the taxable years beginning in 2009 as a result of the transfer pricing adjustment Increase in the withholding amount for the purpose of RPGT Currently an acquirer of real property is required to withhold the whole amount of money in the event the consideration consists wholly or partly of money or 2 of the total value of the consideration whichever is lower

    Original URL path: http://www.ey.com/GL/en/Services/Tax/International-Tax/Alert--Malaysia-enacts-2015-budget-proposals (2016-02-10)
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  • EY Webcast | VAT introduction in The Bahamas and GST introduction in Malaysia - EY - Global
    in the process of introducing value added taxation in their respective tax systems The Bahamas will introduce a Value Added Tax regime VAT effective 1 January 2015 Malaysia will introduce a Goods and Services Tax regime GST effective 1 April 2015 Since US and Canadian multinationals doing business in these countries are likely to be directly affected by the changes we invite representatives of these companies to take part in our webcast to get more insight in the changes to come The following topics will be discussed Essentials of the respective VAT and GST legislation Industries businesses potentially affected by the changes Main implications of the new taxes for example Compliance obligations Cash flow and cost implications Effects on pricing etc Suggested course of action to prepare and get ready for the new taxes This is an interactive webcast and we encourage you to ask questions Panelists Michele Thompson Bahamas Managing Partner Ernst Young Michele Thompson is a partner of Ernst Young in the Bahamas Michele has over 15 years experience in the hedge fund industry She has worked extensively with numerous investment vehicles in the onshore and offshore markets including private equity funds and investment management companies and serves as engagement partner on many of the firm s hedge fund audits reporting under U S GAAP or International Financial Reporting Standards Michele joined the Bahamas firm in 1987 and was promoted to partner in 2001 In July 2010 she was also made the Assurance leader for the EY Bahamas Bermuda and Cayman Islands BBC region She transferred to the EY member firm in the Caymans in September 2010 and returned to the Bahamas in June 2012 to assume the role of its Managing Partner She successfully completed the American Institute of Certified Public Accountants examinations in 1989 She is a member of the American Institute of Certified Public Accountants the Bahamas Institute of Chartered Accountants and the Cayman Islands Society of Public Accountants Aaron Bromley Partner Ernst Young Tax Consultants Sdn Bhd Kuala Lumpur Malaysia Anne Freden Principal US VAT Practice Ernst Young LLP US Anne Freden is a principal in the VAT practice of Ernst Young LLP in San Francisco CA Anne s work focuses on the global management of VAT and has a particular emphasis on the operational management of the tax Her work includes global supply chain projects and advice on implementing tax effective supply chain structures within ERP builds VAT risk management systems optimization both within native ERP environments and tax engines VAT process improvement the setting of indirect tax strategy and the development of VAT management frameworks Anne received a BA from Wellesley College and an MSc from the London School of Economics She is a Chartered Tax Advisor and a member of the Chartered Institute of Taxation in the United Kingdom Gino Dossche Executive Director US VAT Practice Ernst Young LLP US Gino Dossche is a member of VAT practice of Ernst Young LLP in New York where he is the Lead for

    Original URL path: http://www.ey.com/GL/en/Issues/webcast_2014-09-16-1500_vat-introduction-in-the-bahamas-and-gst-introduction-in-malaysia (2016-02-10)
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  • Goods and Services Tax (GST) in India - EY - India
    customs duty and IGST GST defined as any tax on supply of goods and services other than on alcohol for human consumption Central taxes like Central Excise duty Additional Excise duty Service tax Additional Custom duty and Special Additional duty and State level taxes like VAT or sales tax Central Sales tax Entertainment tax Entry tax Purchase tax Luxury tax and Octroi will subsume in GST Petroleum and petroleum products i e crude high speed diesel motor spirit aviation turbine fuel and natural gas shall be subject to the GST on a date to be notified by the GST Council 1 origin based additional tax to be levied on inter State supply of goods will be non creditable in GST chain The revenue from this tax is to be assigned to the Origin State This tax is proposed to be levied for initial two years or such period as recommended by the GST Council Provision for removing imposition of entry tax Octroi across India Entertainment tax imposed by States on movie theatre etc will be subsumed in GST but taxes on entertainment at panchayat municipality or district level to continue GST may be levied on the sale of newspapers and advertisements and this would give the government s access to substantial incremental revenues Stamp duties typically imposed on legal agreements by the state will continue to be levied by the States Administration of GST will be the responsibility of the GST Council which will be the apex policy making body for GST Members of GST Council comprised of the Central and State ministers in charge of the finance portfolio EY advantage EY has been closely involved with the GST initiative through its Policy Advisory Group comprising of a specialized team of experienced professionals including former government officials who advise businesses as well as governments on diverse policy issues The Group helps businesses anticipate policy changes assess their impact on their operations and engage in a constructive dialogue with the relevant authorities for remedial measures to address any concerns The Group has diverse VAT and GST experience with extensive interactions with both the Centre and the State Governments in India and overseas engagements in various jurisdictions MORE on GST GST the story so far Policy developments GST the story so far Understanding GST GST is a value added tax levied at all points in the supply chain with credit allowed for any tax paid on inputs acquired for use in making the supply It would apply to both goods and services in a comprehensive manner with exemptions restricted to a minimum In keeping with the federal structure of India it is proposed that GST be levied concurrently by the Centre CGST and the States SGST It is expected that the base and other essential design features would be common between CGST and SGST across SGSTs for the individual States Both CGST and SGST would be levied on the basis of the destination principle Thus exports would be zero rated and imports would attract the tax in the same manner as domestic goods and services Inter State supplies within India would attract an Integrated GST aggregate of CGST and the SGST of the destination State In addition to the IGST in respect of supply of goods an additional tax of up to 1 has been proposed to be levied by the Centre The revenue from this tax is to be assigned to the origin states This tax is proposed to be levied for initial two years or such longer period as recommended by the GST Council Benefits of GST GST has been envisaged as a more efficient tax system neutral in its application and distributionally attractive The advantages of GST are Wider tax base necessary for lowering the tax rates and eliminating classification disputes Elimination of multiplicity of taxes and their cascading effects Rationalization of tax structure and simplification of compliance procedures Harmonization of center and State tax administrations which would reduce duplication and compliance costs Automation of compliance procedures to reduce errors and increase efficiency Destination principle The GST structure would follow the destination principle Accordingly imports would be subject to GST while exports would be zero rated In the case of inter State transactions within India the State tax would apply in the State of destination as opposed to that of origin Taxes to be subsumed GST would replace most indirect taxes currently in place such as Central Taxes Central Excise Duty including additional excise duties excise duty under the Medicinal and Toilet Preparations Excise Duties Act 1955 Service tax Additional Customs Duty CVD Special Additional Duty of Customs SAD Central Sales Tax levied by the Centre and collected by the States Central surcharges and cesses relating to supply of goods and services State Taxes Value Added Tax Octroi and Entry Tax Purchase Tax Luxury Tax Taxes on lottery betting gambling State cesses and surcharges Entertainment tax other than the tax levied by the local bodies Central Sales Tax levied by the Centre and collected by the States Impact on GST GST would be one of the most significant fiscal reforms of independent India GST is expected to result in major rationalization and simplification of the consumption tax structure at both Centre and State levels It is expected to replace all indirect taxes thus avoiding multiple layers of taxation that currently exist in India Depending on the final GST base and rate there will be a significant redistribution of tax across different goods and services Goods currently subject to both Centre and State taxes should experience a net reduction in tax with positive impact on consumer demand Besides simplifying the current system and lowering the costs of doing business GST will call for a fundamental redesign of supply chains It will affect how the companies operate their businesses presenting significant opportunities for long term revenue and margin improvement For instance under the current tax structure supply chains are invariably designed to minimize the burden of the Central Sales Tax with

    Original URL path: http://www.ey.com/IN/en/Services/Tax/EY-goods-and-services-tax-gst (2016-02-10)
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  • EY Webcast | VAT introduction in Puerto Rico - EY - Global
    of the latest developments Background on the current indirect tax system and rationale for moving to a VAT Comparison with the current indirect tax system Our experience in recent VAT introductions in other jurisdictions Industries businesses potentially affected by the changes Main consequences of a newly introduced VAT Suggested course of action to prepare and get ready for the new tax This is an interactive webcast and we encourage you to ask questions Panelists Teresita Fuentes Partner Ernst Young Puerto Rico LLC San Juan Puerto Rico Teresita is the Tax Market Leader of Ernst Young Puerto Rico LLC an affiliate of Ernst Young LLP and is also member of the firm s Tax Policy Controversy Leaders group She has over 25 years of experience within the tax and administration both in public accounting and government Teresita has extensive experience providing tax planning strategies advice on mergers and acquisitions and tax incentives planning for companies in the manufacturing services and insurance industries among others Teresita also works extensively on complex issues related to the reporting and disclosure of taxes for financial statement purposes Prior to joining EY she was with the Puerto Rico Treasury Department as Assistant Secretary for Internal Revenue Teresita holds a bachelor in business administration with a major in accounting from the University of Puerto Rico Rosa M Rodriguez Executive Director Ernst Young Puerto Rico LLC San Juan Puerto Rico Rosa M Rodríguez is an Executive Director in the Tax Advisory Division of the Tax Department of Ernst Young Puerto Rico LLC an affiliate of Ernst Young LLP with 26 years of experience in both Public Accounting and government She has extensive experience serving clients in various industries including the pharmaceutical and manufacturing services sector She also has significant knowledge and experience of tax issues affecting major corporate clients and comprehensive knowledge of the various tax and fiscal regimes and planning opportunities throughout the region Rosa is a former Assistant Secretary for Internal Revenue Area As part of her three years experience with the Treasury Department she worked with review and draft of tax legislation rulings and tax exemption approval revenue collection managing of a workforce of nearly 3 000 employees through seven 7 bureaus more than 100 collectors offices and five 5 regional administrative offices Rosa holds a bachelor in business administration with a major in accounting from the University of Puerto Rico and is a Certified Public Account in Puerto Rico Pablo Hymovitz Executive Director Ernst Young Puerto Rico LLC San Juan Puerto Rico Pablo Hymovitz Cardona has returned to EY as an Executive Director in the Tax Advisory Division of the Tax Department of Ernst Young Puerto Rico LLC an affiliate of Ernst Young LLP with 12 years of experience in both Public Accounting and government He previously worked at Ernst Young LLP from 2005 to 2008 as a senior tax consultant He is an attorney with experience in tax corporate and litigation matters From 2009 to 2011 Pablo worked in the Puerto Rico Treasury

    Original URL path: http://www.ey.com/GL/en/Issues/webcast_2015-02-24-1800_vat-introduction-in-puerto-rico (2016-02-10)
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  • Potential for a VAT Regime in Puerto Rico - EY - Global
    in the tax reform package was the implementation of a VAT system The new VAT would replace the existing sales and use tax system applied at the Commonwealth and municipal levels The stated rationale for moving to a VAT is centered on the perception that the current indirect tax system in Puerto Rico has become too complex resulting in tax collections below original estimates Puerto Rico believes a VAT system monitors itself unlike the current sales tax scheme which relies on the government for oversight According to early government estimates a VAT would double current sales tax collections Based on these estimates the government is planning on including as part of the reform package an increase in the personal income tax exemptions and a reduction in the corporate tax rate Based on the experience our team has gathered in respect to VAT introductions around the globe the lead time may be relatively short Therefore timely preparations and a quick reaction to the developments may be key Essentials of VAT Since the details of the envisioned VAT system are not known to the public yet our comments below are based on the typical characteristics of VAT systems in other jurisdictions As also reflected by the considerations taken by the Puerto Rican stakeholders VAT as a tax type has significant differences from Sales and Use tax Please see a few highlights below VAT Sales and use tax Imposed on the value of goods and services at every stage of production distribution Burden of the tax distributed across the production cycle multi stage tax Tax is levied on imports at the same rate as locally produced goods services Transparent and neutral Significant revenue raiser in countries employing a VAT Imposed only on final retail sale of goods for the most part Final consumer alone bears the burden of the tax single stage tax Complex in nature due to special provisions exemptions tax preferences and credits Use tax relies on the final consumer to self account for tax on taxable purchases for which sales tax was not collected by the vendor e g made in other US states but used in Puerto Rico The introduction of VAT will have significant implications on companies doing business or operating in Puerto Rico VAT is imposed on goods and services at each stage of the production and distribution cycle as well as on imports and can have a material impact on financial and personnel resources The most widespread myth about VAT is that because it is a tax ultimately borne by the final consumer VAT has no cost impact on businesses However VAT related costs may well be incurred e g due to delays or refusal of input VAT recovery increased compliance costs Typical VAT compliance requirements for taxable persons Taxpayers in a VAT system typically face complex and extensive compliance requirements These requirements encompass for example Timely VAT registration Preparation and filing of VAT returns typically monthly or quarterly Performing VAT payments Issuance of VAT invoices

    Original URL path: http://www.ey.com/GL/en/Services/Tax/International-Tax/Alert--Potential-for-a-VAT-Regime-in-Puerto-Rico (2016-02-10)
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  • EY Global transfer pricing tax authority survey - EY - Global
    Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Services Tax VAT GST and Other Sales Taxes Global transfer pricing tax authority survey Global transfer pricing tax authority survey We are pleased to introduce our 2014 global transfer pricing tax authority survey As always it is a pleasure to provide the insights of tax authorities in a wide range of transfer pricing jurisdictions We trust you will find this survey instructive and of practical use in dealing with your organization s transfer pricing issues in the countries represented here Thomas Borstell Director Global Transfer Pricing John Hobster Head of Global Accounts Transfer Pricing Share This year s Global transfer pricing tax authority survey reviews transfer pricing TP practices and attitudes of tax authorities in 50 jurisdictions across the Americas Asia Pacific and Europe 1 Topics highlighted include transactions and industries of focus penalties dispute resolution options influences on local developments and approaches to comparables benchmarking What our survey trends indicate for you Our survey highlights the fact that TP will continue to be front of mind for both tax authorities and multinationals Tracking trends obtaining timely information on the TP environment and being ready to respond to an inquiry will be critical to effective risk management Key survey trends include There has been a clear spike in TP resources leading to a general increase in the number of tax inquiries and audits Business restructurings are now increasingly a driver of tax authority scrutiny The OECD s BEPS agenda is a key underlying influence on the methods being adopted by tax authorities when performing inquiries and audits This includes the nature of information being requested the use of profit and risk based assessments when selecting cases and focusing on the returns derived from intangibles On a global scale industries that have attracted attention from tax authorities include pharmaceuticals automotive financial services in Europe and natural resources in territories that extract or trade these Tax authorities continue to call for the use of for local country comparables with respect to benchmarking although wider regional analyses are typically accepted if sufficient local comparables cannot be identified Transfer pricing penalties are becoming more commonplace but they can be reduced should taxpayers maintain local transfer pricing documentation Formal Advance Pricing Arrangement programs are available in a wider number of territories although the take up in new markets has typically been low to date While the Mutual Agreement Procedure program is used widely in most mature TP jurisdictions its use and effectiveness is limited in many emerging territories The determination of importation prices separately by transfer pricing and customs valuations teams within Governmental bodies is still the norm While there is some informal sharing and integrated audits

    Original URL path: http://www.ey.com/GL/en/Services/Tax/VAT--GST-and-other-sales-taxes/EY-global-transfer-pricing-tax-authority-survey (2016-02-10)
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