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How Understanding Sales Tax Can Help Your Business

CFO Share

Think your business is too small to worry about sales taxes? South Dakota , small business sales tax has been an issue you cannot afford to ignore. With audits ramping up and penalties exceeding $100,000, understanding sales and use tax is essential. The cost of sales tax non-compliance.

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Understanding Taxation in South Africa and Beyond 

CFO Talks

Value Added Tax (VAT) VAT is an indirect tax applied at 15% on the sale of goods and services. As a CFO, accurate VAT recording is crucial to avoid penalties and ensure compliance. Dividends Tax When profits are distributed as dividends to shareholders, a 20% tax applies.

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What’s the Difference VAT & Sales Tax?

CFO Share

Value-added Tax (VAT) and sales tax are both consumption taxes assessed on the consumer at point of sale. The difference between VAT and sales tax is what gets taxed: sales tax is assessed on tangible personal property (products, materials, and goods) whereas VAT is assessed on both goods and services.

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Big Tech Compliance Tracker: EU Watchdogs Make ‘Big Tech Hit List’; France To Go Ahead With Digital Services Tax Plan

PYMNTS

However, the OECD cautioned about the potential of an international trade war brought by different nations rolling out digital services taxes on their own to assist in their economic rebounds from COVID-19 in the event nations don’t all agree on the new tax regulations. France Will Proceed With Controversial Digital Services Tax Plan.

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Weekend Reading For Financial Planners (June 1-2)

Nerd's Eye View

House of Representatives and is now being considered in the Senate would increase the number of firms classified as “small entities” and would require the SEC to assess the impact of proposed regulation on this newly enlarged class of investment advisers (which tend to have fewer compliance staff and resources available compared to larger (..)

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Business Tax Consulting: Expert Strategies for Small Business Financial Health

CFO Plans

Managing taxes efficiently is one of the most daunting tasks, often leading to stress and potential financial pitfalls. Operational accounting services offer crucial support, ensuring financial health and compliance. Integrated accounting services in the cloud also enhance data protection, crucial for maintaining trust and compliance.

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Strategic Finance Focus at Year-End

VCFO

A review of revenue will often involve examining sales performance. By nature, most salespeople will do exactly what they are incentivized to do (which is why a well-designed sales compensation plan is so important). Tax Planning is Beneficial and Essential A wise person once said that failing to plan is planning to fail.

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