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I would take this opportunity to update you on the status of the economic substance requirements introduced in the BVI earlier this year, and the proposed course of action in respect of these requirements. Economic Substance in a Nutshell The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the “ Act” ) was enacted in the BVI in December 2018, and came into force on 1 January 2019. The Act can be found at this link:   https://eservices.gov.vg/ gazette/sites/eservices.gov. vg.gazette/files/ newattachments/Act%20No%2012% 20--%20Economic%20Substance% 20%28Companies%20and% 20Limited%20Partnerships%29% 20Act%202018-%20Revised%2017% 2012%202018%20%28clean%29%20% 281%29_0.pdf The Act applies to all “ legal entities ” that are resident in the BVI and that are carrying on “ the relevant activities ”.  “ Legal entities ” include BVI companies and limited partnerships, and foreign companies and foreign limited partnerships that are registered and tax resident in ...

Source: https://www.michigan.gov/documents/treasury/South_Dakota_v_Wayfair_629239_7.pdf Treasury will require remote sellers with sales exceeding $100,000 to – or 200 or more transactions with – Michigan purchasers in the previous calendar year to remit sales tax. Treasury will waive failure to file and deficiency penalties for returns and payments due prior to December 31, 2018, so long as the taxpayer incurring those penalties has nexus solely due to RAB 2018-16 and Wayfair; interest will not be waived. Details of this policy change and the nexus standard for remote sellers are published in Revenue Administrative Bulletin 2018-16. Additional information for remote sellers will be posted at www.michigan.gov/remotesellers. 

Source: http://www.pearsoncocpa.com/business/virginia-consumer-use-tax/ OK, Virginia small business owners … you know all about paying   sales taxes , because anything requiring that tax to be collected is done so by Virginia-based sellers/vendors you deal with. Likewise, you are familiar with the   sales tax   because you are required to collect it from buyers of your goods that are taxable. Now let’s add another dimension to the world of taxable events … the   consumer use tax . Generally, the   consumer use tax   becomes an issue when you rent, lease or buy tangible items that you didn’t pay sales tax on at the time of purchase. Practically speaking, this typically occurs when you buy something outside the state via the internet, by phone, through mail order or even an out-of-state purchase that you bring back to Virginia to use here. Note: We’re not talking about “double taxation” on your purchases. They are subject to either sales tax or use tax...

Source: https://www.tax.virginia.gov/remote-sellers-marketplace-facilitators-economic-nexus Virginia recently enacted economic nexus legislation ( House Bill 1722 ;   Senate Bill 1083 ; and   Item 4-14 of the 2019 Appropriation Act ),   which means having a physical presence in Virginia is no longer a prerequisite for having to collect Virginia sales and use tax. Under the new law, a remote seller or marketplace facilitator has economic nexus if they sell or facilitate the sale of more than $100,000 in annual gross retail sales or 200 or more transactions to Virginia customers. Remote sellers and marketplace facilitators who meet the new economic nexus standards are required to register with Virginia Tax to begin collecting sales tax starting July 1, 2019.  You may qualify as a “remote seller,” a “marketplace seller," or a “marketplace facilitator,” or any mix of the 3 classifications depending on your retail sales activities in V...

Source: https://news.err.ee/612952/estonia-s-e-residency-program-launches-partnership-with-paymentwall "We are delighted to be part of this groundbreaking initiative from Paymentwall," e-Residency Managing Director Kaspar Korjus said according to a press release. "The business world does not have any shortage of ideas or talent, but financial barriers are still holding people back from their entrepreneurial potential — often just because of their location. E-Residency is aiming to democratize entrepreneurship globally by offering location-independent company management, and Paymentwall Passport will help contribute to our shared goal of digital and financial inclusion worldwide." "Estonia's e-Residency program was established to enable entrepreneurs from around the world to establish and run a global EU company entirely online," said Oleg Gutsol, head of Global Growth at e-Residency. "Now, with Passport, the process of setting up an EU com...

The EVD has direct and over-riding effect on all EU Member States but local legislation is required because the EVD allows for countries to pick and choose certain rules. As a result, the local VAT rules across the EU are not always consistent. Why is this important when thinking about Brexit? It’s important because once the UK leaves the EU it will theoretically (but this is not certain) no longer be bound by the EVD. This means that the UK could have free reign to amend its VAT rules as it sees fit. For example, it would no longer be prevented from applying a reduced VAT rate on supplies of women’s sanitary products which is currently precluded under the EVD. Also, the rates of VAT applied to physical and digital newspapers and books (zero-rated and standard-rated respectively) could be harmonised without having to get the agreement of all 27 other EU Member States.