Indirect-Tax
2 posts tagged with "Indirect-Tax"
- Jun 21, 2021
Building a Withholding Tax Determination Engine
I. What is withholding tax? Withholding tax (“WHT”) refers to an amount of tax withheld at source at a certain rate determined by local tax law. The most common example is payroll taxes withheld and paid by employers on employee wages. Withholding taxes also apply where sellers and buyers are situated in different jurisdictions, with rates varying by country or due to specific double tax treaties between tax authorities. WHT can be applied to different types of remuneration, such as dividend, interest, royalty, commission, fees, and rentals, as well as transactions, i.
- Mar 25, 2021
Building an HS Code Classification Model
I. What are HS codes? International trade relies on Harmonized System (“HS”) codes to classify goods transported across borders. Incorrect HS code classification may result in penalties and seizure of goods. HS codes are used by all countries globally to classify imported and exported goods down to 6-digits. The HS code is split into three two-digit groups: First two digits - categorize product (e.g. “61” for Apparel & Clothing) Second two digits - classify further (e.