Third-Party Support provider delivers extensive global tax and regulatory changes to its international client base
DENVER, November 25, 2013 – Spinnaker Support, a global market leader for SAP, JD Edwards, and Siebel third-party support, application/technical management services, and consulting, today announced that its Global Tax and Regulatory Compliance (GTRC) Team is currently working on year-end tax updates for its clients in Europe, Asia, Africa, and the Americas.
The Spinnaker Support GTRC Team is a group of experienced business analysts, developers, and support engineers dedicated to the effective handling of all legislative requirements imposed by governments at year end. This process intensifies midway through the year when the Spinnaker Support GTRC team begins researching US and international government documentation in earnest, to locate and record all newly imposed regulatory changes for the current calendar year. The GTRC team tracks, monitors, and communicates new reporting requirements for Canadian T4s and T5s and many other non-US locations that our customers require. In the US, the GTRC team tracks and is delivering changes to 1099s, W-2s and W-3s, and federal and state wage reporting (both paper forms and electronic wage reporting requirements).
Spinnaker Support Distills the Morass of Global Regulatory, Legislative and Tax Changes into Customized Deliverables for Its Clients
As a premier third-party maintenance provider, Spinnaker Support has established its reputation on the ability to personalize the tax and regulatory process for each client and deliver timely, accurate updates. It is this attention to detail that has built an unprecedented atmosphere of trust and respect among the company’s clients. Spinnaker Support monitors a host of tax and regulatory sites, identifying over 300 daily notices. For international clients, the GTRC team monitors country updates for over 200 political divisions and sub-divisions, including country income tax and budgetary changes, treaty and rate updates, GST and VAT changes, payroll and social tax rate adjustments, and tax implications of the EU, MERCOSUR, COMESA, AFTZ and many other free trade zones. In the US, the GTRC team monitors federal and state income tax, state payroll, unemployment insurance, sales and use tax and new rules like the recently implemented Sunshine Act.
Spinnaker Support also tracks regulatory requirements that are specific to its individual clients. Some of the general topics monitored daily in its regulatory tracker include changes and updates made by the following rule making bodies: IASB, IFRS, SEPA, AICPA, GAAP, FASB, PCAOB, COSO, GASB and SEC. In addition, the GTRC process monitors legal updates from around the world related to insolvency, bankruptcy and re-structuring; privacy; transportation; anti-trust, and competition; strategy; consumer protection; environmental; corporate and commercial finance and banking; government and public sector; energy and natural resources; immigration; insurance; intellectual property; international law; employment and HR; litigation, mediation and arbitration; media, telecoms, IT, and entertainment; food, drugs, healthcare and life sciences; and real estate and construction. Utilizing Spinnaker Support’s customized approach, clients receive only tax, legal and regulatory updates that are unique to their requirements.
Some examples of recently reported changes include:
- Global – Basis Erosion and Profit Shifting Initiative – G20
- Global – G20 Members to Share Tax Information by End of 2015
- Italy, France & Kenya – VAT Changes
- Malta – 2014 Budget
- South Africa – Clarification of Withholding Tax on Royalties
- UK – NIC Employment Allowance NIC – 2014/2015
- Zambia – 2014 Budget
- Australia – Car Depreciation Limit – 2013/2014
- Australia – Concerns Over New Customs Infringement Notice Schemes
- China – Shanghai Free Trade Zone Pilot
- China, Egypt, Pakistan & Uganda – VAT Changes
- India – Rulings on Tax Treatment of Seconded Expatriates
- Indonesia – Final Tax on Certain Gross Income
- Japan – Increase Sales Tax Rate Contemplated in April 2014 and Tax Reform Plan Communicated
- New Zealand – Increased Regulation for Finance Firms (Non-Banks)
- Argentina – New Tax on Capital Gains / Dividends
- Colombia – Exemption to VAT for Export of Services Regulated
- Ecuador – New Customs System – Declaration Requirements
- Peru – New Customs Duty Regulation
- Puerto Rico – Technical Amendments to Major Tax Legislation
- Canada – Economic Action Plan 2013, Act No. 2
- Canada – T-4, Quebec RL-1 Updates
- Mexico – Congress Passes Tax Reform – Awaits President’s Signature
- US – Federal & States Issue Physical & Electronic Wage Filing Revisions, Including Federal Forms W-2 & 1099s
- US – Various Federal & State Wage & Hour Updates
- US – Various State Sales & Use Tax and Unemployment Insurance Changes
- US – Senator Baucus Releases Staff Discussion Draft on International Tax Reform
Proprietary Nine Step Delivery Process
Spinnaker Support utilizes a proprietary nine-step process to ensure the accurate and timely delivery of tax and regulatory changes to its clients. In addition to monitoring updates from around the world, Spinnaker Support assesses and analyzes the applicability of the changes to each client, then plans, designs and constructs a customized update or fix, working in conjunction with each client. Updates and fixes are tested for accuracy before full deployment, again, working with the client each step of the way. By continually monitoring the tax and regulatory environment, Spinnaker Support optimizes current and subsequent changes for its clients, providing them with informed and seamless transitions when updates arise.
About Spinnaker Support
Spinnaker Support, a global market leader for SAP, JD Edwards, and Siebel third-party maintenance, co-sourcing, and consulting services, helps companies maximize their ERP and CRM software investments. Whether companies are planning to replace their high-cost maintenance provider or are seeking supplemental maintenance support for their ERP and CRM applications, Spinnaker Support has a solution to fit their needs. More than 180 current clients worldwide have chosen Spinnaker Support as their provider of choice. Spinnaker Support services are available across the globe via offices located in Denver, London, Singapore, and Cape Town.