1st January 2019
WHAT THE WAYFAIR DECISION MEANS TO CANADIAN (AND OTHER FOREIGN) COMPANIES SELLING IN THE US
On 27th December, an article from Collins Barrow National Incorporated on the recent ruling of the Supreme Court of the US in South Dakota v. Wayfair Inc which overturned decades of judicial precedents and confirmed that physical nexus is no longer required for a state to enforce sales tax collection, but that the concept of economic nexus should be considered as a reasonable basis. It says that, as a result, to date, more than 39 states have enacted or will enact new laws with economic nexus threshold tests that are similar (although not identical) to South Dakota’s. The article says that for a Canadian company selling into the US, the situation creates a whole new level of risk that must be assessed, and provides recommendations for traders.
AEO STATUS IN SWITZERLAND
On 27th December, PrimeTax AG published an article explaining that Authorised Economic Operation status is available in Switzerland, but while there are 3 types of authorisation are possible in the EU, Switzerland only has one AEO status (since 2011) which is comparable to the AEOS certificate (security and safety) of the EU. An AEOC certificate (for customs simplification), especially as a basis for further authorisations as required by the EU, is not necessary in Switzerland. Looking into the future, the AEO status will become established as the standard in global trade, and sooner or later, it will no longer be possible for internationally active companies to meet the requirements without an AEO certificate.
UNIVERSITY OF MISSISSIPPI TO RETURN MOST OF $400,000 GIVEN BY PONZI CONVICT
KYC 360 on 1st January reported that the University has agreed to return most of the $400,000 its athletic foundation was given by Arthur Lamar Adams, a businessman who pleaded guilty to a $100 million Ponzi scheme.
FAMOUS FORGED PAINTINGS EXPECTED TO FETCH THOUSANDS AT LICHFIELD AUCTION
The Express & Star on 1st January reported that paintings by Staffordshire-based John Myatt, who was imprisoned in 1999 for his part in what was christened the 20th Century’s biggest contemporary art fraud, are part of a specialist pictures sale at The Lichfield Auction Centre. Others are by John Anderson – another Staffordshire artist who also paints in the style of 20th Century masters, with copies of works by famous masters including Matisse, Degas, Monet, Giacometti, Henri Rouseau and LS Lowry.