The Tax & Accounting business of Thomson Reuters has released the print version of its new “WG&L VAT Handbook” to help practitioners cope with value-added taxes internationally.

Already available on the company’s Checkpoint tax research service, the handbook includes expert guidance, an overview of key concepts, examples, illustrations, and practical steps for value added tax compliance.

More than 150 non-U.S. country tax authorities now impose a VAT on supplies of services and goods. Trade between those foreign countries and U.S. companies has prompted a need for U.S. tax practitioners to become more familiar with VAT rules and procedures. The WG&L VAT Handbook provides an introductory guide to fulfilling the VAT obligations of invoicing, remitting, reporting, accounting, auditing, and more.

“VAT is comparable, in effect, to a retail sales tax, but has its own set of complex policies and rules that require collection and payment of tax for value added at each stage of the production-distribution chain,” said Bruce Furst, senior executive editor for WG&L, a Thomson Reuters brand.

The VAT handbook was written by Seth Terkper. In addition his work as a WG&L author, Terkper is the deputy minister of finance in Ghana and previously served as senior economist in the Fiscal Affairs Department at the International Monetary Fund, deputy commissioner in Ghana’s VAT Service, and Ghana correspondent for Tax Analysts USA. He is a chartered accountant.

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