Welcome to the top tax and accounting headlines from Reuters and other sources.
* Amazon agrees to begin collecting sales taxes in Nevada. The Wall Street Journal. Amazon.com Inc. has agreed to collect a sales tax on items sold in Nevada beginning in 2014, or earlier should proposed federal legislation mandate that online retailers collect sales taxes. The online retailing giant said it will collect taxes in the same manner as traditional brick-and-mortar retailers, an agreement that is expected to raise at least $16 million a year for the state, according to the Las Vegas Sun, which initially reported the news. Link
* German cabinet approves Swiss tax deal. Madeline Chambers – Reuters. German Chancellor Angela Merkel’s cabinet passed a revised deal to tax secret deposits in Swiss bank accounts on Wednesday, betting that the opposition Social Democrats (SPD) will drop their objections and back the accord in parliament. Switzerland and Germany hammered out the new deal earlier this month after a diplomatic spat that lasted years. Link
* OECD head urges Japan to fix finances, hike consumption tax. Kelly Olsen – The Wall Street Journal. The head of the Organization for Economic Cooperation and Development Angel Gurria said Wednesday that he supports Japan’s plan to raise the consumption tax. The Japanese government of Prime Minister Yoshihiko Noda submitted legislation to parliament in March that would raise the tax from the current 5 percent in two stages. But the plan has come under fierce criticism. Link
* Buffett gets a break on fee. Brody Mullins – The Wall Street Journal. NetJets Inc., the private-jet company owned by Warren Buffett’s Berkshire Hathaway Inc., spent more than $1 million over the past three years to lobby Congress to cut a user fee. The reduced fee, part of the recent Federal Aviation Administration bill that took effect earlier this month, will save customers of NetJets and similar companies roughly $83 million over about four years, according to congressional estimates. Link