Real-time transaction-based reporting and pre-clearance of VAT invoices to tax authorities to improve tax collections and simplify compliance Governments seize control of invoicing process As governments around the world look to close the VAT Gap – missed VAT or GST tax collections – many are
Withholding VAT % raised across number of sectors Turkey has raised the rates and list of supplies subject to a VAT split payment or withholding payment. This obligation requires the buyer to pay a percentage of the settlement directly to the tax authorities rather than
Tax loophole to be closed by making platforms responsible for VAT Switzerland is set to follow the EU by imposing deeded supplier obligations on digital platforms. This makes them responsible for the VAT charging and remittance on low-value imported consignments being sold to consumers. Need
Caribbean state consults on levying VAT on e-services from non-resident providers and marketplaces The Caribbean state of the Dominican Repulic is consulting on imposing Value Added Tax on foreign digital or electronic service providers. It would join over 90 other countries that have followed the
Dutch Caribbean dependancy joins Value Added Tax club in exchange for COVID-19 funding The Caribbean island of Aruba is to introduce a Value Added Tax at 12.5% from January 2023. This will replace the existing 6% combined Turnover Tax (BBO) and Health Tax (BAZV). This
Anti-VAT fraud initiatives get Parliament vote The European Parliament voted on 16 February 2022 in favour of harmonising pan-EU e-invoicing and supporting the adoption of the definitive VAT system reform to: facilitate cross-border interoperability; ensure legal compliance; increase transparency in commercial transactions; and limit fraud
First stage GST hike next year with more to come to fund ageing population Singapore is increasing its Goods and Services Tax rate for the first time in 15 years announced today in the 2022 Budget. It will be in two steps: January 2023 rise
Alternatives for determining the customs value for post-Brexit import declarations Following the UK’s departure from the EU Customs Union and VAT regime after 31 December 2020, importers will have to declare the valuation of any goods moving between the UK and EU. There are special
Threshold on electronic reporting of e-invoices cut ahead of live reporting South Korea’s near real-time e-invoicing regime will be made mandatory for a larger group of companies as it cuts the reporting threshold from KRW 300m to KRW 200m from 1 July 2022. Plans for
3-month payments option for 2021 Quarter 4 VAT period VAT registered taxpayers in Cyprus may opt to pay their December or Quarter 4 2021 returns. However, returns must nevertheless be filed as normal. The payment plan offers three equal instalments on 10th of February, March
