World’s first single VAT/GST determination and reporting platform for all businesses As cross-border trade grows, and tax authorities take a closer look for more VAT or GST revenues, it’s vital to get your indirect tax determination accurate at the first attempt and ensure the liabilities
Simplifying to 3 Goods and Services Tax rate from current 4 rates The Indian GST Council, which oversees the policy and running of Indian GST, is considering a proposal to cut the current four rates to 3 by merging the current 5% and 12% in
From April 2022 marketplaces responsible for tax collections The Canadian province of Alberta is to extend to facilitating marketplaces – Airbnb, Homeaway, Expedia and Vrbo – the obligation to collect the Tourism Levy. This would come into effect from 1 April 2022 as part of
Canada’s Revenue Agency (CRA) has provided suggested guidance on e-invoicing in 2018. This is based on the UBL model (see below). The format is only voluntary. Check VAT Calc’s global live VAT invoice transaction and e-invoice reporting tracker to see where else real-time submissions of invoices is
The Indian Central Board of Indirect Taxes and Customs has lowered the annual sales threshold for mandatory GST e-invoices. With effect from 1 April 2022, e-invoicing will be mandatory for all taxpayers that have aggregate turnover exceeding INR200 million (20 Crores). The current threshold, Rs
The value of the gig economy is expected to more than double from US$204 billion in 2018 to US$452 billion by 2025.7 In the UK, the Trades Union Congress (TUC) estimated in the summer of 2019 that 4.7 million people now work regularly on one or
5% GST on gig and sharing economy platform aggregators 1 January 2022 The Indian Goods and Services Tax Council (GST council) has extended the GST net to providers and online platforms offering the following services on their own account or via third-party merchants on their
Content Creators and sellers targeted by Inland Revenue – new payment service providers obligations New Zealand’s Inland Revenue is shortly to be granted enhanced data collection rights – quarterly transaction data from payment providers in an effort to track and accurately assess Goods and Services
Whilst still a small slice of the sharing economy, crowdfunding is one of the fastest growing areas of this economy and, as a financial services activity, has its own unique VAT issues. This blog is part of series from an article first published in British Tax review.
The Channel Island of Guernsey is considering implementing a Goods and Services Tax. The likely rate will be 5%, with some measures to soften the impact for the less well off. The recommendation was published by the Policy & Resources Committee for debate with the
