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
Extended options for connected businesses to join GST group simplification The city state of Singapore has updated the requirements for Goods and Services Tax (GST) groups, the arrangement to allow connected businesses to become a single VAT entity and save on cash flow and compliance
The Organisation for Economic Cooperation and Development (OECD) has issued optional guidance for countries on their requirements for reporting taxable transactions of goods and ride sharing / rental of transport. This adds to the OECD’s 2020 guidance on the reporting gig economy services offered via
The Indian Goods and Services Tax Council (GSTN) is considering bringing fuel into the GST net. Since the implementation of GST in 2017, it has been excluded and left to local states to tax. The GSTN is reviewing a single India-wide rate. This would require
Revenue Agency gives extra 12 months for platforms to prepare The Canadian Revenue Agency has delayed until 2023 the due date for the first annual report from digital marketplaces on third party transactions subject to Goods and Services Tax and Harmonised Sales Tax (GST +
Tax on content creators including gig economy The New Zealand Inland Revenue has issued an Interpretation Statement on the Goods and Services Tax and income tax liabilities of online content creators for payments, consideration, merchandise sales, donations or gifts, prize winning and other remuneration received.
Federal government extends Goods and Services Tax net to foreign e-services The federal government of Canada has imposed 5% Goods & Services Tax obligations on foreign providers digital or electronic services to its consumers. This came into effect from 1 July 2021. This will affect
Higher recent tax take gives green light for simplification of GST With India’s Goods and Services Tax fast approaching its July 2022 fifth anniversary, draft proposals are being drawn up for review by the supervising GST Council. These would aim to reduce the number of
India introduced mandatory B2B government pre-clearance electronic invoicing from 1 October 2020, completing the phased implementation by 1 April 2021. The latest Indian e-invoice threshold is ₹20 crore since April 2022 but will drop to ₹10 crore in October 2022. There are plans with the
