OECD urges Malaysia to reintroduce GST to meet deficit target
According to a recent report published in the OECD Economic Surveys on Malaysia for 2024 on 27 August 2024, the OECD recommended Malaysia reinstate the goods and services tax (GST) at a low rate, coupled with targeted social transfers for vulnerable
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Slovak Republic plans to extend excise duty exemption for small renewable energy producers
The Slovak Republic Parliament has agreed to consider a draft bill that amends the Law on Excise Duty on Electricity, on 22 August 2024, addressing the regulations concerning electricity generated from renewable sources by small energy
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Australia publishes guidance on GST for food, drinks, health products
The Australian Taxation Office (ATO) has provided guidance to help taxpayers navigate the goods and services tax (GST) classification of food, beverages, and health products, clarifying whether these items are subject to tax or GST-free. ATO has
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Malaysia revises service tax policy for logistics services
The Royal Malaysian Customs Department (RMCD) released an update to the Service Tax Policy 4/2024 (Amendment No 1) on 23 August 2024 concerning logistics services, which went into force on 1 March 2024. All logistics services under Group J (First
See MoreIMF Report Looks at China’s Economy
On 2 August 2024 the IMF released a report following consultations with China under Article IV of the IMF’s articles of agreement. The report notes that China’s economy has remained resilient even though there is continuing weakness in the
See MoreIMF Looks at the Contribution of China’s Service Sector to Economic Growth
An IMF country focus published on 2 August 2024 noted that reforms to further open China’s service sector can promote sustainable growth and help create jobs. The report notes that China’s growth has been rapid in recent decades and will remain
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Canada: Digital platforms to report seller information by January ‘25
Canada enacted the Digital Services Tax Act (DSTA) on 20 June 2024, which came into effect by Order in Council on 28 June 2024. Starting in the 2024 calendar year, new tax reporting requirements mandate digital platforms to collect and verify
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Canada enacts 3% digital service tax
Canada’s federal government, in a notice on 28 June 2024, announced it authorised the implementation of a digital services tax (DST),which received royal assent on 20 June, 2024. The government states that the implementation of the Digital
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Guatemala extends vehicle circulation tax payment deadline
Guatemala’s Congress published Decree No. 13-2024 in the Official Gazette on 8 July, 2024, announcing the extension of the deadline for payment of the yearly vehicle circulation tax for land vehicles from 31 July to 30 September, 2024. Land
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US: Tennessee implements destination sourcing under the Tennessee Works Tax Act
Tennessee’s Department of Revenue has issued Notice 24-08, outlining the sales and use tax sourcing changes introduced in the "Tennessee Works Tax Act". On 11 May, 2023, Governor Lee signed into law the Tennessee Works Tax Act (TWTA), Public
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Nigeria implements cybersecurity levy on e-transactions
The Central Bank of Nigeria (CBN) released, on 6 May, 2024, Circular PSM/DIR/PUB/LAB/017/004 of 6 May 2024, in which it directed banks, financial organisations, payment service providers, and mobile money operators in Nigeria to enforce a 0.5%
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Australia announces consultation on draft bill to amend GST treatment for vehicle supplies
The Australian Taxation Office (ATO) issued a draft, on 10 May, 2024, for public consultation of the legislation A New Tax System (Goods and Services Tax): Waiver of Tax Invoice Requirement (Motor Vehicle Incentive Payment Made to Motor Vehicle
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Malaysia publishes service tax policies and FAQs
On 28 February 2024, the Royal Malaysian Customs Department published the service tax policies (STPs) and frequently asked questions (FAQs) about service taxes. The Service Tax Policy 1/2024 (STP 1/2024) establishes the commencement date for
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Malaysia issues guidelines for service tax changes for 2024
On 26 February 2024, the Royal Malaysian Customs Department released the Service Tax (Rate of Tax) (Amendment) Order 2024, which was first published in the Official Gazette. This order implements the changes to the service tax, which goes into force
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Malaysia clarifies service tax rate increases on digital service providers
On 14 February 2024, the Royal Malaysian Customs Department released guidelines concerning transitional rules about adjusting the service tax rate from 6% to 8% on digital services provided by foreign registered persons (RFPs). Regarding digital
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Malaysia publishes draft guide on service tax rate increase and scope expansion
On 7 February 2024, the Royal Malaysian Customs Department issued a draft guide regarding the upcoming increase in the service tax rate and its expanded scope. The proposals are set to take effect on 1 March 2024. The Ministry of Finance is
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Malaysia considering increasing service taxes
The Royal Malaysian Customs Department (RMCD) announced that it is considering a proposal to increase the service tax rate to 8% from the current 6% and expand the service tax scope—effective 1 March 2024. The service taxes increase a part of the
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Algeria publishes finance law for 2024 introducing new local solidarity tax
On 31 December 2023, Algeria's Ministry of Finance published the Finance Law for 2024 in the Official Gazette. The Finance Law for 2024 eliminates the 1.5% tax on professional activity (TAP) and introduces the new local solidarity tax
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