Australia: GST treatment of financial supplies
On 10 August 2022 the ATO opened a consultation on a draft update to Taxation Ruling No. GSTR 2002/2DC1, on the GST treatment of financial supplies and related activities. The draft update to the ruling incorporates changes in the GST law such as
See MoreArgentina: AFIP delays effective date of SIRE system for VAT withholding purpose
On 26 November 2020, the Federal Administration of Public Revenue (AFIP) published a General Resolution 4864/2020 of 26 November 2020 to extend the effective date of mandatory use of SIRE in case of VAT withholding purposes until 1 March 2021.
See MoreColombia issues Decree subject to insolvency regime amid COVID-19
On 15 April 2020, Colombia has issued Decree 560 of 2020 regarding insolvency processes, which are intended to mitigate the extent of the effects on companies affected by the declaration of a state of emergency due to COVID-19. The corporate
See MorePortugal: Extended the import VAT reverse charge relief to all goods from 1 March 2018
Portugal has extended the import VAT reverse charge relief to all goods from 1 March 2018. The system was introduced for a restricted list of goods, including cereals, wools and olive oil. It enables approved companies to postpone the cash payment
See MoreCzech Republic: Amendment allows allocation of VAT reverse charge mechanism
In regard to the value added tax (VAT) rules, there is a new provision that allows buyers and sellers to agree to an allocation of the reverse charge mechanism, without considering the value of the goods. This amendment is effective from 1st
See MorePeru – Resolution changes withholding rate for VAT
On 1 February 2014 Peru’s tax administration issued a resolution concerning changes to the withholding rate for value added tax (VAT). This rate applies to the supplier, who must withhold the tax in respect of a transaction that is liable for VAT.
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