Australia: GST registration system for non-resident businesses
Non-resident businesses supplying services and digital products to Australian consumers and who meet the turnover threshold of A$75,000 will need to register for Australian GST by 1Â July 2017. There are two ways non-resident businesses can register
See MoreSingapore: IRAS launches public consultation on draft GST guide on customer accounting for prescribed goods
The Inland Revenue Authority of Singapore (IRAS) is engaging in a public consultation on the draft Goods and Services Tax (GST) Guide on Customer Accounting for Prescribed Goods. According to the existing GST rules, a GST-registered supplier will
See MoreGreece: Parliament adopts a draft bill amending Income Tax Code and VAT Code
The Parliament has adopted a draft bill on 11th of April 2017, which contains some amendments on income tax code and VAT code. The Corporate Income Tax payment needs to be completed by six installments instead of eight. Note that, the first
See MoreChina: reduces value added tax rate on agricultural products
On 3 May 2017, the Ministry of Finance and the State Tax Administration issued a joint announcement listing the categories of goods benefiting from a reduction in the VAT rate from 13% to 11%. The list includes agricultural products, water, natural
See MoreQatar: Cabinet approves draft law on income tax and VAT
On 3Â May 2017 the Prime Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al-Thani chaired the Cabinet's ordinary meeting. During its ordinary meeting, the Cabinet approved a draft law on income tax and some of its draft executive regulations. A
See MoreTurkey: Law No. 6824 introduces income tax and VAT relief
On 8th March 2017 Law No. 6824 on the restructuring of certain public claims and the amendment of certain laws and cabinet regulations was published in the official gazette. The Law changes both the Income Tax and VAT Laws, introducing a new income
See MoreRussia: Facebook and other global digital giants agree to pay ‘Google Tax’
On June 29, 2016, the government has approved the VAT Law for foreign companies selling online services to Russian consumers. Therefore, over a hundred foreign corporations have already registered in Russia. Among these companies are: Alibaba,
See MoreNigeria: Electronic tax clearance certificate expected to be introduced soon
The Federal Inland Revenue Service (FIRS) declares it will soon announce electronic Tax Clearance Certificate (TCC) system to assist reduce fraudulent certificates. The implementation of the e-TCC verification system had reached an advanced stage,
See MoreGhana: Government passes Value Added Tax (Amendment) Bill
On 31 March 2017, the Parliament adopted the VAT (Amendment), 2017, which requires all taxable retailers and wholesalers to charge VAT at a flat rate of 3% on the value of supplies. The rate would be calculated on the value of the taxable supply
See MoreAustralia: GST on low value imported goods
As of 1 July 2017, Subject to Parliamentary approval, overseas businesses with an Australian turnover of A$75,000 or more may need to: register for GST charge GST on low value imported goods that they sell to consumers in Australia, and
See MoreUK: VAT registration thresholds
The thresholds for registering for VAT or joining a VAT accounting scheme from 1 April 2017. VAT thresholds Circumstance Threshold VAT registration More than £85,000 Registration for distance selling into the UK More than
See MorePoland: Important tax changes for 2017
A number of major tax changes have been introduced as of 1 January 2017. The changes are given below: Personal income tax: Personal income tax has a major change on the tax-free amount that is based on the tax base. In accordance with the new
See MoreUAE: Information regarding proposed VAT regime reveals
The Finance Ministry (MoF) presented a value added tax (VAT) briefing session for advisors on 21st March 2017. The session expected to send a message to the market that VAT is approaching and businesses must start to prepare immediately. The
See MoreNigeria: Proposal in tax policy measures published
The Economic Growth and Recovery Plan for 2017 to 2020 has been published on 7th March 2017 by the Ministry of Budget and Economic Planning. It made a proposal on VAT rate in case of luxury goods increases to 15% from 5% and it will effect from
See MoreRussia: Proposes health tax on tobacco products
The Ministry of Health announced a proposal on 16 March 2017, to impose a health tax on tobacco products, based on the recommendations of the Public Chamber of the Russian Federation following discussions of the new anti-smoking strategy. Currently,
See MoreIndia: GST Council approves draft CGST and IGST Bills
The GST Council approved the draft Central Goods and Services Tax (CGST) Bill and Integrated Goods and Services Tax (IGST) Bill on 4 March 2017. Some of the significant points of the CGST and IGST Bills are summarised below: A State-wise single
See MoreTurkey: Tax amendments gazetted
The Law No. 6824 was published in the official gazette on 8th March 2017 that amend a number of laws. Under the Law, a compliant taxpayer is defined as a taxpayer not having tax debts or not including tax penalties over the amount of TRY 1,000. The
See MoreGhana: Proposes the Budget for 2017
The Minister of Finance presented the Budget for 2017 to Parliament on 2 March 2017. The following tax measures are proposed in the Budget: Capital gains tax (CGT): Exemption from CGT on gains realised from the sale of securities listed on the
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