IMF Report looks at Australia’s Economic Position
On 23 December 2024 the IMF staff issued a report following consultations with Australia under Article IV of the IMF’s articles of agreement. Economic growth is projected increase gradually, from 1.2% in 2024 to 2.1% in 2025. Real income growth
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Russia clarifies VAT rules for digital services from non-residents
Russia's Federal Tax Service issued Letter No. 16-18/081555, clarifying VAT obligations for digital services provided by non-residents to Russian entities. The letter states that when digital services such as rights to images, music, and video
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Taiwan clarifies business tax on cross-border e-commerce purchases for personal use
Taiwan’s Ministry of Finance has released a notice explaining the levy of business tax on goods purchased for personal use through cross-border e-commerce. Recently, Kaohsiung Customs has received numerous inquiries from the public on why
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Vietnam introduces draft law to implement VAT on small value e-commerce imports
On 17 June 2024, Vietnam's Minister of Finance, Ho Duc Phoc, presented the amended draft Law on Value Added Tax (VAT) to the National Assembly. The proposed law introduces VAT on small-value imports from e-commerce platforms such as Shopee and
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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 MoreImposition of VAT on Bitcoin in Thailand
The Cabinet Government of Thailand has decided to levy 7% VAT on digital currency (e.g. bitcoin) transactions. This is aimed at curbing money laundering and tax evasion. The Council of State will have to ratify the widening of the tax net. Trading
See MoreTurkey: Draft Law 3065 amends VAT law
The Finance Minister, Naci Ağbal, has stated that a draft law, number 3065, revised the value-added tax (VAT) law and then it has been sent to parliament. The objective of the new draft bill is to support investments, production activities and
See MoreCroatia: Tax reforms effect from 1 January 2018
With effects from January 1, 2018, some tax law amendments have occurred in Croatia. These amendments contain tax laws, excise duties, reliefs etc.. The Minister of Finance issued the Ordinance on Amendments to the Ordinance on Profit Tax, which
See MoreCanada: Finance Department announces public consultation on draft tax legislative proposals
The Finance Department released a public consultation on September 8, 2017 regarding draft legislative and regulatory proposals on the Goods and Services Tax/Harmonized Sales Tax (GST/HST) and excise duty as well as income tax. GST/HST and Excise
See MoreECJ: Advocate General rules on conditions for VAT exemption on intra community supply
The Advocate General of the European Court of Justice (ECJ) ruled on 6 April 2016 in the case Josef Plöckl v Finanzamt Schrobenhausen. The case had been referred to the ECJ for a preliminary ruling on the following question: Do article 22(8), the
See MoreCanada: Indirect tax responsibilities for financial organizations
Under their GST/HST and QST annual information returns, many financial institutions will have to file their final returns regarding Goods and Service Tax (GST), Harmonized Sales Tax (HST) and Quebec Sales Tax (QST) for the year 2014 by 30th June
See MoreCanada: Indirect tax compulsions for financial organizations
Many Financial institutes have to be filed their 2014 GST/HST and QST final returns on or before 30th June 2015 along with the GST/HST and QST annual information returns. Again, these institutions need to find if any changes in their organizations
See MoreChina: VAT on financial services will be applicable from 2016
China's Ministry of Finance (MoF) has announced that it will launch its VAT reforms for the Financial Service Industry in the early next Year. The plan will be to levy VAT on insurance and banking services. This will swap the current flat rate 5
See MoreRussia: VAT treatment of electronic services
The Finance Ministry (MoF) has issued a Letter No. 03-07-08/35579 on 21 July 2014 clarifying the VAT treatment of services for giving entrance to an electronic database supplied by a foreign company to a Russian company. As a result, the MoF
See MoreRussia: VAT free event and exhibitions for foreigners
The Finance Ministry of Russia has established that exhibition, live event and conference services provider in Russia to non-Russian customers are free from Russian VAT. But according to EU and the OECD Guidelines, VAT should be charged on live
See MoreRegister for and use the VAT Mini One Stop Shop
If your business has supplied digital services to consumers in the EU, you can register for HM Revenue and Customs’ (HMRC’s) VAT MOSS scheme if your business is: based in the UK (union VAT MOSS scheme) a non-EU businesses (non-union VAT MOSS
See MoreRussia: Zero VAT rate applicable to freight services provided by certain vessels
The Finance Ministry (MoF) has issued Letter No. 03-07-РЗ/32218 on July 3, 2014 describing the VAT rate applicable to the provision of services of seaborne vessels and combined navigation vessels based on time charter agreements for the reason of
See MoreCzech Republic: Amendment of VAT Law has submitted to parliament
The government has submitted a VAT Law amendment to the parliament initiating changes to supply rules in telecommunications field, broadcasting and electronic services. The changes would generally apply with effect from January 1, 2015. The main
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