Singapore GST changesCategory:

Singapore

Singapore GST changes

October 6th, 2018

The Ministry of Finance in Singapore is to update its proposals to reform its Goods and Services regime following a recent public consultation. The reforms include: Imposition of split GST payments on B2G supplies to limit fraud A 2020 requirement on non-resident providers to change GST on B2C digital supplies with an annual threshold of SGD100,000; …


Zambia

Zambia replaces VAT with Sales Tax

September 30th, 2018

The Zambian government has announced in its 2019 Budget on 28 September a withdrawal of its Value Added Tax. Plans in the 2019 Budget include removing the 16% VAT, first introduced in 1995. It will be superseded with a Sales Tax, only chargeable to the consumer at the end of the supply chain. The government …


India

India confirms e-commerce withholding GST rates

September 26th, 2018

India has confirmed the GST withholding rates for online marketplaces handling third party transactions. Tax Collected at Source (TCS) is a means of collecting income tax in India under the Indian Income Tax Act of 1961. Any payment covered under these provisions shall be paid after deducting prescribed percentage. It is managed by the Central Board for …


India

India extends GST filing deadline

September 25th, 2018

India has announced an extended deadline for the GSTR-1 return which lists taxable sales for each reporting period. It is generally due by the 10thof the month following. It will involve a waiver of fines for those businesses who have to file a summary of the transactions made every month in the GST return-3B form, and …


India

India 2% e-commerce withholding GST Oct 2018

September 15th, 2018

Indian e-commerce marketplaces are to be required to withhold up to 2% (to be confirmed) of the GST payments on sales by third party retailers. The split payments measure is being introduced to help reduce online GST fraud. The new requirement is obliging major marketplaces, resident and non-resident, to GST register in all Indian states …


Kyrgyzstan

Kyrgyzstan raises Sales Tax to 5%

August 25th, 2018

Kyrgyzstan is raising its 2% Sales Tax to 5%. VAT will remain at the current 12%. Sales Tax is charged on incorporated company turnover for the provision of any goods or services – so it is therefore closer to a turnover tax in nature. It is payable monthly with declarations due by the 21stof the …


India

India GST one year on

August 20th, 2018

It is now one year since the overhaul of India’s complex and overlapping indirect tax regime, and the introduction of a Goods and Services Tax (GST). The new unified indirect tax was designed to simplify compliance, and end large-scale double and compounding tax for business which was stifling the manufacturing sector. Good start; more progress …


Malaysia

Malaysia launches Sales and Service Tax Sep 2018

August 2nd, 2018

Malaysia has tabled at Parliament the implementation bill for its Sales and Service Tax (SST), which comes into force on 1 September 2018. It is replacing the 6% Goods and Services Tax, suspended on 1 June 2018. The switch is expected to cost the country an estimated at RM25 billion in lost revenues as only …


India

India cuts GST on range of goods

July 25th, 2018

On 27 July 2018, the Indian Modi government will re-categorise from 28% to 18% the Goods & Services Tax (GST) rates applicable to a range of over 80 goods. The government faces nationwide parliamentary elections next year, and is seeking to assuage a range of consumers and businesses which lost out in the July 2017 …


India

India GST returns simplifications 2019

July 15th, 2018

India is planning to introduce a single Goods and Services Tax return at the start of 2019. This will bring to close the difficult, but momentous introductory phase of the new GST tax, which replaced in July 2017 a plethora of complex and double taxing indirect levies, including VAT, CENVAT, Service Tax and over twenty other charges. …