Singapore

Singapore GST on digital services 2020

February 25th, 2018

Singapore confirmed in today’s 2018 budget that it will subject supplies of B2C digital services from non-resident suppliers to 7% GST. The new charge will apply to downloads of apps, software, games, music, videos and streaming versions of the same.  There will be an annual GST registration threshold of S$100,000. It is anticipated that only …


Singapore

Singapore raises GST to 9% by 2025

February 19th, 2018

In today’s Singapore 2018 budget, it was announced that Goods and Services Tax (GST) will increase from 7% to 9% between 2021 and 2025. GST has been at 7% since July 2007, when it was raised from 5%. The exact timings of the staged rises will be confirmed at a late date, and will depend …


Singapore

Singapore to raise GST to 8% April 2018

February 13th, 2018

In the 2018/19 annual budget, due 19 February 2018, Singapore may increase its Goods and Services Tax rate from 7% to 8%. In a recent pole of economists, nine out of ten expected a rise in the GST consumption tax rate due to an ageing population and rising social spending. A similar crisis lead Japan to hike …


India

India GST e-way bill launch deferred

February 12th, 2018

India has postponed its mandatory e-way bill implementation, and extended the trail process due to technical issues associated with the huge volume of submissions at the 1 February launch. E-way bills are online submissions required to provide details of any cross-state delivery of goods within India. There are 29 states in India. They are required to …


India

India GST flaws may force early reform

February 11th, 2018

The Indian Goods and Services Tax Council may in early March consider simplifying the new, complex Goods and Services Tax (GST) filing requirements in the face of IT difficulties. GST was introduced to India in July 2017, replacing a labyrinth of complex and overlapping indirect taxes. Its aim was to reduce compliance, tax fraud and …


India

India relaxes GST reporting

February 5th, 2018

India last month temporarily relaxed the reporting requirements under the new Goods and Services regime: ·  The monthly summary return in Form GSTR 3B is extended to March 2018 for all taxpayers. ·  Due dates for filing returns in Forms GSTR – 1, GSTR – 4 and GSTR – 5, GSTR – 5A and GSTR …


India

India GST E-way bill goes live

February 1st, 2018

India has imposed from 1 February 2018 the requirement for an approved e-way bill for all cross-state transport of goods.  There is a threshold of INR 50,000. The new electronic record of the details and values of goods being moved between any two of the 29 Indian states is aimed at reducing errors and potential GST …


Thailand

Thailand foreign digital services VAT proposal

January 28th, 2018

Thailand has updated its proposals to levy VAT on non-resident providers of electronic services to its consumers. The new draft rules will limit any tax liability to VAT, and has removed the potential for corporate income and withholding taxes on foreign providers. Highlights of the proposals include: A VAT registration obligation for non-resident providers of services via …


Philippines

Philippines hikes VAT registration threshold

January 10th, 2018

The Philippines introduced a number of VAT changes on 1 January 2018 as part of a wider tax overhaul. The changes included increasing of the VAT registration threshold to PHP 3million from PHP 1.9million to take thousands of small businesses out of the tax administration net. Once over this limit, businesses must register for VAT …


India

India considers 18% GST on bitcoin

January 8th, 2018

India has started at the end of last year reviewing the tax and GST implications for cryptocurrencies such as bitcoin. This includes the Income Tax Department reviewing the activities of several bitcoin exchanges. A number of exchanges have since applied from the Authority for Advance Rulings body for clarification of the indirect liabilities of their …