India

India extends Sept GST return deadline

October 21st, 2018

India has extended by 5 days the deadline for the filing of September’s Goods and Services Tax return. The new filing deadline for the GSTR-3B return and the Input Tax Credit is 25th October 2018. The regular GSTR-3B filing deadline is the 20th of the month following the reporting month. It is required of all …


Indonesia

Indonesian VAT rates

October 15th, 2018

Small enterprises may apply for the simplified Flat Rate scheme, which charges a rate of between 1% and 4% on turnover only. A Luxury Tax of between 10% and 125% is also applied to certain goods, including: high-value real estate; automobiles; and alcohol. The following rates apply to taxable supplies:


Indonesia

Indonesia

October 15th, 2018

Indonesia implemented Value Added Tax, Pajak Pertambahan Nilai, in 1984. It is administered by the Directorate General of Taxation.


Japan

Japan confirms 2019 Consumption Tax hike

October 14th, 2018

Japan is to confirm this week its plan to complete the second rise in its Consumption Tax, from 8% to 10% in October 2019.  The first hike, in 2014 from 5% to 8% was blamed for a sharp rise in inflation and tipping the world’s third largest economy into recession. This latest rise has already …


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; …


Worldwide

VAT Reporting v18.9.1

October 1st, 2018

Overview This release is a maintenance release of the VAT Reporting application for the month of October 18. It includes changes in reporting documents, modifications in VAT Reporting and bug fixes. New Malaysian SST-02 Form: We have implemented the Sales and Service tax return in VAT Reporting Form SST-02. However, as there are no confirmed …


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 …


China

China VAT refunds to bolster exporters hit by new US tariffs

September 11th, 2018

China has announced a further round of tax breaks to aid its exporters. This follows the US proposing new tariffs levying almost $267bn on Chinese imports. With $50 billion of goods already under 25% duties and another $200bn on which Washington is poised to raise tariffs, this would take the total for 2018 to over $500bn. The US’ imports from China last year …