Japan

Japan 10% Consumption Tax Oct 2019

April 15th, 2018

Japan is continuing to prepare for a rise in its Consumption Tax from 8% to 10% on 1 October 2019. The planned rise has already been delayed once, in 2016. It is the second in a long-planned doubling of the tax – the first from 5% to 8% coming in 2014. The OECD has warned this month that …


China

China VAT lotto takes on rampant fraud

April 12th, 2018

China’s Shanghai trials with a weekly anti-tax fraud cash prize draw for VAT invoices has been declared a success. Since the start of 2018, Shoppers can upload barcodes on their VAT invoices to a phone app for a potential immediate €12.50 (equivalent)  prize. Their invoices are also entered into a weekly draw with a top …


Taiwan

Taiwanese invoice rules

April 6th, 2018

Invoice date of issue and storage Tax payers must provide a special Government Uniform Invoice at the time of supply, or cash advance if sooner. VAT invoices should show the following information: Name, including trading name, and address of supplier and customer VAT number of the supplier and customer Date of invoice Description, including quantities/weights …


Taiwan

Taiwanese VAT rates and compliance

April 6th, 2018

Taiwanese VAT and GBRT rates There are a range of VAT and Gross Business Receipts Tax (GBRT): VAT compliance As a tax payer, VAT registered business must comply with the rules and record keeping requirements of the VAT Act. This includes invoice format and records.  VAT invoices and records must be stored for at least …


Taiwan

Taiwanese VAT returns

April 6th, 2018

VAT registered traders must file regular returns with the Taiwanese Tax Authority. How often are Taiwanese VAT returns required? The VAT return filing frequency is generally every two months. Businesses with regular VAT credits, for example if providing zero-rated supplies, may file monthly. Returns are due by the 15th of the month following the reporting period. …


Taiwan

Taiwanese VAT registration

April 6th, 2018

What is the Taiwanese registration threshold? There is no VAT registration threshold for resident companies providing taxable goods or services in Taiwan. Registration is generally performed at incorporation. Foreign businesses generally cannot apply for VAT or GBRT registrations. They may apply for refunds on VAT incurred on costs if there is a reciprocity agreement between …


Taiwan

Taiwan

April 6th, 2018

Taiwan introduced Business Tax in 1931. This includes a Value Added Tax (VAT) and Gross Business Receipts Tax (GBRT) It is operated by the Taiwan Ministry of Finance. What activities require a Taiwanese registration? Resident companies providing the following taxable goods or services may have to apply for a VAT registration number: Domestic supplies of …


India

India relaunches e-way bill GST

April 2nd, 2018

India has relaunched this week its intra-state goods movement recording system, e-way bill. This requires transporters to electronically register with the GST Network any movements of goods across on the Indian 29 states’ internal borders. This system enables states to record GST liabilities since the July 2017 move to taxation in the place of destination. …


China

China cuts VAT rates 1 May 2018

March 29th, 2018

China is to lower a range of its VAT rates from 1 May 2018, costing €53billion per annum. The VAT rate on manufacturing supplies will be cut from 17% to 16%. The rate on construction, voice telecoms and transportation will be reduced from 11% to 10%. Further reforms will consolidate the existing 13% rate on agriculture into …


India

India GST requires more work

March 22nd, 2018

The July 2017 new Goods and Services Tax (‘GST’) regime was an ambitious reform of a complex, and business unfriendly tax regime. But more reforms to the GST system are required if it is to realise its potential to liberalise intra-state trade in the country. Areas for focus in the next months will include: Simplify …