Singapore

Singapore GST on foreign e-services Jan 2020

June 13th, 2018

Singapore has updated its plans to levy its 7% Goods & Services Tax on B2B digital services provided by non-residents to consumers from 1 January 2020. This includes providers such as Airbnb, Amazon Prime, Netflix, Apple Music and other streaming media, gaming and app providers The city-state has confirmed that B2B transactions from foreign companies will …


India

India GST rate rationalisation

June 11th, 2018

India is on track to cut the number of Goods & Services Tax (GST) rates from four to three – excluding zero-rated supplies. The current rates are: 28%; 18%; 12% and 5%. The Finance Minister, Shiv Pratap Shukla, said on 8 June that details will be published in the forthcoming weeks. India GST complexity The Indian …


Sri Lanka

Sri Lanka 12.5% VAT 2020

May 27th, 2018

Sri Lanka plans to cut its Value Added Tax rate from to 12.5% from the current 15%. The plan was announced yesterday by the Finance Minister, Mangala Samaraweera. Sri Lanka agreed to raise its VAT rate from 11% to 15% in 2016.


India

India to levy 18% GST on bitcoin Jul 2018

May 23rd, 2018

India’s Central Board of Indirect Taxes and Customs is considering a proposal to make digital currency trading subject to Goods and Services Tax at 18%. The new liability may fall due from 1 July 2018. In this case, India would be classifying cryptocurrencies, such as bitcoin, as a physical asset rather than as a currency for …


Thailand

Thailand bitcoin VAT exempt

May 18th, 2018

Thailand has made digital currencies, such as bitcoin, VAT exempt. This recognises the cryptocurrency as a ‘private money’ instead of a commodity with its own intrinsic value. This follows the treatment in the European Union and much of the rest of the world. Trading will though remain subject to capital gains or corporate income tax. At …


Malaysia

Malaysia scraps GST June 2018

May 16th, 2018

The new Prime Minister of Malaysia has committed to withdrawing the 6% Goods and Services Tax, setting it at zero from 1 June 2018. It will be replaced by a more limited Sales and Services Levy – a sales tax. PM Mahathir Mohamad has promised to withdraw the consumption tax, which was only introduced in April …


India

India GST filings reform

May 7th, 2018

The Indian GST Council, which oversees the operations of the indirect tax regime, agreed last week to reform monthly filings by the end of 2018. It also agreed to bring under full governmental control the GST Network (GSTN), the IT platform tax  payers file through. End of multiple GST Returns filings GST was launched in India in …


Worldwide

VAT Reporting update 18.4.1

May 1st, 2018

Overview This release is a maintenance release of the VAT Reporting application for the month April. It includes changes to reports, modifications and bug fixes. Main changes in Reports Spain – Immediate Filing (SII) We have started to implement changes to support filing of SII V1.1, which will be available from 1st July 2018. Please …


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 …