VAT news tagged as "Services"

India

India agreement on Services GST rates

May 20th, 2017

The Indian Goods and Services Council, which is concluding a range of issues for the 1 July 2017 launch of GST, has agreed 4 indirect tax rates on Services.  The principle standard VAT rates will be 18% and 12%. The current effective VAT rate on Services in India is approximately 18%. The new GST rates …


China

China extends zero-rated VAT export services

November 7th, 2015

The Chinese Ministry of Finance last month updated the range of export service which are entitled to not charge VAT on, but continue to reclaim any input Chinese VAT on. Prior to this announcement, most of the targeted services had been exempt from VAT, meaning there was no possibility to recover any input VAT incurred. …


China

China VAT update

September 18th, 2015

Whilst China pauses on its VAT reform, businesses continue to update their accounting and ERP’s to the already processed changes. These include switching sectors such as transport, Many of the changes have impacted the service sector, with improved recover of Chinese VAT for importers and exporters of services. This includes: software; outsourced business process services; …


India

India GST on services

September 17th, 2015

As India continues to debate its implementation of a Goods & Services Tax (GST) to replace its VAT regime, guidance has been provided on the place of supply rules for services. The place of supply refers to where a taxable supply is subject to VAT. When goods or services are provided across state of country …


Australia

Australia levies 10% GST on foreign digital services – July 2017

May 12th, 2015

Australia has announced in this week’s annual budget plans to make supplies of digital services by non-resident providers to consumers subject to 10% Australian GST.  The measure will raise an estimated AUS$ 350million. The implementation date of the new measure will be 1st July 2017. This will require companies such as Apple, Google, Netflix, Amazon and …


Australia

Australia reviews GST on B2C digital goods & services

April 15th, 2015

Australia is considering closing the tax loophole for foreign providers of digitals goods & services to consumers. At present, foreign located providers of streaming games, music, apps, films, e-books, e-journals, internet services etc. do not have to charge Australian GST at 10%. This gives them an unfair advantage over Australia-based providers. Last week, the Australian …


China

China VAT updates exemptions on export services

September 14th, 2014

China is to implement new categories for determining the exemption rules for export services. The changes apply from October 2014 Businesses supplying export services are required to follow a number of administrative requirements, including applying for exemption status and retaining supporting documentation to demonstrate that the services were exported. Under the new rules issued by …


Japan

Japan update on taxing foreign services

August 4th, 2014

Japan’s Ministry of Finance has added further commentary to the discussion proposals to levy Consumption Tax on services provide from abroad to Japan. The new commentary is based on feedback from interested parties. Businesses in particular have requested a clear distinction in the taxability of services where the point of service is outside of Japan …


Ireland

Irish Accountants fear for new digital tax rules

May 7th, 2014

Ireland’s premier accountancy association, Chartered Accountants Ireland, has sounded a warning that the OECD’s proposals for the taxation of the digital economy will have a major impact on Ireland. The country accounts for 12.7% (via OECD) of all IT and communications services globally, and is second only to India. OECD looks to shift place of taxation …