The OECD Inclusive Framework on BEPS (‘IF’, a group of 113 countries) issued its paper Tax Challenges Arising from Digitalisation – Interim Report 2018 (the ‘Report’) on 16 March, and held a public webcast to discuss its findings. This was followed by the European Commission’s (EC’s) recommendations for EU-wide adoption on similar topics, which were published on 21 March. Continue reading
As anticipated, President Trump has signed proclamations imposing tariffs on imports of steel and aluminum that are set to take effect from 23 March 2018. The tariffs apply across the board, although there is an indefinite exemption for Canada and Mexico due to their ‘shared commitment’ to each other’s national security, efforts to address ‘excess’ steel capacity, and the economic integration between the three countries. Continue reading
The UAE Ministry of Finance has conducted feasibility studies on the implementation of a VAT draft law. These studies on taxation and its social and economic implications were conducted for the following years: 2008, 2010, 2012 and 2014. The studies analysed the impact of taxes on the growth of the regional economy and on the UAE’s global competitiveness. Continue reading
On 6 May the EU Commission announced its strategy for Digital Single Market. The aim is to further simplify and harmonize the applicable VAT and legislative rules to e-biz and e-commerce (in particular re telecommunication and copyrights) as well as to reduce the administrative burden companies are facing in this field.
The ultimate goal is to remove the barriers which currently hinder EU based companies to grow and to be (more) competitive with the world’s Internet giants. The strategy also wants to help European customers to shop on-line form other EU countries as easy and simple as it their home countries. The VAT related initiatives of the strategy focuses on: Continue reading
Korea joins the group of countries which require non-established companies to register and account for on their B2C sales of electronic service into South Korea. The VAT law has recently been amended to apply VAT to the supplies of electronic services (e.g. applications, games, music, films, electronic documents, software, etc.) purchased from non-resident service providers (i.e. offshore app developers or through offshore open markets app stores). Continue reading