You are no doubt aware that in just a couple of days (1 July 2018) the new Australian low value goods import laws are coming into force.
Who is Affected?
Any business that meets the AUD $75,000 registration threshold and sells low value goods (under $1000) into Australia to consumers will be affected.Read More »
From 1 July 2018 Australian goods and services tax (GST) will apply to sales of low value goods sold to consumers in Australia. Businesses that meet the A$75,000 registration threshold will need to register for GST, charge GST on relevant sales and remit the GST to us by lodging returns.Read More »
Based on representations and to ensure uniformity in the implementation of the refund provisions relating to export of goods and services, the Central Board of Excise and Customs (Board) has issued Circular No. 37/11/2018 – GST dated March 15, 2018 to clarify various aspects relating to processing and sanction of refund claims. Read More »
Background
Section 67 of the Finance Act, 1994 (the FA, 1994) deals with the valuation of taxable services for the purpose of levy of service tax. Further, the Service Tax (Determination of Value) Rules, 2006 (the Rules) were also issued, to specify inclusion or exclusion of various amounts in the value of taxable services. Read More »
Background
The long awaited mid-term review of the Foreign Trade Policy 2015-20 (the FTP or the Policy) was released by the government. The Policy focuses on expanding market, alignment with GST, data analytics backed policy intervention and trade facilitation with specific emphasis on MSME and labour intensive sectors.Read More »
Consumption taxes play a crucial role in the Americas, regardless of whether they are assessed as Value Added Tax (VAT), Goods and Sales Tax (GST), Sales and Use Tax (SUT) a Customs duty or excise tax. For tax authorities indirect taxes are an efficient and often a fair way of raising revenue and we see indirect tax revenues continue to increase as a proportion of tax take around the world. The rules, rates, interpretations and practices are also constantly changing.Read More »
The Goods and Services Tax (GST) bill was passed in Indian Parliament (Rajya Sabha on August 3 and has been approved by the Lok Sabha on the 8th August). It has been ratified by 50% of the states. The government is aiming for an implementation date of 1 April 2017. However based on the feedback received from our colleagues, the industry is hoping that such date could be delayed to July 2017 as a lot remain to be done to allow the implementation. The new GST Law will impact IT systems, accounting processes, contracts and business models. Read More »
Tax authorities across the Organisation for Economic Cooperation and Development (“OECD”) increasingly expect organisations to be able to confirm that tax risks are appropriately managed. Various measures are being introduced by tax authorities that aim to encourage good tax governance and the implementation of strong tax control frameworks. Read More »
From 1 October 2016 if you’re a non-resident business supplying remote services (including online services) you may be required to register for New Zealand GST, and charge GST on services provided to customers resident in New Zealand.
You need to register for GST when:
you exceed the GST threshold, that is your sales exceed NZD $60,000 in the last 12 months, or
are expected to be more than NZD $60,000 in the next 12 months.
your customer is resident in New Zealand, and
you supply a qualifying remote service.
In the past, there has been some scepticism within industry on the time frame within which GST might become a reality. However, it looks like there may be real progress, even dramatic progress, soon. Political observers are increasingly saying that the stalled Constitution Amendment Bill could be passed by the Rajya Sabha in the monsoon session of parliament due to various political realignments.
With the release of the draft Model GST Law on 14 June 2016, we have crossed a major milestone and this step seems aligned to the overall political progress, that is being reported.Read More »
PwC Switzerland ITX
Michaela Merz 