In concert with other Gulf Cooperation Council (GCC) countries, the Kingdom of Saudi Arabia (KSA) is implementing Value Added Tax (VAT) on January 1st, 2018.
The GCC Framework Agreement, known fully as The Unified VAT Agreement for The Cooperation Council for the Arab States of the Gulf, sets out the agreed upon VAT principles and framework across the GCC Member States. Read More »
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 »
The Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill imposing GST on digital products and other remote services sold online by offshore sellers to New Zealand consumers has passed its final reading in Parliament, and is expected to receive Royal Assent shortly. The new law will require offshore sellers of remote services to New Zealand customers to register and pay GST from 1 October 2016.
With less than five months before the new rules start, businesses should already have undertaken an assessment to determine whether they will need to comply with the new rules and register. Separate Special Report is expected to be released by Inland Revenue later this month. This report will outline how Inland Revenue expect the new rules to operate in practice.Read More »
As some of you may know, there will be some important changes regarding GST on digital products and services in New Zealand, once the law is passed this April.
If you haven’t taken interest in this fascinating development yet, you can follow-up on some background information here:
The GST Constitutional Amendment Bill has been passed through clause by clause voting with the required 2/3rd majority in the Lok Sabha ( Lower House of Parliament) which in principle gives good perspective for the Upper House voting.The Finance Minister confirmed that the 1% additional tax on inter-state supplies will have no cascading effect. The Finance Minister highlighted that the GST would increase the revenue of the States and reiterated his promise that the Central Government would support the States in case of any revenue loss.Read More »
PwC Switzerland ITX
Michaela Merz 