By Edith Huber-Wurzinger, Gaedke & Angeringer Steuerberatung GmbH
Austria presses ahead with a new tax on advertising service of internet giants after plans for an EU-wide levy fell. From the beginning of 2020, therefore, Austria will tax firms like Google, Amazon, Facebook, and Alibaba, 5% of their advertising revenue from within Austria.
By Toon Hasselman, EJP Accountants & Adviseurs
Whilst writing this, it is 36 degrees outside, and inside, I just saw that Boris Johnson won the Conservative leadership contest and should become the UK’s new prime minister tomorrow (24 July 2019). Boris is a hard-line Brexiteer who has vowed to take the UK out of the EU by 31 October, with or without a deal and at any cost. However, the UK Parliament is not so sure it wishes to leave with the currently tabled deal nor without any deal, and the EU has indicated that it will not renegotiate the deal. With Boris as Prime Minister, a no-deal scenario has become more likely and it was exactly that scenario that first raised our (the Indirect Taxes PG) idea of forming Brexit teams per country. We have been pushing this idea for two years, and it is exactly where we stand and what we need right now.
By J. Pablo Garciga, Funaro & Co. PC
The sale of taxable property in the US is generally subject to sales tax at the location where the vendor delivers it to the buyer. This principle is not always as simple to apply as it might first appear.
By Eddie Lee, Robert Yam & Co.
Generally, GST is levied at the current rate of 7% on the:
- Local supply of goods and services in Singapore by any taxable persons in the course, or furtherance of a business; and
- Import of goods into Singapore by any persons.
As a major source of governmental revenue, GST is the same as Value Added Tax in many other countries and is charged to buyers and end-consumers when goods and services are procured, used, or when goods are imported into Singapore. GST is collected at multiple levels from the purchases of materials, at every stage of production to the different stops of the distribution chains, until final consumption in Singapore.
By Valeria Khmelevskaya, KBK Accounting
Along with the increase of the VAT rate from 18% up to 20%, the so called “Google tax” introduced previously as VAT on electronically- supplied services (“electronic services”) remains one of the hot topics in Russia. Starting from 2019, foreign entities rendering B2B electronic services to Russian clients are also obliged to register with the Russian tax authorities. Previously, this obligation existed for B2C service providers only.
By Dean Jefferies, Haines Watts
The draft legislation recently issued by HMRC, in anticipation of a nodeal Brexit, focuses on measures to reduce friction when clearing goods that enter the UK (or enter another EU member state from the UK).
By Giorgi Kutchashvili, TMC LLC
According to Georgian Tax Law, distribution of goods is one of the taxable transactions for VAT purposes. However, there are some industries that are exempt.
By KC Chia, KC Chia & Noor
‘…to hope, till Hope creates from its own wreck the thing it contemplates...’ (Percy Bysshe Shelley from ‘Prometheus Unbound’)
The existing multi-stage, broadbased goods and service tax (GST) regime which was implemented on 1 May 2015 has been repealed by the new Malaysian Government and replaced by a single-stage sales tax and service tax (collectively, ‘SST’). The new acts were gazetted and slated to be enforced on 1 September 2018. This dynamic turn has served as a timely wake-up call for all businesses to review their business operations.
By Francesco Milano, COMMA 10
From 1 July 2017 the Italian Split Payment Mechanism, whereby VAT charged on VAT invoices issued to a public administration is paid directly to the tax offce by the public adminis- tration receiving the invoice, has been extended to other transactions.
By Graeme Saggers and Simphiwe Mili, Nolands
The VAT consequences on rebates received from international companies is an issue not often considered. Very little legislation and case law exists governing the treatment of rebates received from international entities. Currently only binding general rulings provide for the treatment of local rebates in the Fast Moving Consumable Goods and the Motor industries.