The official Saudi Arabia tax authority has set a December 20th deadline for mandatory VAT registration. This ends a period of speculation which, due to an ambiguous clause in the Saudi VAT law published on July 28th, led some to beleive that businesses liable to pay VAT had only until August 27th to register.
Kuwait announced on August 7th 2017 that its cabinet had approved draft bills supporting the introduction of a VAT regime, a Gulf Cooperation Council unified selective excise tax, and the statute of the GCC Economic Judiciary Commission.
Further to our report earlier this year we can confirm that foreign providers of Business to Consumer (B2C) electronic services - e-books, games, news sites, software and streaming media - to Taiwanese customers must now register for VAT purposes if their annual B2C sales exceed a VAT registration threshold of TWN 480,000 (approx. EUR 13,500) in a calendar year.
On 7th August 2017 the French Finance Minister Bruno le Maire published a press release detailing the position of the government with respect to the taxation of the digital economy. This is ahead of EU finance ministers discussing a crackdown on the non-payment of tax within the sector.
As we have seen in a number of our bulletins today and in the last few weeks tax offices across the world are stepping up efforts to try and obtain VAT and sales tax which is not currently being paid. In the UK the Fulfilment House Due Diligence Scheme is part of a package of measures that are intended to disrupt and deter abuse by some overseas businesses selling goods to UK customers via online marketplaces.
The Danish Tax Board have declared that more resources are to be devoted towards detecting and penalising foreign online sellers of goods to consumers who have not properly accounted for local VAT.
Latvia's parliament, the Saeima, has adopted tax reform legislation which will impact upon both corporate/personal tax and VAT.
Small businesses may no longer have to fill out time-consuming surveys about their activities in a shake-up to the way data about the UK economy is gathered. Britain's statisticians will rely less on what business have to say about their activities and more on what the taxman is collecting from them, in an attempt to improve how we estimate the strength of the UK's economy - and cut costs for companies.
The European Commission has launched a public consultation on granting what it calls "neighbouring rights" to publishers. This is a technical term for a tax on snippets, which would require online platforms - notably Google News and Facebook - and possibly others to pay for using short extracts to link to articles on other sites.
Malta operates a tax system where companies pay the lowest tax on profits in the EU. While local businesses must pay 35% on profits, international corporations profit from a corporation tax rate of as little as 5%, thanks to a complex system where shareholders can receive a tax refund of up to six-sevenths of their tax paid in Malta. The average rate in the EU is around 22%.
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