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MTD makes VAT compliance easier, if you use the right technology

MTD makes VAT compliance easier, if you use the right technology

The UK’s Making Tax Digital programme came into effect in 2019. MTD mandates that firms must keep digital records and submit their VAT returns electronically. The UK government has since implemented the more extensive MTD Phase 2. MTD2 has more rigorous digital compliance requirements. (You can read more about how MTD affects your business in […]

Australia to implement obligatory reporting for sharing economy platforms

Australia to implement obligatory reporting for sharing economy platforms

Australia wants to make the sharing economy more accountable. Under new rules,  platforms must report all sharing economy transactions  to the Australian Taxation Office. According to exposure drafts (for public comment) of Australia’s proposed new legislation, electronic platforms will have to report details about transactions made via their platforms to the ATO. The mooted rules […]

EU aims to end cryptocurrency anonymity

EU aims to end cryptocurrency anonymity

The European Commission wants to enact regulations that end cryptocurrency anonymity and make transfers of cryptoassets more traceable by authorities. Proposed legislation would require companies that facilitate the transfer of cryptocurrencies, such as Bitcoin or Ethereum, to collect the details of both sender and recipient.  According to the Commission, the rules – which already apply […]

Malaysia provides extension on outstanding SST payments

Malaysia provides extension on outstanding SST payments

Malaysia’s tax authorities have extended the deadline for taxpayers who cannot meet their SST payment obligations. The extension applies to taxpayers unable to meet their SST obligations for the taxable period April 2021 to  May 2021, due to Malaysia’s Government Movement Control Order (PKP). The PKP refers to a series of restrictions instituted by the […]

Complexity and red tape hampers Bangladesh VAT compliance

Complexity and red tape hampers Bangladesh VAT compliance

Major international businesses failed to submit their VAT returns on time to Bangladesh tax authorities, owing to the complexities of VAT compliance.  According to local reports, two tech giants, Amazon and Google, were among the firms that failed to meet Bangladesh’s VAT submission deadline. According to the reports, the nonresident tech giants don’t have bank […]

Not everyone gets behind green UK VAT initiative, as minister push back

Not everyone gets behind green UK VAT initiative, as ministers push back

Can VAT cuts influence people to act in more environmentally friendly ways? Some influential UK lawmakers think so, suggesting that VAT incentives will lead to greener outcomes. However, not everyone is so certain.  UK Treasury minister Jesse Norman has pushed back against the idea, suggesting that, even with green VAT cuts, less energy-efficient goods may […]

New Russian digital law compels companies to open local operations

New Russian digital law compels companies to open local operations

Russia has enacted a law requiring digital telecommunications companies to open local offices. Under the new law, online networks that have an audience exceeding 500 000 users daily must open a branch in Russia, or establish a Russian subsidiary. The move is part of a broader Russian effort to create a level playing field for […]

Greece implements permanent VAT cuts for five Aegean island

Greece implements permanent VAT cuts for five Aegean island

Greece has permanently cut the VAT rate on five islands by 30%. The VAT reduction applies to the Aegean islands of Chios, Kos, Leros, Lesbos and Samos. As of 1 July 2021, a permanently lowered VAT rate applies on the islands. A reduced VAT rate on the islands has been in effect since 2018. However, […]

When are you obliged to register for GST/HST in Canada?

When are you obliged to register for GST/HST in Canada?

The government of Canada has issued up-to-date guidance on when to register for GST/HST. According to current regulations, you need to register and account for GST/HST if you make taxable sales (or other relevant supplies) in Canada and you are not a small supplier.  A small supplier, under Canadian regulations, is with a revenue of […]

How to register for the OSS when selling from Northern Ireland

How to register for the OSS when selling from Northern Ireland

HMRC has issued guidance on registering for the One Stop Shop (OSS) if you sell goods from Northern Ireland. Businesses that sell goods from Northern Ireland, and want to take advantage of the OSS, must notify HMRC and then register according to HMRC’s advice.  What is the One Stop Shop (OSS)? The OSS forms part […]

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