Press Room: Tax Releases

August 31, 2018

From the United Kingdom: Harsher Penalties for Non-Compliance with Goods and Services Tax (GST) Requirements When Importing Services and Digital Products into Australia

Source: Roger Bevan - RBC VAT Limited, a collaborating firm of Andersen Global

From July 1, 2018, low value goods costing AUD 1,000 or less supplied to Australian consumers by retailers located in the UK and all other overseas jurisdictions will be subject to Australian Goods and Services Tax (GST). This change is designed to restore a level playing field for Australian retailers and represents a significant overhaul of the current situation for non-resident businesses.

August 30, 2018

From Luxembourg: Luxembourg Implemented a VAT Group Scheme

Source: Christel Begué or Michael Probst - BA Tax Accountants, a collaborating firm of Andersen Global

As a reaction to the recent Court of Justice of the European Union judgments limiting significantly the scope of the VAT exemption for supplies of services to the members of an independent group of persons, Luxembourg has introduced a VAT group scheme by amending law of August 6, 2018 into its VAT legislation. The VAT group regime entered into force on July 31, 2018.

August 24, 2018

From India: Declaration of Significant Beneficial Owner - New Regulations

Source: Suraj Nangia - Nangia Advisors LLP, a collaborating firm of Andersen Global

In an attempt to address the global issue of money laundering, bribery and corruption, insider dealings, tax fraud, terrorist financing and other illegal activities, the Ministry of Corporate Affairs (MCA), based on the recommendation of the Financial Action Task Force, an intergovernmental organization, has notified the provisions of Disclosure of Significant Beneficial Ownership of Companies.