Global indirect tax news update - September 2012
The tax authorities have issued a binding opinion on the VAT treatment of freight.
Indian courts have ruled on two cases, one regarding excise duties on goods sold below their cost of production and the other on whether there has been a transfer of the right to use goods.
Substantial changes are proposed to the GST Bill.
Substantial amendments to the GST Act have been introduced.
The law is being amended to ensure that amounts received by a New Zealand resident business from a nonresident insurer are not subject to GST.
New rules apply to the cash accounting VAT regime.
The rules regarding VAT refunds to foreign passengers will be amended as from 1 January 2013.
The courts have ruled on the supply of fuel via fuel cards and changes to the VAT law are impending.
The VAT rules regarding the supply of services and invoicing rules have been amended.
The fines for not maintaining strategic oil stocks have been increased.
The standard VAT rate will increase on 1 October 2012.
The tax authorities have issued a ruling on the VAT treatment of credit notes following transfer price adjustments and the rate of the Special Consumption Tax has been increased for certain products.
HMRC has issued official guidance on the cost sharing VAT exemption.
Visit the Global Indirect Tax News archive for issues from the past year.