Global Indirect Tax News

China

Voluntary disclosure program
The General Administration of Customs published updated guidance on the GAC’s voluntary disclosure programme, adjusting the penalty waiver thresholds for importers or exporters voluntarily reporting tax-related noncompliance. The guidance expires on 31 December 2023.

Ghana

Mid-year budget statement
On 25 July, the Minister of Finance presented an abridged version of the mid-year budget statement to parliament. Key VAT developments include tax revenue collection measures, the introduction of electronic VAT invoicing and broadening the scope of VAT on e-commerce.

India

GST treatment of damages, etc.
The Central Board of Indirect Taxes and Customs issued a circular to harmonise and clarify the provisions relating to the GST treatment of payments such as liquidated damages, compensation, penalties, cancellation charges, late payment surcharges and similar fees.

Luxembourg

Temporary VAT rates reduction
The government has announced a temporary reduction of most Luxembourg VAT rates by one percentage point (it appears that the super-reduced rate of 3% will remain unchanged). The government has not yet announced the date when this measure will come into effect.