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Legislation implementing the changes in the 2023 fiscal package has been published in the official gazette, with application as from 1 January 2023. Key measures include limits on cash at hand, changes to the penalty regime, and an increase in the scope of VAT exemptions.
At its December 2022 meeting, the GST Council made various recommendations with respect to changes to certain GST rates, trade facilitation measures (including issuing circulars to clarify certain issues), and measures to streamline GST compliance.
Japan’s ruling party has announced the 2023 tax reform proposals, including Japanese Consumption Tax transitional measures regarding the qualified invoice system. The government is also considering measures in relation to platform operators.
The tax authorities have published guidance on the new VAT penalty regime for the late submission and late payment of VAT returns, and the new VAT interest regime. The new rules apply for accounting periods starting on or after 1 January 2023.