Again, in the second half of 2020, global developments in terms of VAT and GST continue, allowing us to share some of those insights with you in our third edition of the 2020 WTS Global VAT Newsletter.
As the economic and social impacts of the coronavirus disease (COVID-19) continue to challenge the world, WTS Global continuously updates an overview of the measures taken by various countries to respond to the tax aspects of this crisis:
In the EU, Greece has reshaped the VAT treatment of the real estate sector and Ireland aims at encouraging consumption with a temporary cut in VAT rates.
Besides that, other countries are also modifying their VAT or GST rules, such as Azerbaijan, which has recently implemented a VAT action plan.
Chile concentrates on further elaborating its VAT legislation on digital services, whereas China takes even more comprehensive actions by working on e-VAT-invoicing, free trade ports and VAT rate cuts.
In India a new e-invoicing system for B2B supplies will be implemented from October 2020.
In the Q3 2019 newsletter, we reported on the new Malaysian Digital Service Tax (“DST”) which took effect on 1 January 2020. Many (foreign) companies have failed to register for this tax in Malaysia and are now facing penalties.
Only after major changes in the VAT laws of Nigeria in 2019, amendments have now been made regarding tax filing procedures and VAT exemptions.
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