Global Indirect Tax News


Global Indirect Tax News

Monthly newsletter covering VAT, goods and services tax, sales tax issues, and global trade issues around the globe.

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February 2020

Featured articles

Australia: Free trade agreements

Free trade agreements between Australia and Peru (Peru-Australia Free Trade Agreement (PAFTA)) and Australia and Hong Kong (Australia- Hong Kong Free Trade Agreement (A- HKFTA)) entered into force on 11 February 2020 and 17 January 2020, respectively.

Chile: Tax authorities sign first-ever APA

Chile’s Internal Revenue Service and the National Customs Service have entered into the country’s first-ever advance pricing agreement with a taxpayer. The APA is the first in the world in which the country’s customs authority is a party to the agreement.

China-US: Phase One trade agreement signed

On 15 January 2020, China and the US signed the Phase One trade agreement where both countries agreed to suspend additional tariffs that were to take effect on 15 December 2019. The signing is a step toward alleviating trade tensions between the two countries.

Greece: Changes to indirect tax rules

The changes aim to stimulate the economy, and include a VAT suspension regime for newly developed real estate, reclassification of certain goods to qualify for reduced VAT rates, and guidelines for the adjustment of input VAT deducted for certain unused assets.

India: Court rules on IGST

The Gujarat High Court has held in a decision addressing a number of writ petitions that integrated goods and services tax may not be levied on ocean freight, and declared that the relevant notifications imposing the tax issued by the tax authorities were unconstitutional.

United Arab Emirates: Free zones

The United Arab Emirates Abu Dhabi Global Market and Dubai International Financial Centre respectively have issued guidance on the implementation of the economic substance regulations in their free zones with respect to certain ES reporting requirements.

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