Global Indirect Tax News
Monthly newsletter covering VAT, goods and services tax, sales tax issues, and global trade issues around the globe.
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’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.
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.
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.
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.
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.
- United States: State Tax Matters (31 January 2020), including indirect tax developments in Kansas, Louisiana, and Texas
- United States: State Tax Matters (7 February 2020), including indirect tax developments in Georgia, Nevada, North Carolina, Pennsylvania, South Carolina, Utah, and Washington
- United States: State Tax Matters (14 February 2020), including indirect tax developments in Alaska, Colorado, Illinois, Massachusetts, Pennsylvania, and Washington
- Global Indirect Tax News, January 2020
- Global Indirect Tax News, December 2019
- Global Indirect Tax News, November 2019
- Global Indirect Tax News, October 2019
- Global Indirect Tax News, September 2019
- Global Indirect Tax News, August 2019
- Global Indirect Tax News, July 2019
- Global Indirect Tax News, June 2019
- Global Indirect Tax News, May 2019
- Global Indirect Tax News, April 2019
- Global Indirect Tax News, March 2019