GST

25 May Weekly Round-Up

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For more information on the following stories, check out the 25 May edition of the ITICnet.org Weekly Round-Up:

  • UN Releases Extractive Industries Handbook
  • OECD Releases Peer Reviews of the Country-by-Country Reporting Initiative
  • IMF Completes Three Article IV Consultations (Russian Federation, Lithuania, and Saudi Arabia)
  • UN Releases 2017 Model Convention Update
  • GST in India - An Update
  • South Africa Releases Draft MAP Guide for Comments
  • UN Digital Economy Update

Weekly Round-Up

This week, we featured stories on:

  • UNCTAD's "E-Commerce Week"
  • The new UNCTAD Policy Brief on "Digitalization and Trade"
  • An update on GST in India by ITIC Advisor Sumit Majumder
  • PwC's latest Tax Insights Tax Policy Bulletin
  • The Indian Government releasing a Draft Notification for Comments under BEPS Action 5
  • New regulations on tax holidays in Indonesia

Weekly Round-Up

This week's round-up included:

  • An article by ITIC Senior Advisor Richard Bird published in International Tax and Public Finance
  • An article by ITIC Senior Advisor Sumit Majumder published in India Legal on GST
  • The OECD's interim report on "Tax Challenges Arising from Digitialisation"
  • A new position paper by the UK Government on corporate tax and digital economy
  • Rhe IMF's visit to Lao P.D.R.
  • A transfer pricing/customs valuation workshop held in Colombia by the WCO and OECD
  • The IMF's Staff Concluding Statement for Uzbekistan

Weekly Round-Up

This week's round-up featured:

  • An article from Bloomberg BNA about the new pilot program from the Organisation for Economic Co-operation and Development that will give businesses a "trusted space to review tax risks with multiple countries at once"
  • The Australian Government's just-released Exposure Draft Legislation (that will implement the OECD's multilateral Convention)
  • Further BEPS guidance released by the OECD
  • A conference held in Washington, DC that examined the impact of U.S. tax changes on banks and tech firms
  • Jordan's newly approved GST law
  • A letter sent the EU Council's High Level Working Party on Tax Issues about digital economy taxation

India GST Implementation – An Update

After 11 long years, GST has finally become a reality in India. Implementing GST provides an opportunity to remove (or at least mitigate) the weaknesses that both the Centre and States faced with the existing indirect tax structure. With GST, the cascading of tax will almost be eliminated and compliance costs will be minimised -- first by reducing the multiplicity of taxes and then by bringing in technology for taxpayers and taxmen to interact. Transportation and logistics costs will also be drastically reduced, and inter-State check posts will be removed, thereby providing a country-wide Common Economic Market. Finally, GST is a destination-based consumption tax that will pave the way for industry development through improved infrastructure, road networks, and power stations expected to be built with the extra revenue that will go to the States.