VAT Law in Oman Oman becomes the fourth Gulf Cooperation Council (GCC) member state to implement VAT, after the UAE, the Kingdom of Saudi Arabia, and Bahrain, with a VAT rate of 5% effective from April 2021. The VAT law will enter into force in Oman from April 2021, following Royal Decree 121/2020. With the […]
With a thriving economy and rapidly growing population, the UAE government knows that in order to succeed, it needs to leverage digital technology wherever possible. To do so, it has focused on different digital initiatives with the goal of transforming the citizen experience through technology. Digital Age in UAE begins. It recognized the importance of
As of 1 July 2015, the Indonesian government has made it mandatory for companies to use e-invoices. Indonesia was unable to establish a stable tax infrastructure due to many reasons such as high tax returns, spurious bills. With the widespread use of e-invoices, the first step of a stable tax system takes. Invoice is all-important
Malaysia and SST (Malaysia’s New Tax Regime) After the abolition of goods and services tax (GST) in Malaysia, Sales Tax Act and Service Tax Act came into force in 2018. The sales and service tax (SST) were in effect before GST was reintroduced. Key Differences Between the Two Tax Regimes The scope of GST was
Hong Kong is at an advanced stage with its free-market, IT standards, robust regulatory system, and document standards. The government has created a Digital 21 plan to strengthen the information infrastructure. In collaboration with 12 other private organizations, it financed Tradelink Ltd, which provides e-commerce services to nearly 70,000 companies in Hong Kong. Customs entry
South Korea’s developed market economy offers a lower-risk business environment for businesses wishing to enter the Asian market. South Korea introduced the electronic tax invoice (‘e-Tax’) as its invoicing method in 2011. The electronic tax invoice system started in 2011 for every Korean corporation and in 2012 for sole proprietors whose previous year’s sales totaled
In this article, we will try to assess SAF-T processes in Portugal and the public administrations involved in these processes. As in other EU countries, EU Directive 2014/55 regulated the implementation and receipt of e-invoicing for public procurement in Portugal. Managing and coordinating the e-invoicing process are carried out by ESPAP (Department for Public Administration
Taiwan Makes e-Invoicing Obligatory for All Taxpayers Since January 2021, any foreign or national company has to issue an e-invoice. Failure to comply may mean sanctions by the Taiwan Ministry of Finance (TMF). On the other hand, Taiwan has achieved its goal of completely replacing paper invoices with electronic invoices. Since 2000, most of the
A GST (Goods and services tax) invoice is an invoice or document for the products or services that a vendor or service provider offers to a customer. Lists the services and/or products with the total amount to be paid. From January 2021, taxpayers with a total turnover of more than Rs 100 Cr (approximately US
Kazakhstan Expands VAT Refund Pilot for Tourists Kazakhstan’s Ministry of Finance has announced plans to extend its VAT refund pilot project for foreign tourists until the end of 2025. This initiative, which enables foreigners to claim back VAT on goods exported from Kazakhstan, aims to enhance tourism and stimulate business activity. Proposed Extension Details The Committee
