Feb 21, 2018 02:00
KPMG LLP invites you to join us for a discussion summarizing the major developments in 2017 regarding value added taxes and goods and services taxes (VAT/GST) as well as an outlook of what to expect in 2018.
What are the developments?
2017 has been marked by India’s long awaited implementation of a GST, which replaced multiple federal, state, and local taxes. In addition, the six member states of the Gulf Cooperation Council (GCC) agreed on a historic VAT framework, which resulted in the Kingdom of Saudi Arabia and the United Arab Emirates introducing a VAT on January 1, 2018 and the remaining countries likely to follow in the upcoming year. In Brazil, federal and state reforms as well as court decisions modified significantly the country’s complex indirect tax rules.
Moreover, countries continued adopting new VAT/GST sourcing rules for sales of digital services to final consumers requiring nonresident vendors to register for and collect VAT/GST in the country where the consumer is established. This trend is expected to continue in 2018 with several countries having already announced that they are looking into similar rules and others focused on the taxation of low value goods imported by consumers in the context of e-commerce.
Finally, throughout the year, countries have introduced new VAT/GST compliance requirements.
Who will be impacted by the changes?
Businesses with activities in a country imposing a VAT/GST and those that are selling remotely goods or services to customers established outside the United States.
Please join us for what promises to be an insightful and informative Webcast.