KPMG LLP invites you to join us for a discussion highlighting some of the major developments in 2018 regarding value added taxes and goods and services taxes (VAT/GST) as well as providing an outlook of what to potentially expect in 2019. Businesses with activities in countries that impose VAT/GST and U.S. businesses that are remotely selling goods or services to customers established outside the United States may be affected by these developments.
What are the developments?
The calendar year ending 2018 was marked by major VAT reforms including the implementation of VAT in the Kingdom of Saudi Arabia and the United Arab Emirates, making them the first member states of the Gulf Cooperation Council (GCC) to adopt such a tax, with Bahrain following earlier this month.
Moreover, other countries, especially in Latin America, continued adopting new VAT/GST sourcing rules for sales of digital services to final consumers, which require nonresident vendors to register for and collect VAT/GST in the country where the consumer is established. In addition, Australia was the first country to adopt special rules for the cross-border sale of low value consignment goods in July 2018, while New Zealand and the European Union are aiming to adopt similar rules in near future.
Throughout the year, countries also introduced new VAT/GST compliance requirements, including mandatory e-invoicing requirements and real time reporting requirements.
Please join us for what promises to be an insightful and informative Webcast.