KPMG LLP invites you to join professionals from the KPMG International Indirect Tax practice and specialists on e-invoicing and digital reporting for a discussion summarizing the major developments in 2022 regarding value added taxes (VAT) and goods and services taxes (GST) as well as an outlook of what to expect in 2023.
While many jurisdictions used VAT rates as a lever to address global economic developments in 2022, the more important changes related to jurisdictions continuing to adapt their laws to the digital economy and the digitalization of indirect tax compliance.
With respect to the digital economy, several jurisdictions joined the growing number jurisdictions that require non-resident digital services vendors to register for and collect VAT in their respective jurisdictions, as well as see more countries adapting their already existing rules to new business models as technology advances and new revenue streams are developed. Moreover, countries continue to show interest in creating a level playing field between domestic retailers of products and e-commerce retailers shipping physical goods cross-border.
2022 has also been marked by an increasing number of jurisdictions embracing the digitalization of indirect tax compliance and e-invoicing as a mechanism to ensure compliance with the indirect tax rules and VAT/GST reporting requirements.