Kuwait has recently announced that it will delay the introduction of Value Added Tax (VAT) until 2021.
Kuwait is part of the six-country Gulf Cooperation Council (“GCC”) and all of these countries had agreed to implement a harmonised VAT regime of 5% by 2018. The GCC countries consist of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
From October 2019, the New Zealand (NZ) government is considering whether to make changes to the Goods and Services Tax (GST) rules that apply to non-resident businesses shipping to consumers in the country.
Currently at importation into NZ, the low value threshold allows all importers to purchase goods from non-resident companies without paying any GST or duties where:
The combined value of duty, excise and GST calculated on the goods totals NZ$60 or less.
The goods have no duty applicable and are valued up until an amount of NZ$400.00
By using this threshold, non-resident businesses shipping low value goods can avoid having to GST register and charging GST on their sales in the country.
However, in order to remove the unfair advantage that this gives to these sellers over resident businesses, the NZ government is considering whether to make these businesses GST register if their low value import sales sold to non-GST registered businesses, reach the registration threshold of NZ$60,000.
Australia will introduce similar GST rule changes on 1 July 2018.
The above information was kindly provided by:
- Fiscal Solutions (UK), www.fiscalsolutions.co.uk; contact: firstname.lastname@example.org
- VAT Systems (France), www.vatsystems.eu; contact: email@example.com
Disclaimer: The information contained in the present page is general and does not constitute legal advice. Before taking any decision or action on the above information you should take the appropriate professional advice.