World VAT/GST News - February 2019

Bahrain

On 01.01.2019, Bahrain established a portal for electronic registration as part of the introduction of VAT on the Arabian Peninsula. Non-resident companies must register via the online portal if they carry out taxable transactions in Bahrain. There is no registration threshold for this. In order to register, the names and personal tax numbers of a company’s management, as well as its last (audited) annual financial statements, are to be included in the company’s registered information.
 

Brazil

The newly formed committee, founded by President Bolsonaro for the purposes of implementing a tax reform, has recently published the first details. According to this publication, Brazil intends to replace the current large number of indirect taxes by a value added tax, which corresponds to European VAT. Brazil is planning to abolish the existing varying taxes of the individual federal states and municipalities bit by bit and to harmonise them over the next twelve years.
 

India

With effect from 01.01.2019, India reduced the standard rate of its Goods and Service Tax (GST) from 28% to 18% for particular supplies, including the supply of televisions, video cameras, game consoles and engine spare parts.

 

USA

Like South Dakota, (see KMLZ Newsletter 27/2018), New York State and Texas now also oblige online retailers to levy and pay sales tax. In New York State, online retailers will have to register if their gross annual turnover of supplies to New York State is in excess of USD 300,000.00, and if the online retailer makes more than 100 supplies per year. In Texas, online retailers are required to register if their gross turnover to customers in Texas exceeds USD 500,000 p.a. The regulations in New York State enter into force with immediate effect. In Texas, the registration obligation will be introduced as from 01.10.2019.

 

The above information was kindly provided by Küffner Maunz Langer Zugmaier, Germany, https://www.kmlz.de/en/Newsletter_07_2019; contact: ronny.langer@kmlz.de

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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.