In the past two years we have seen events that have changed the way we work, and more importantly from an indirect tax point of view, the way we purchase and receive goods and services as consumers. As a result, Value Added Tax (VAT) and Goods and Services Tax (GST) is growing in its complexity and application, as the traditional goods and services model is replaced with digital content; virtual consumption and seamless international trade flows.
We are seeing many changes relating to registration requirements, digital reporting requirements, the approach to audits and compliance by tax authorities and the approaches to taxing the digital economy. There are numerous challenges facing businesses, and below we have set out some of the key international indirect tax trends that we and our clients are seeing and facing. Indirect tax has become a genuine commercial conversation now. Whilst there appears to be a trend for corporate income tax rates being lowered, VAT, GST and sales tax rates are generally increasing.
Source Grant Thornton
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