28 August 2020
We are pleased to share with you the August 2020 issue of the Global VAT/GST Newsletter, a publication of Baker McKenzie's Tax Practice Group. We hope that this issue finds you, your families, and colleagues in good health.
As countries continue the journey to recovery and businesses steadily adapt and rebuild towards the new normal, we continue to see tax authorities all over the world establish guidelines in response to the effects of the pandemic, particularly in the areas of e-commerce and digital services. In this issue, we review Russia's radical reduction in corporate tax for IT companies and also Saudi Arabia's increase in the VAT rate. We also cover some of the the latest development in digital services taxation, particularly in Asia in the case of the Philippines' proposed Digital Economy Taxation Act of 2020 and Indonesia's MoF Regulation 48.
We would also like to share with you Baker McKenzie's Beyond COVID-19 Resource Center, an update to the Resilience, Recovery & Renewal resource center that aims to provide companies with high-level guidance on the various legal issues throughout the phases of their pandemic response.
As always, we also encourage you to reach out to your Baker McKenzie contact(s) for any specific questions or legal concern you may have, as well as to contact our newsletter editors Jochen Meyer-Burow and Martin Morawski, or any of the authors listed throughout the newsletter, if you have any comments or questions.
In this issue:
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OECD Secretary-General Angel Gurría has reacted to recent statements and exchanges regarding the ongoing negotiations to address the tax challenges of the digitalization of the economy
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VAT Action Plan
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China: Dalian case — an offshore company fulfills its VAT obligation and payment when transferring shares in the open market
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Indonesia: New regulation on VAT obligations related to transactions through electronic system
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Philippines: Proposed Digital Economy Taxation Act of 2020
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Philippines: Bureau of Internal Revenue authorizes the issuance and use of electronic copies of VAT certificates and VAT identification
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European Union – Vietnam Free Trade Agreement
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Vietnam: New circular to implement the EVFTA's rules of origin
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Vietnam: EVFTA – Opportunities for trade in goods
Read the publication here.
For further information, please contact:
Simone Bridges, Baker & McKenzie
simone.bridges@bakermckenzie.com
