Governments and tax authorities are scrambling to keep pace with the increasing digitisation of the global economy, and as they respond in disparate ways it's businesses that will face the burden.
From pricing and reputational risks to the threat of systems overload and cash flow disruption, indirect taxation is nothing like as easy as it seems. So how do you manage the hidden complexities of indirect taxation?
Indirect taxation is still evolving, and an arguable simple tax is growing in its complexity and application as a traditional goods and services model is replaced with digital content; virtual consumption and seamless international trade flows. But how can you stay ahead?
The lack of international consensus on taxing the digital economy is creating a vacuum of uncertainty. So, what’s coming up on the horizon and how can your business deal with the implications?
International taxation is undergoing the biggest shake-up for a generation. The already complex world of transfer pricing is at the front and centre of these disruptive changes, both in the rules that govern it and in the heightened scrutiny it now faces.
The legal provisions on refunding input value-added tax (VAT) upon dissolution of the company or upon the change of VAT status was unaffected by the TRAIN law.
It has been months since the Tax Reform for Acceleration and Inclusion (TRAIN) 1 took effect, on Jan. 1.
People today are more geared towards being entrepreneurs. With the availability and accessibility of different online platforms for business opportunities, people can have their own business without having to own or lease a physical storefront. However, many are unaware of the regulatory requirements of starting a business. For those who are aware, they are sometimes too impatient to register their business first before starting their operations, because of the impression that the registration process takes a long time and is very complicated. Hence, many businesses, especially home-based businesses, are not registered with the Bureau of Internal Revenue (BIR).
