On April 12-14, the OECD Global Forum holds its fourth meeting on Value Added Tax (VAT; also known as Goods and Services Tax, under the acronym GST in a number of OECD countries) addressing the policy and operational challenges faced by tax authorities. On that occasion, the OECD published The International VAT/GST Guidelines that were adopted as a Recommendation by the Council of the OECD in September 2016.
During the meeting, the Global Forum is looking at recent and ongoing VAT/GST reforms around the world and examines the outcomes of recent VAT/GST policy research and analysis. The OECD also addresses analysis and experience sharing in the area VAT/GST fraud detection and effective countermeasures; on VAT/GST refunds policy and management; on digitalization of tax administration and on improving VAT/GST compliance through incentives.
The keynote address at this meeting was delivered by Mr. Wang Jun, Minister of Taxation of the People's Republic of China, where he highlighted the comprehensive "Business Tax to VAT Reform" implemented in China in May 2016. The reform, which represents one of the world's most wide-ranging and complex tax reforms in recent years, is aimed at supporting growth and boosting China's international competitiveness, the OECD informed.
The Guidelines present a set of internationally agreed standards and recommended approaches to address the issues that arise from the uncoordinated application of national VAT systems in the context of international trade. They focus in particular on trade in services and intangibles, which poses increasingly important challenges for the design and operation of VAT systems worldwide.
Global Tax Controversy - Workshop for Corporates
Global Event - Thursday, June 21, 2018 | 9:00 AM - 6:00 PM (CET)
How Much Automation Of Tax Flows Is Possible?
Webinar - Thursday, June 28, 2018 | 4:00 PM - 5:00 PM (CET)
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):
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