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The spread of Value Added Tax (also called Goods and Services Tax – GST) has been the most important development in taxation over the last 50 years. It has now been implemented by nearly 150 countries, where it often accounts for one fifth of total tax revenue. At the same time as VATs have been spreading across the world, international trade has also been expanding rapidly. As a result, the potential for double taxation and unintentional non-taxation has increased. The CFA is therefore developing the OECD International VAT/GST Guidelines in order to address these problems.
What's new
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from 05-Jun-2009 to 17-Jul-2009
The OECD has launched a new survey into the VAT “lost” by businesses due to the difficulties of recovering tax incurred in countries other than their own. Businesses are invited to complete the survey by 17 July 2009.
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21-Jan-2009
In 1965 consumption taxes accounted for 3.8% of GDP across the OECD; by 2006 this had increased to 6.8%. Over the same period the number of countries using a VAT – one of the forms of general consumption taxes – rose from around 10 to in excess of 140. These, and other, developments are explained in the 2008 issue of “Consumption Tax Trends”, published by the OECD in December.
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01-Jul-2008
In January 2008 the OECD published its first consultation paper on the fundamental concepts of applying value added taxes to cross-border supplies of services and intangibles. Comments received in the light of that consultation were supportive of the suggested OECD approach of taxation.
The OECD is now publishing its second consultation document . This expands on the first paper in that it covers examples of supplies made under international framework agreements.
Please send your comments by Friday 17 October 2008.
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30-Jun-2008
In January 2008, the OECD Committee on Fiscal Affairs published a first Consultation Document on Emerging concepts for Defining Place of VAT/GST Taxation of Cross-border Trade in Services and Intangibles. The OECD has now published the comments received on those emerging concepts.
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06-Jun-2008
Although the United States does not deploy a Value Added Tax it does, from time to time, produce reports about this type of tax, the most recent of which is by the US Government's Government Accountability Office.
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from 10-Jan-2008 to 30-Apr-2008
The OECD has today released a consultation paper, produced in co-operation with business experts and academics, that considers some of the fundamental concepts that underlie the application of value added taxes to cross-border supplies of services and intangibles. This has been produced as part of the preparatory work on the development of the OECD International VAT/GST Guidelines. Any comments on this paper should be sent to david.holmes@oecd.org and stephane.buydens@oecd.org by 30 April 2008.
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Article published in the Tax Journal, March 2009.
