The Organisation for Economic Cooperation and Development (OECD) has issued optional guidance for countries on their requirements for reporting taxable transactions of goods and ride sharing / rental of transport. This adds to the OECD’s 2020 guidance on the reporting gig economy services offered via
Tax authorities migrating from VAT returns to digital reporting requirements, including e-invoices, SAF-T, Control Statements, pre-filled VAT returns and fiscal cash registers Driven by stubborn VAT fraud and other missing indirect tax levels – the EU VAT Gap is €136billion – many countries around the
Hype? Or is an immutable distributed ledger technology the solution to missing EU VAT revenues? The VAT gap of €136 billion per annum and costly complexity of the compliance rules begs for a technological leap. Is blockchain, made (in)famous by cryptocurrencies, the answer? The appeal
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Global marketplaces and car sharing brought into VAT / GST review The Organisation for Economic Cooperation and Development has extended the sector coverage for its model framework for tax authorities’ requests for data from gig and sharing economies. The new sectors added cover digital platforms
The internet, and major online marketplaces, have enabled businesses and people to buy and sell goods and services on a hugely expanding scale in the past five years. The EU Commission estimates online e-commerce is worth €550 billion per annum. This blog is part of series from
Tax authorities have long eyed marketplaces with frustration arising from these marketplaces having helped to create the huge gig and sharing sectors. However, this frustration is mixed with the tax authorities’ relish for the opportunity to co-opt the marketplaces as unpaid tax collectors. This blog is
The gig and sharing economies, powered by online marketplaces, have freed millions of individuals to offer their labour and underutilised assets to businesses and consumers across the world. Mastercard has estimated that the two economies will double in value from US$204 billion in 2018 to
There is an array of more practical VAT measures that are in place, or could be explored, to resolve the VAT issues around the gig and sharing economies. The shared aim of these measures would be to reduce the VAT leakage in the least administratively
