Whilst still a small slice of the sharing economy, crowdfunding is one of the fastest growing areas of this economy and, as a financial services activity, has its own unique VAT issues. This blog is part of series from an article first published in British Tax review.
Saudi GAZT and ZTCA to combine The Gulf state of Saudi Arabia has merged its General Authority of Zakat and Tax (GAZT) with its General Authority of Customs. The new combined tax and customs agency will be known as Zakat, Tax and Customs Authority (ZTCA).
Belgium has increased(Royal Decree nr. 31) the financial guarantees required on non-EU (‘third-country’) businesses with a local non-resident VAT registration. Typically, this includes appointing a Fiscal Representative unless the third-country has a mutual assistance agreement with the EU (e.g. Norway and the UK). Existing Non-EU
The Channel Island of Guernsey is considering implementing a Goods and Services Tax. The likely rate will be 5%, with some measures to soften the impact for the less well off. The recommendation was published by the Policy & Resources Committee for debate with the
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
From 1 July 2021, Russia has imposed obligations to establish a Russian representative office on non-resident websites, marketplaces, payment providers and data processors. This will trigger local Russian Value Added Tax and other tax obligations. Many obligations are delayed until 1 January 2022, and penalties
Serbia implemented Value Added Tax obligations on foreign providers and marketplaces for digital or electronic services to consumers from 1 April 2017. There is a VAT registration threshold of RSD 8million (approx €68,000) per annum sales (to be confirmed on non-residents). The current VAT rate
Zimbabwe imposed Value Added Tax on digital and broadcast services provided by non-resident providers or marketplaces to its consumers and businesses from 1 January 2020. This requires a VAT registration once over the VAT registration threshold, with the appointment of a resident Fiscal Representative. The
The Federal Tax Authority of the United Arab Emirates (UAE) has confirmed that sole traders (‘sole establishment’) – individuals not incorporated – may apply for a VAT number for their business(es). UAE VAT obligations The sole trader may apply in their own name or the
The West African country of Ghana imposed its Value Added Tax on non-resident providers of digital or electronic services to consumer from 1 January 2014. There is a VAT registration threshold of GHS 200,000 per annum (approx €28,000). The current VAT rate in Ghana is
