NEW OECD GLOBAL VAT GUIDELINES APPROVED
May 10th, 2014
A NEW set of global guidelines on the application of VAT (or GST - goods and services taxes) to international trade has been agreed at an Organisation for Economic Cooperation & Development (OECD) meeting.It set standards ensuring VAT neutrality in cross-border trades and saying VAT on business-to-business trades in services should be based on the supply’s destination. An OECD note said: “The first makes sure VAT targets private consumption and not businesses, so it has a neutral effect on production and levels the playing field for domestic and foreign ...
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