The OECD reports that the governments of 86 countries have endorsed the first internationally agreed framework for applying national rules on VAT (or goods and services tax, GST) to cross-border transactions, a move which the OECD hails as ‘a key step towards preventing value added tax from weighing on trade while also safeguarding state revenues’.
The international guidelines were presented at the OECD Global Forum on VAT meeting in Tokyo on 17/18 April, which was attended by more than 250 representatives of around 100 countries, jurisdictions and international organisations.
‘The endorsement of these guidelines is a big step towards reducing double taxation and under-taxation in trade,’ OECD deputy secretary-general Rintaro Tamaki told the forum. ‘The guidelines are good for the private sector and good for governments as they should boost both trade and tax revenues. I encourage countries to start using them from today.’
The OECD reports that the governments of 86 countries have endorsed the first internationally agreed framework for applying national rules on VAT (or goods and services tax, GST) to cross-border transactions, a move which the OECD hails as ‘a key step towards preventing value added tax from weighing on trade while also safeguarding state revenues’.
The international guidelines were presented at the OECD Global Forum on VAT meeting in Tokyo on 17/18 April, which was attended by more than 250 representatives of around 100 countries, jurisdictions and international organisations.
‘The endorsement of these guidelines is a big step towards reducing double taxation and under-taxation in trade,’ OECD deputy secretary-general Rintaro Tamaki told the forum. ‘The guidelines are good for the private sector and good for governments as they should boost both trade and tax revenues. I encourage countries to start using them from today.’
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