In December 2020, the tax authorities held an information meeting announcing that the new XML VAT return project, which is proceeding as planned, will be piloted in August 2021 and is expected to be in force as from the first VAT period in 2022.
The tax authorities have issued a resolution providing for the application of VAT and nonresident tax (INR) on digital services provided by nonresident entities operating in the country. The resolution entered into force on 1 January 2021.
The Inland Revenue Authority of Singapore has released a new e-Tax Guide “GST: Transfer Pricing Adjustments.” The guide explains the GST treatment of adjustments to the transfer price of transactions made between related parties.
There were a number of regulatory and policy developments in December 2020 and January 2021 that impact the global trade activities of many US importers and exporters, from the federal government and various federal agencies.