Representatives from 15 countries in Asia Pacific have signed the RCEP, said to be the world’s largest multilateral free trade agreement, covering more than a quarter of global trade. It is not yet known when the agreement will enter into force.
The Central Board of Indirect Taxes and Customs has issued a notification expanding the scope of GST e-invoicing as from 1 January 2021 to include all taxpayers with aggregate turnover exceeding INR 1 billion during any of the financial years 2017-18 onwards.
A draft Omnibus Law on Employment Creation has been passed, comprising all of the laws that the government is amending to improve the ease of doing business as well as the business climate in Indonesia, including VAT and administrative provisions.
Decisions of the courts have set forth key principles that apply regarding VAT input tax deduction, including that the immediate purpose of incurring costs is important in determining the deductibility of the related input tax.