VAT Live reported on 21st October that New Zealand has proposed scrapping the Goods and Services Tax (GST) and customs duty low-value consignment relief of $1,000. It will be requiring foreign e-commerce traders selling goods to local consumers to VAT register once their annual sales crossed a $600,000 threshold. Supplies to businesses will remain zero-rated. The aim is to ensure non-resident online sellers and marketplaces do not have an unfair tax subsidy compared to local online and bricks-and-mortar retailers. Australia did so in July 2018, and the EU is planning to withdraw its €22 VAT exemption in 2021.
Day: October 22, 2018
MALTA: EU COMMISSION FINALLY MEETS FIAU; ON-SITE EBA VISIT TO TAKE PLACE IN MID-2019
The Malta Independent on 21st October reported that the European Commission has finally met Maltese representatives, including the Financial Intelligence Analysis Unit, to obtain the latest information on the Unit’s efforts to comply with European Banking Authority regulations. An EBA spokesperson said that the EBA will also conduct an on-site visit to the FIAU in mid-2019 as part of their on-going assessment of information of their recommendations – recommendations have only “partially met at present” by the Unit.
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