Thailand has implemented temporary measures effective July 5, 2024, to tax low-value goods (LVGs) imported into the country. These measures will remain in effect until December 31, 2024. Under the new rules, almost all imported goods valued between THB 1 and THB 1,500 will be subject to VAT, which aims to level the playing field for local businesses that previously faced competition from exempt fo... Read more

The Senate suggested submitting the VAT plan as a separate bill based on the Council of State's recommendation for thorough parliamentary consideration. However, the State Secretary opposed this idea in letters to both houses, arguing that integrating VAT measures into the broader Tax Plan is essential for several reasons. The State Secretary opposed submitting the VAT plan as a separate bill, des... Read more

UK Chancellor of the Exchequer presented the Autumn Budget 2024 to Parliament on 30 October 2024. Some of the main budget measures that will be included in the Finance Bill 2024-25 are summarized in the Autumn Budget 2024, which can be found on the official website of the UK Government. On October 30, 2024, the UK Chancellor presented the Autumn Budget 2024, outlining key tax measures for the Fina... Read more

The Voluntary Disclosure Program (VDP) allows taxpayers to correct VAT errors by voluntarily reporting them, which can help reduce penalties from SARS or prevent legal action if SARS discovers the mistake independently. Applicants must meet several criteria, and if approved, SARS will issue a written agreement detailing the relief granted and any outstanding liabilities. The VDP agreement is legal... Read more

The Hong Kong Inland Revenue Department has announced a reduction in the annual interest rate on Tax Reserve Certificates from 0.8000% to 0.7167%, effective November 4, 2024. These certificates earn simple interest calculated monthly from the purchase date until tax payment, with interest credited only when the certificates are used for tax payments. The new rate applies to certificates purchased... Read more

The Republic Act No. 12023, which took effect on 18 October, introduces amendments to the general VAT provisions of the Tax Code. It defines digital service as any service provided over the Internet or electronic networks using information technology, primarily in an automated way. This includes online search engines, e-marketplaces, cloud services, online media and advertising, digital platforms,... Read more