Global View
Keeping international businesses working
Japan
Consumption tax
In December 2020 Japan's parliament is again considering reducing the rate of consumption tax (their equivalent to purchase tax or VAT) from 8% to 5% until end of 2022.
The 8% rate would then be phased back in over two years.
What's happening now
We are filing annual corporate tax payments; consumption tax returns and payments and local GAAP statutory financial statements to keep our clients compliant.
Australia
GST and BAS returns
Business Activity Statements and Goods and Services Tax are due to the Australian tax office.
Quarterly returns apply for businesses with turnover of less than AU$20 million.
What's happening now
We are filing BAS quarterly returns and payments for Quarter four of 2019 to keep our clients compliant.
OECD
Unifying corporate tax
The OECD countries met in 2020 to formalise their plan for unifying corporate tax, and potentially raising around 4% more revenue.
Tech giants and other multi-nationals are most likely to bear the brunt.
What's happening now
OECD plan negotiations with new US president to get agreement to their plan by summer 2021.
A selection of articles from Crowe Global firms
Australia - payments for Jobkeeper extension 2; rates and dates to 31 March 2021 - read more.
Australia - land taxes and other announcements for New South Wales and Victoria - read more.Netherlands - From 25 November 2020, SMEs, including self-employed persons, who are directly affected by coronavirus measures can reapply for the Reimbursement of Fixed Costs (Tegemoetkoming Vaste Lasten, TVL) scheme. The Reimbursement of Fixed Costs scheme helps companies to pay their fixed costs - read more.
Ireland - surviving in retail after the coronavirus pandemic - read more.
Ireland - doing business in Ireland in 2021 - read more.
Cross-border trade and regulation
Following the UK's exit from the EU and the US's STOP Act coming into full force on 1 January 2021, new customs clearance procedures now need to be followed.
UK (January) and the EU (July) are also removing the VAT exemption on low value items crossing borders, which makes VAT applicable on even the smallest transfer.
Also in July the EU's import one-stop-shop (known as IOSS) for VAT compliance will come into force for cross border sales.Global Business Solutions - taking the strain
When expanding into new markets you need a lot of HR, accounting and compliance knowledge fast. That's where we step in.
Global Business Solutions is part of Crowe U.K. We have access to a network of accredited specialists in over 140 countries around the world.
Based in the UK, we coordinate global compliance for a large number of fast-growing international businesses. Our experienced teams focus on keeping global compliance up to date for their clients and providing associated advice for expansion and change.
