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OECD to Deliver New Global Standard on the Application of Value Added Taxes to International Trade
Source: oecd.org
Source Date: Thursday, April 10, 2014
Focus: Electronic and Mobile Government, Internet Governance
Created: Apr 15, 2014

Value Added Tax is a key source of revenue for more than 150 countries worldwide, but the uncoordinated application of national VATs to international trade remains problematic. Governments are losing out on tax revenues, due to under-taxation, while the risk of double taxation poses increasing obstacles to international trade, particularly in the booming international services trade.

 

To address these concerns, the OECD has worked with countries worldwide on a new set of International VAT/GST Guidelines, which should become the global standard for the application of this tax to international trade. The Guidelines provide standards on key aspects of international VAT design and operation that will ensure neutrality in cross-border trade and the coherent allocation of countries’ taxing rights on business-to-business (B2B) trade in services.

 

The OECD will present the new standard to high level representatives of countries and jurisdictions, international organisations and businesses from around the world during the Second Meeting of the OECD Global Forum on VAT in Tokyo on 17-18 April 2014.

 

Japanese Minister of Finance Taro Aso will open the meeting on 17 April. Following discussions with Global Forum participants, the OECD will officially release the International VAT/GST Guidelines on 18 April.

 

Journalist queries should be directed to Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration (CTPA), Piet Battiau, Head of the CTPA’s Consumption Tax Unit, or the OECD Media Office (+33 1 45 24 97 00).

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