arabot’s Post

VAT To Be Collected By Thai Customs On All Imported Goods? https://lnkd.in/g6xetmEz #tax #taxes #accounting #taxlaw #taxation #taxattorney #taxlawyer #accountant #accountants #advisory #expat #expats

TAXO Daily Updates MAJOR REJIG OF CUSTOMS DUTY, GST BEING PLANNED Read Now: https://lnkd.in/g2xee6WR #gst #gstnews #taxo #dailyupdates #knowmore #followus #updates

Good information sure need to be shared.

When the UK enacted its own customs regime post-Brexit, various secondary and tertiary legislation was introduced to grant relief from duties and import VAT. Among them were the 2020 Regulations, which allowed relief for the import of personal belongings in the course of transfers of residence (TOR). The same matter had previously been dealt with in a Statutory Instrument from 1992. That 1992 Order was however never revoked and remains in force. This is of practical importance, because relief under the 1992 Order is broadly more generous than under the 2020 Regulations. A Tribunal has now held that the introduction of the 2020 Regulations simply created an additional avenue to obtain relief. As Parliament never indicated any intention to limit the scope of the 1992 Order, it remains in force as is. I find this conclusion particularly intuitive because the continued existence of the 1992 Order can hardly have been an accident, given that it was specifically made fit for purpose post-Brexit (e.g., in 2020 the legislative process replaced references to non-EU countries with references to "any other country"). In practice, this is a good outcome for taxpayers: if all conditions under that order are fulfilled, no import VAT is due, whether or not the stricter conditions in the 2020 Regulations are also satisfied. Finally, a compliment to the Tribunal for releasing the decision only 15 days after the hearing. #TransferofResidence #Brexit #VAT #Import

New VAT measure on e-commence: in accordance with the government policy to address the unfair practices in the sale of goods to consumers between foreign sellers, who are exempt from Value Added Tax (VAT), and domestic sellers in Thailand, who are subject to VAT, and in alignment with international agreements that require setting a minimum price for each imported item to ensure the cost-effectiveness of customs duty collection for the benefit of the country's economy. The Director-General of the Customs Department, with the approval of the Minister of Finance, has issued Customs Department Announcement No. 116/2567. This announcement specifies the temporary collection of VAT for imported goods valued not exceeding THB 1,500 through the Customs Department. This measure will be in effect from July 5, 2024, to December 31, 2024.

[Experts Corner] Overlap in Customs and IGST Notification on the Same Subject-Matter by Brijesh Kothary and Chitrartha Gupta Read Full Article Here- https://lnkd.in/gafxdZYY [Lakshmikumaran and Sridharan] #BasicCustomsduty #CBIC #CentralBoardofIndirectTaxesandCustoms #Customs #CustomsandIGSTNotification #CustomsTariffAct #GST #IGST #import #Tax #scconline #SCC #legalnews #scconlineblog #legalknowledge #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

Keynan Appeals Tribunal accepts transfer price for duty transaction value In a December 2023 decision, the Keynan Tax Appeals Tribunal overruled customs authorities accepting the transfer price of a multinational food distributor as the transaction value for customs duty value. While the methodologies and practices used by customs and income tax authorities are distinct and autonomous, often leading to different if not inconsistent determinations, in this case the company was able to show that despite being a related party transaction that the transfer price was an “uninfluenced” (arm’s length) price and the Tribunal found was an acceptable transaction value for customs purposes.  As an arm’s length transfer price can constitute a range of values, taxpayers, with planning, can set an optimum price to minimize both income tax and customs duty. #TPTaxWatch2024

In early 2023, the Court of Appeal handed down a key customs tax Judgement affirming the High Court decision on the question of law; Whether the Commissioner General’s decision to suspend the application of the transaction value method of customs valuation in every case of imported used motor vehicle customs valuation was lawful. The decision (THE COMMISSIONER CUSTOMS, UGANDA REVENUE AUTHORITY versus TESTIMONY MOTORS LTD, Court of Appeal Civil Appeal No. 33 of 2014) has been the subject of a public debate that has pitted URA against some of the most respected lawyers in Kampala. Here are my thoughts on this debate and I hope my audience especially stakeholders and taxpayers in the used car import-export trade will find this article helpful in as far as taxpayer rights are concerned. You can read the opinion here and follow my firm's page for more insightful commentary. MRT Tax

New Reform Aligns Import VAT with Customs Duties, Impacting Indirect Customs Representation https://lnkd.in/eMuixNmK #Italy #VAT #Tax #News Subscribe: https://bit.ly/2McweWZ

Customs Regulation Update: Implementation of Passenger Goods Import and Export Modules Decision of the Director General of Customs and Excise Number KEP - 41/BC/2024 dated 19 February 2024 www.rdj-advisory.com #rdjadvisory #batubara #coalmining #market #business #openforbusiness #taxconsultant #konsultanpajak #taxattorney #businesstaxadvisory #tax #pajak #taxconsultant #tarifroyalti #taxcontroversy #taxdisputeresolution #pnbp #taxlawyer #customs #customslawyer #TaxUpdate #TaxLaw #FinancialPlanning #DownloadNow #CoalExports #Indonesia #MarketInsights #GlobalDemand #EnergySector