- The UN Tax Committee discussed planned workstreams for indirect taxes, focusing on VAT policy and administration.
- Key challenges include digitalisation, platform-based supplies, Fintech, crypto, VAT fraud, and refund administration.
- Five workstreams were outlined: VAT in the digital economy, VAT fraud prevention, cross-border VAT dispute resolution, VAT on financial services, and VAT regressivity and compensation mechanisms.
- The subcommittee will collaborate with other UN subcommittees and seek input from the business community.
- Efficient VAT collection is crucial for developing countries’ revenue and domestic resource mobilisation.
Source: regfollower.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
