On 18 December 2014, the OECD released discussion drafts of 2 new elements of the OECD International VAT/GST Guidelines.
The OECD Committee on Fiscal Affairs (CFA) is developing the Guidelines to address issues of double taxation and unintended non-taxation resulting from inconsistencies in the application of VAT to international trade.
The first 3 chapters of these Guidelines were approved by the CFA in January 2014 and were endorsed as a global standard at the second meeting of the OECD Global Forum on VAT on 17-18 April 2014 in Tokyo.
The just released discussion drafts relate to:
(i) the place of taxation of business-to-consumer supplies of services and intangibles (B2C Guidelines); and
(ii) provisions to support the application of the Guidelines in practice (Supporting provisions).
COMMENTS are due by 20 February 2015.
[LTN 245, 19/12/14]