Worldwide: SKP Global Expansion Updates - March 2018

Last Updated: 17 April 2018
Article by SKP  

We are pleased to present the March issue of SKP Global Updates – our newsletter that covers employment, payroll, Goods and Services Tax (GST)/Value Added Tax (VAT) and corporate tax related developments globally. The key highlights of this issue include Amendments to Value Added Tax Act, 2017 in Ghana, Budget 2018-19 of Northwest Territories in Canada, Malaysian Enactment of Employment Insurance System and introduction of Profit Bonus in Belgium.



Amendments to Value Added Tax Act 2017

The Parliament has released the VAT Tax (Amendment) Bill, 2017. The key amendments to Act are summarized below:

  • The place of supply rules have been revised for telecommunications services as follows:

    • For telecommunication services: Where the facility or instrument for the emission, transmission or reception of the service in respect of which the invoice for the supply is issued or is to be issued is ordinarily situated.
    • For electronic commerce and telecommunication services: Where the effective use and enjoyment occurs.
  • The Commissioner-General shall appoint Valued Added Tax (VAT) withholding agents. These agents are required to withhold VAT at the rate of 7% on payments to VAT registered persons whose supplies are standard rated goods.

Effective Date: 1 January 2018

South Africa

2018-19 Budget highlights for South Africa

The Finance Minister presented the budget for 2018-19 on 21 February 2018. Proposed pertinent key highlights are as follows:

  • Increase in Value Added Tax (VAT) from 14% to 15%, effective from 1 April 2018.
  • A lower-than-inflation increase in the personal income tax rebates and brackets, with greater relief for those in the lower income tax brackets.
  • No change in the corporate tax rate of 28%.

For more details, click here.



Update on VAT Refund

Recently, a declaration has been published in Argentina's official bulletin to extend the application of Value Added Tax (VAT) refunds of certain groups from 1 January 2018 to 31 December 2018.

As per the update, retired individuals with a minimum pension amount income and persons receiving certain social plans without any other income are eligible for VAT refunds of 15% or more (up to ADS 300) of the net amount purchased and paid with debit cards or prepaid cards to VAT registered taxpayers.

Increase in retirement, pension and AAFF

Recently, various amendments have been made by ANSES (Administración Nacional de la Seguridad Social) with respect to retirement and pension.

Following are the significant changes described by ANSES:

  • The minimum retirement pension has been increased from ARS 7,246.64 to ARS 7,660.42 and the Pensions Universal for the Elderly (PUAM) has been increased from ARS 5,797.31 to ARS 6,128.34.
  • The ANSES reports that as of 1 March, more than 17.5 million benefits will increase by 5.71%; 7 million are retirements and pensions, 1.5 million are Non-Contributory Pensions (PNC) and Universal PUAM, and more than 9 million are allowances per child.
  • Meanwhile, the amount of the Universal Child Allowance (AUH) will increase from ARS 1,412 to ARS 1,493, favoring about 4 million children in 2.2 million families. The allowance for children with disabilities will increase from ARS 4,606 to ARS 4,869.
  • The value of annual school aid has also been increased to ARS 1,250 per child to assist formal workers whom the state charges PUAM, unemployment benefit and AUH.


Revision in VDP Programme

From 1 March 2018, a revised federal Voluntary Disclosures Program (VDP) shall come into effect retrospectively. Below are some important changes in the program:

  • After meeting certain requirements, outstanding taxes are to be paid.
  • VDP program shall no longer permit taxpayers to make no-name admission for both, income tax and GST/HST purposes. Currently, taxpayers are allowed to submit the facts of their situation to a Canada Revenue Agency (CRA) voluntary disclosures officer on a no-name basis to help them decide whether to make a voluntary disclosure.

Budget 2018-19 of Northwest Territories

In February 2018, the Finance Minister of the Northwest Territories proposed the fiscal Budget 2018– 19.

There are no changes proposed in corporate tax and personal tax system. However, there are some notable amendments to other taxes, which are:

  • Property and education mill rates shall be adjusted for inflation, effective 1 April 2018 in continuation with the current indexation policy.
  • A detailed proposal for land transfer tax implementation shall also be developed during the financial year 2018-19.

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