SINGAPORE came out tops in a latest study by UNSW Sydney and KPMG that considered the compliance requirements and administrative burden associated with adhering to Value Added Tax and Goods and Services Tax rules.
Utilising a VAT diagnostic tool, UNSW applied 27 indicators to assess the VAT compliance burden on taxpayers. These indicators included the use of multiple VAT rate structures, the ease of registering for VAT, the ability to deal electronically with tax authorities for registration, filing, payment and information services, as well as the speed of VAT returns, among others.
Said Lachlan Wolfers, global head of indirect taxes at KPMG International:"The findings highlight the importance not only of countries having the right VAT policies in place, but also the call to modernise the delivery of tax administration to support businesses in efficiently managing VAT compliance costs.
The diagnostic tool can be used to highlight the importance of best practice VAT policy settings to assist in managing compliance costs, with countries such as China and India both recently recognising the value in having fewer VAT rates, KPMG noted. "Ultimately, a more efficient system means less need to devote resources and investment to administrative compliance processes, which can benefit not only businesses and tax administrators but also society at large," noted Chris Morgan, global head of tax policy at KPMG International.
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