New VAT rules lead global tax reform | Business | M&G

Taxing issue: The growth in international online business-to-consumer and business-to-business trade, both in volume and in the number of participants, has created challenges for the collection of value-added tax.

South Africa is one of numerous jurisdictions globally implementing new value-added tax rules designed to rise to the challenges of a digitising marketplace that can operate beyond the reaches of the tax authorities. These new regulations, which in South Africa’s case took effect on April 1 this year, are a first step in a process of sweeping tax reforms intended to make multinationals pay their fair share of corporate tax in the jurisdictions where they are active.

Driven by the Organisation for Economic Co-operation and Development , which promotes trade and investment among its 36 member countries, the VAT initiative is intended to tax the $2-trillion in annual e-commerce revenues.in the Collection of VAT/GST on Online Sales, that global business-to-consumer revenues are projected to rise to $4.5-trillion by 2022.

It says digital platforms allow businesses, particularly smaller businesses, to efficiently reach millions of consumers in what is now a global marketplace.

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