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Global trends
Key points
- UK businesses trading with Romania may need to appoint a fiscal representative.
- Romania has put in place several new tools to prevent VAT fraud.
- US sales and use taxes can make it challenging for foreign businesses to sell into the US.
- Thanks to inflationary pressure in India the goods and services tax (GST) rates will remain as they are for the present.
- The planned India-UK free trade agreement will provide British businesses with some benefits under GST and customs laws currently not available to them.
Indirect taxation the world over does not stand still. As this article shows various themes are emerging. The first that stands out for me is the growing complexity of managing indirect taxes due to continual change and the diversity of the systems in countries and regions. This has a cost implication for UK businesses trading overseas. Compliance needs to be taken seriously...
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