OECD’s VAT and GST guidelines move forward – EY T Magazine

For a number of years, the Organisation for Economic Co-operation and Development (OECD) has been working on guidelines on applying value-added taxes in an international context. In this article, we discuss the OECD’s recent consultation process and the likely further development of value-added tax (VAT) and goods and services tax (GST) guidelines.

During the OECD’s first Global Forum on VAT, held on 7 and 8 November 2012 in Paris, businesses, academics and national representatives came to the unanimous conclusion that there is a strong need for internationally agreed principles on VAT.

The OECD’s work in this area reached a first milestone in February 2013, with the publication of the consolidated version of the OECD International VAT/GST Guidelines (the Guidelines) on the place of taxation for cross-border supplies of services and intangibles in a business-to-business (B2B) context.

The Guidelines are intended to consist of a set of framework principles that countries can implement in their national legislation. The key objective of the process is to build the largest possible worldwide consensus on using the Guidelines as the future international standard for applying VAT to cross-border trade, with a view to minimizing risks of double taxation and unintended non-taxation.

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Via OECD’s VAT and GST guidelines move forward – EY T Magazine.

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