Fintech PR
How hard is it for businesses to comply with VAT/GST obligations around the world? In which countries is it optimized?
A new study has been released that yields significant global findings as to the relative compliance burden of Value Added Tax (VAT) and Goods and Services Tax (GST) around the world1. Using an exclusive VAT Diagnostic tool developed for the purposes of this study, UNSW Sydney has released a new comparative assessment2, which considers the compliance requirements and related administrative burden associated with adhering to local VAT and GST rules across 47 different jurisdictions.
The research concluded that 14 countries around the world score favorably overall, including Singapore, Australia, Costa Rica, New Zealand and South Africa, with a compliance burden index of 4 or less, while 15 countries were rated with a score of 6 or more, suggesting the need for policy and/or administrative reforms in those locations in order to help reduce the compliance burden — for taxpayers and for tax administrators. The study also suggests that governments and their tax administrations can learn from those jurisdictions where the compliance burden is rated more favorably. For example, by implementing technology solutions in order to help streamline processes.
Lachlan Wolfers, Global Head of Indirect Taxes, KPMG International says, of the study, “The findings highlight the importance not only of countries having the right VAT policies in place, but also the call to modernize the delivery of tax administration to support businesses in efficiently managing VAT compliance costs. Businesses are telling us that, as their compliance obligations are globalizing through the digitalization of business models, the ability to deal with tax authorities electronically in registering, invoicing and filing is becoming increasingly important.”
The UNSW research team intends for the diagnostic tool to be used by governments and tax authorities around the world to help them see variances and identify best practices that can help to reduce compliance costs and improve compliance. For example, recent initiatives such as Making Tax Digital (MTD) in the UK, Singapore’s Assisted Compliance Assurance Program (ACAP), as well as electronic invoicing, filing and registration systems all support taxpayers in efficiently managing VAT compliance costs, while at the same time enhancing the integrity of countries’ tax systems.
“We are pleased to support UNSW in their research as a part of our global Responsible Tax project, and believe it will be a valuable tool for tax authorities to assist in making the system more efficient, reducing the cost of collection and improving the compliance environment,” says Chris Morgan, Global Head of Tax Policy, KPMG International. “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.”
The tool focuses not only on the VAT policy settings in place in any given country, but also on how the VAT system is administered in line with the needs of the community it serves. The compliance burden indicators were found to be influenced by four key factors at the country level, including:
- tax law complexity
- the number and frequency of administrative obligations
- revenue body capabilities to support taxpayers
- monetary costs and benefits.
Looking across all countries, the research finds that features of tax policy design, including reduced rates, exemptions, and registration thresholds, had a negative impact on taxpayers’ compliance burden in over two thirds of the countries studied. However, part of the compliance burden is sometimes an inevitable consequence of express policy decisions, such as measures to make the system more progressive.
The results of the tool also show that, as a VAT regime grows older, the relative compliance burden tends to be higher, and that, from a macroeconomic perspective, the VAT compliance burden is generally higher in less developed countries. Both higher levels of exports as a percentage of GDP, as well as the higher the ratio of tax to GDP in a country, are also associated with a higher compliance burden.
In addition, the diagnostic tool can be used to highlight the importance of best practice VAT policy settings to assist in managing compliance costs, with countries like China and India both recently recognizing the value in having fewer VAT rates which operate off a broad base.
“What will be fascinating is to see the results of this diagnostic tool in a few years’ time as different technology initiatives play an increased role in both VAT collection and enforcement — measures such as real-time tax reporting, the increased use of data and analytics in managing compliance, and the deployment of blockchain technology,” says Lachlan.
The UNSW diagnostic tool has initially been deployed to assess VAT compliance costs, but is expected to be expanded to cater for other business taxes. Adjunct Professor Richard Highfield of the UNSW, says:
“The UNSW team considers that, at this stage, it has sufficient proof of concept to be able to undertake, in collaboration with stakeholders, the development of a broader suite of diagnostic tools designed to measure and evaluate the tax compliance burden of other business taxes, in particular, the corporate income tax; tax regimes applicable to the provision of labor; and customs duties and excises.”
About KPMG
A strategic partnership between two of the largest Qatari companies to add value to the local and regional market, enhancing food security and innovation in several key sectors.
DOHA, Qatar, Nov. 16, 2024 /PRNewswire/ — Senyar Trading & Distribution Company and Al Baladi Holding have announced the launch of their strategic partnership under the name of ‘Al Faisal Al Baladi Holding’. The launch ceremony was attended by Sheikh Faisal bin Qassim Al Thani, Chairman of Al Faisal Holding, and Mr. Mohammed Abdullah Al Attiyah, Chairman of Al Baladi Holding. This partnership aims to provide added value to the Qatari and regional markets, and to enhance the role of Qatari companies in supporting and developing the local economy in line with Qatar National Vision 2030.
Within this partnership, a strong economic icon was established under the name ‘Al Faisal Al Baladi Holding Group’, capable of implementing huge projects across the MENA region in a number of different vital sectors, especially livestock and agricultural production projects, which contributes to supporting food security and enhancing livestock in a sustainable manner. In addition, the retail sector constitutes a significant part of the Company’s activities.
Al Faisal Al Baladi Holding Group Holding includes Al Faisal Al Baladi Holding LLC, based in Qatar, Al Faisal Al Baladi Group for Malls Management and Operations, based in Egypt, and Al Faisal Al Baladi Holding, based in the Sultanate of Oman. As well as livestock and agricultural production, these companies will operate in several diverse sectors including distribution and wholesale, manufacturing, hospitality and hotels, restaurants, food and beverages, with the retail sector also constituting a significant area of focus. Through these activities, they will seek to meet the growing demand for innovative products and solutions, while supporting sustainable economic development in Qatar and the region.
Commenting on this announcement, Sheikh Faisal Bin Qassim Al Thani, Chairman of Al Faisal Holding, stated: “I am pleased to witness the formation of this strategic partnership that represents the development of the private sector in Qatar and enhances its ability to compete through cooperations built on solid foundations. This partnership is a realization of Qatar Vision 2030 of empowering the private sector and enhancing its contribution to the local economy. I wish both parties success in this promising partnership.”
Mr Mohammed Abdullah Al Attiyah, Chairman of Al Baladi Holding and Chairman of Al Faisal Al Baladi, said: “We are delighted with this cooperation which opens new horizons for growth and expansion. Al Baladi Holding has achieved remarkable successes in recent years, and this partnership comes to underpin our position in the market and expand the scope of our activities. We hope that Al Faisal Al Baladi Holding will contribute to the development of successful and innovative projects that will be a source of pride for everyone.”
Sheikh Mohammed bin Faisal Al Thani, Vice Chairman of Al Faisal Al Baladi Holding, added: “We share common goals, integrated resources, and expertise with Al Baladi Holding. Through this partnership, we will achieve integration and synergy in diverse businesses to maximize value for all parties, including consumers and investors, which will benefit all stakeholders and contribute to achieving a positive impact across every level.”
Mr. Abdullah Mohammed Al Attiyah, Vice Chairman of Al Baladi Holding, said: “Undoubtedly, the stability of the Qatari economy, the diversity of investment opportunities, and the positive business environment, have all contributed to Al Baladi Holding’s market leading position. We look forward to this partnership with confidence in its promise to help build a bright future”
Mr. Tarek Mahmoud Al Sayed, Board Member of Al Faisal Al Baladi Holding, added: “Food security projects hold special importance, especially in their comprehensive and sustainable concept, which constitute an essential part of our future strategy. We seek to play a pivotal role in the region through livestock and agricultural production projects, as we currently own a number of livestock and agricultural production companies in Qatar and Oman, and we plan to expand and launch new projects in a number of countries in the region and North Africa. This will support Al Faisal Al Baladi in becoming a leading company in achieving food security at the regional level.”
Mr Hany Al Sayyadi, CEO and Board Member of Al Faisal Al Baladi Holding, concluded by saying: “This partnership strengthens our diversified investment portfolio and facilitates the expansions of our presence in regional and global markets. Our vision is to achieve a strong presence in the Middle East region, by focusing on innovation and quality in all our sectors. This partnership is a natural extension of the vision of both companies to enhance economic integration and contribute to driving development in Qatar and the region.”
Al Faisal Al Baladi plans to expand its business activities in regional and global markets, by utilizing the diverse investment opportunities represented by the manufacturing, hospitality and retail sectors. The Group’s current portfolio includes more than 30 leading companies in their fields, including Al Baladi and Al Baladi Express Markets, Al Wajba Dairy and Juice Factory, City Limousine Company, in addition to a number of restaurants and companies in the food sector, and many others.
Photo: https://mma.prnewswire.com/media/2558072/Al_Baladi_Holding_Group.jpg
Photo: https://mma.prnewswire.com/media/2558073/Al_Baladi_Holding_Group_1.jpg
View original content:https://www.prnewswire.co.uk/news-releases/launch-of-al-faisal-al-baladi-holding-302305819.html
Fintech PR
Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
- Revenue grew by 23.8% compared to previous year
- Gross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23
- Adjusted EBITDA rose 29.5% to SAR 210.2 million
JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.
Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.
The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.
Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.
SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.
Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.
We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.
Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”
View original content:https://www.prnewswire.co.uk/news-releases/sustainable-infrastructure-holding-company-sisco-q3fy24-revenue-excluding-accounting-construction-revenue-increases-by-23-8-to-341-8-million-302307352.html
DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Photo – https://mma.prnewswire.com/media/2559070/Image.jpg
Logo – https://mma.prnewswire.com/media/2267288/5029737/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bybit-crypto-titans-november-arena-boasts-55-000-usdt-in-rewards-302307028.html
-
Fintech5 days agoFintech Pulse: Industry Innovations and Partnerships Drive Global Fintech Forward
-
Fintech4 days agoFintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation
-
Fintech PR7 days agoStatement From Universal Music Group N.V.
-
Fintech PR2 days agoUniversal Consulting Opportunities (UCO), a Stellar MLS Subsidiary, Signs Agreement with NAR India As Advisor to Develop a National MLS
-
Fintech PR3 days agoCayman Enterprise City Receives Two Prestigious Awards from the Financial Times’ fDi Intelligence Global Free Zones of the Year 2024
-
Fintech PR2 days agoNoble Corporation plc announces submission of request for removal from trading and official listing on Nasdaq Copenhagen
-
Fintech PR2 days agoDC to VC – NatWest Cushon and Future Planet Capital Lead the Charge in UK Pension Access to British Innovation
-
Fintech PR2 days agoBlockchain for Good Alliance Hosts Web3 Oscar, Celebrating Innovators Advancing UN’s Sustainable Development Goals