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How hard is it for businesses to comply with VAT/GST obligations around the world? In which countries is it optimized?

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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 SingaporeAustraliaCosta RicaNew 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

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ICP DAS-BMP Secures Pivotal TPU Deals with Medical Materials Leaders in U.S. and Japan, Boosts Product Reliability

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HSINCHU, March 19, 2024 /PRNewswire/ — ICP DAS-BMP dazzled at the prestigious MD&M West Show, where its high-quality medical-grade thermoplastic polyurethane (TPU) garnered orders from top manufacturers in U.S. and Japan. Concurrently, part of the company’s TPU products passed the ISO10993-6 test for local effects after 90-day implantation, positioning them as ideal materials for producing indwelling medical devices intended for use over 30 days.

ICP DAS-BMP, Asia’s first medical-grade TPU supplier, produces three main series of products: Alithane™ (ALP series), Durathane™ (ALC series), and Arothane™ (ARP series). The company is set to launch a new Durathane™ (ARC series), known for its exceptional biostability. All the TPU series are available in different hardness levels, colors, and concentrations of radiopaque fillers (Tungsten/Barium Sulfate). These materials are widely utilized in manufacturing cardiovascular, urological, and gastrointestinal devices, as well as medical and electromedical consumables.

ICP DAS-BMP’s Arothane™ ARP-B20 (20% Barium Sulfate) and Durathane™ ALC-B40 (40% Barium Sulfate) passed the ISO10993-6 90-day implantation test. This qualifies them for long-term invasive or implantable medical applications such as peripherally inserted central catheters (PICC) and port-a-cath. The company plans to conduct long-term implantation tests for other specifications of TPU products based on customer demand, while advancing research and development to uphold TPU product quality.

ICP DAS-BMP Medical Grade TPU Biocompatibility and Other Testing

Medical-grade TPU differs from other plastics by emitting minimal VOCs during manufacturing and having low wastewater discharge, making it extremely environmentally friendly. It contains no plasticizers or heavy metals, ensuring excellent biocompatibility and blood compatibility, and enhancing ESG sustainability. ICP DAS-BMP aims to offer safer, stable, and eco-friendly medical-grade TPU, collaborating with global medical device manufacturers to create long-term benefits and value.

Meet the company’s experts at:

CMEF (ICMD) 2024 (April 11-14) 
Booth Hall 8.1, M44, M46
NECC (Shanghai), China

Medtec Japan 2024 (April 17-19) 
Booth 2022
Tokyo Big Sight East 2~3 Hall, Japan

About ICP DAS-BMP

ICP DAS-BMP, a Taiwan-based TPU manufacturer and supplier certified with ISO 13485, operates specialized laboratories dedicated to quality management. Drawing upon three decades of industrial automation expertise from its parent company ICP DAS, ICP DAS-BMP has implemented smart factory practices to enhance product quality and expedite delivery times. Additionally, the company provides responsive after-sales support and offers flexible solutions for small order quantities.

For more information, please visit: https://bmp.icpdas.com/

For TPU products and inquiries, contact: [email protected]

ICP DAS – BMP

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Sweat Economy Brings Japanese Language Capabilities to Sweat Wallet

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The move enables millions of native Japanese speakers to access the app seamlessly

LONDON, March 19, 2024 /PRNewswire/ — Sweat Economy, the Web3 ecosystem on a mission to make the world more physically active, has launched a Japanese-language version of its Sweat Wallet mobile app. The move paves the way for millions of Japanese users to interact with the Sweat Economy ecosystem in their native tongue.

Japan has been one of the primary focus markets for Sweat Economy due to its strong and active fitness community. Sweat Wallet makes fitness fun and rewarding by allowing users to earn $SWEAT with their steps. Users can then trade $SWEAT for other mainstream crypto such as USDT, participate in prize draws, or transfer their earnings to other crypto platforms. Since launching in September 2022, Sweat Wallet has gained over 213,000 users in Japan, who have minted over 78 million $SWEAT and logged nearly 200 million steps.

Oleg Fomenko, Co-Founder of Sweat Economy said: “We’re thrilled to launch Sweat Wallet in native Japanese, in what is one of the largest fitness markets in the world. Japan has always been one of our primary focus markets. Our Japanese community members on Discord have been very active and passionate about our product development. We are super excited to launch a localized version of the app to help Japanese users navigate and experience the app without any language barrier. We aim to inspire a new wave of physical activity in the country and incentivize individuals to lead healthier lives, paving the way for the next billion users looking to participate in The Movement Economy.”

The Japanese version of Sweat Wallet is now available for download on iOS and Android. In addition to the Japanese launch, Sweat Economy has engineered a major breakthrough with NEAR Protocol’s Chain Abstraction technology—with Oleg Fomenko delivering a demo of the milestone at ETHDenver. It demonstrates that the Sweat Wallet will soon be able to allow its 15 million users to run transactions on chains other than NEAR, without the need for complex knowledge to operate on different chains. This development demonstrates Sweat Economy’s commitment to onboarding millions into both Web3 and The Movement Economy.

Oleg Fomenko, co-founder of Sweat Economy is available for interviews.

About Sweat Economy

Sweat Economy is a Web3 ecosystem on a mission to help the world be more physically active by incentivizing activity. It is powered by $SWEAT or Sweat Token, a crypto asset representing tokenized physical activity, minted by steps. The token is managed via the Sweat Wallet dApp, the non-custodial Web3 mobile wallet dApp for managing your $SWEAT and other crypto holdings. Sweat Wallet is a top 5 dApp globally, designed for the crypto-curious. Sweat Wallet is one of the world’s most popular Dapps, boasting over 3.7 million monthly unique active wallets on the platform. The Wallet works in tandem with the Sweatcoin app to accurately track users’ steps and distance and rewards them with $SWEAT that can be spent on fitness gear, athletic apparel, and other products. Sweat Wallet also fosters community and competition through its multiple gamified features, such as Sweat Hero—the dynamic NFT game based on your steps. With over 140M+ registered Sweatcoin users, and more than 10 million Sweat Token holders, Sweat Economy is facilitating one of the most significant onboardings in Web3 history.

View original content:https://www.prnewswire.co.uk/news-releases/sweat-economy-brings-japanese-language-capabilities-to-sweat-wallet-302089534.html

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Nereus Unveils Revolutionary On-Chain Derivatives Trading Platform on Polygon Network

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HONG KONG, March 18, 2024 /PRNewswire/ — Today, Nereus is excited to announce the launch of its cutting-edge derivatives trading platform on the Polygon network. Led by a team of DeFi experts, Nereus aims to transform the way people trade by offering advanced features and a commitment to pushing the boundaries of DeFi.

Highlights of the Nereus Platform:

  • Isolated Margin: Tailored control over trade size and exposure.
  • Up to 70x Leverage: Amplify trading potential with minimal spread and zero price impact.
  • Blazing Speed: Over 5,000 transactions per second and sub-10ms exchange latency.
  • Gasless Experience: Seamless trading without the burden of gas fees.
  • Cross-Chain Deposits: Simplify deposits and withdrawals across various chains.

Nereus provides a platform that combines the best aspects of centralized and decentralized exchanges, making trading more secure and transparent. This launch marks a significant step forward for derivatives trading, offering a more accessible and efficient option for investors worldwide.

By embracing innovation and leveraging the Polygon network, Nereus is leading the way towards a more inclusive and decentralized trading environment. The company’s goal is to make trading accessible to everyone, regardless of their background or location.

In the near future, Nereus plans to enhance its platform with a proprietary ZK-powered Layer 2 solution, utilizing Polygon’s Chain Development Kit (CDK). This move is aimed at improving the platform’s performance and user experience, demonstrating our commitment to innovation.

Nereus has recently been added to COCA’s DApps portfolio, expanding its reach to more users.

About Nereus

A leader in the DeFi space, Nereus is dedicated to delivering innovative trading solutions that combine speed, security, and leverage, all built on the robust Polygon network.

Discover the future of trading with Nereus at https://nereus.finance

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Nereus

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/nereus-unveils-revolutionary-on-chain-derivatives-trading-platform-on-polygon-network-302092120.html

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