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The article examines how the VAT applies in the digital economy and provides a general guide for companies looking to comply with VAT rules for digital goods and services, from the fundamental challenges of the digital world to the newest challenges presented by cutting-edge technologies and changing business models.
This books examines the problems and opportunities of VAT/GST regimes in relation to the digital economy. The issues covered are: VAT collection and compliance in the digital economy ; VAT issues for intermediated delivery and third party billing; treatment of digital products and e-services under VAT; characterization of "cryptocurrencies" for VAT/GST purposes; dispute resolution and prevention; and administrative cooperation.
This volume presents contributions that analyse the extraordinary impact of digital technology on business, services, and the production of value in many sectors of the economy. At the heart of this book is the fact that the entire digital economy is now worth almost 6% of global GDP, and it continues to grow at an unprecedented rate. The volume covers the general debate on taxation and the digital economy with the chapters by Russo, Makiyama and Boccia, before completing the analysis with discussion of three national case studies covering the U.S. (Pagano), U.K. (Leonardi) and Italy (Boccia and Leonardi). Contributors are leading experts in the fields of taxation and the digital economy and contextualise the key issues surrounding the digitalisation of the economy from an international perspective.
The Internet allows for instantaneous delivery of online supplies to consumers all over the world at any time of day or night. While the resulting "digital economy" offers great opportunities to suppliers and consumers, it also raises unprecedented challenges in the collection of value added taxes, particularly because of the intangible nature of online supplies, the relative anonymity of Internet users and the borderless nature of the e-marketplace. This book assesses the practical feasibility of existing EU VAT provisions on "electronically supplied services" and tests their compliance with the widely acknowledged OECD "Ottawa Taxation Framework" and the constitutional principle of non-discrimination as embedded in international and European economic law. It reveals major flaws in EU VAT legislation and the underlying OECD benchmark, given that both assume that online suppliers are able to carry out transaction-based verifications of the status and location of their customers in the same way as traditional suppliers. After discussing possible sources of inspiration for reforming the EU VAT treatment of online supplies (including the OECD "International VAT/GST Guidelines", the 2014 BEPS report on the "Challenges of the Digital Economy" and the recent European Commission Communication on a Digital Single Market Strategy for Europe), innovative and practical proposals are made on possible technology-based mechanisms that could be used in the future for the correct assessment and collection of value added tax on online supplies.
Identifies the major weaknesses in the current United Nations system and proposes fundamental reforms to address each. This title is also available as Open Access.
Value Added Tax (VAT; also known as Goods and Services Tax, under the acronym GST in a number of OECD countries) has become a major source of revenue for governments around the world. Some 165 countries operated a VAT at the time of the completion of the International VAT/GST Guidelines in 2016, more than twice as many as 25 years before. As VAT continued to spread across the world, international trade in goods and services has also expanded rapidly in an increasingly globalised economy. One consequence of these developments has been the greater interaction between VAT systems, along with growing risks of double taxation and unintended non-taxation in the absence of international VAT co-ordination. The International VAT/GST Guidelines now present a set of internationally agreed standards and recommended approaches to address the issues that arise from the uncoordinated application of national VAT systems in the context of international trade. They focus in particular on trade in services and intangibles, which poses increasingly important challenges for the design and operation of VAT systems worldwide. They notably include the recommended principles and mechanisms to address the challenges for the collection of VAT on cross-border sales of digital products that had been identified in the context of the OECD/G20 Project on Base and Erosion and Profit Shifting (the BEPS Project). These Guidelines were adopted as a Recommendation by the Council of the OECD in September 2016.
"The lake surface was glass. My girlfriend and I were fishing from our anchored rowboat in about fifteen feet of water, facing the New York shore. 'Ron, what's that?' I turned. About thirty feet away I saw three dark humps ... protruding about two feet above the surface. The humps were perhaps two or three feet apart. They didn't move. We didn't either. We watched in disbelief for about ten seconds. The humps slowly sank into the water. There was no wake, no telltale sign of movement. Unexplained. Eerie. Unsettling." — from the Foreword by Ronald S. Kermani Scotland may have Nessie, the Loch Ness Monster, but we have Champ, the legendary serpent-like monster of Lake Champlain. The first recorded sighting of Champ, in 1609, has been attributed to the lake's namesake, French explorer and cartographer Samuel de Champlain. This is pure myth, but there have been hundreds of sightings since then. Robert E. Bartholomew embarks on his own search, both of the lake firsthand and through period sources and archives—many never before published. Although he finds the trail obscured by sloppy journalism, local leaders motivated by tourism income, and bickering monster hunters, he weighs the evidence to craft a rich, colorful history of Champ. From the nineteenth century, when Champ was a household name, to 1977, when he appeared in Sandra Mansi's controversial photograph, Bartholomew covers it all. Real or imaginary, Champ and his story will fascinate believers and skeptics alike.
The production and distribution of film and audiovisual works is one of the most dynamic growth sectors in the world. Thanks to digital technologies, production has been growing rapidly in Africa in recent years. For the first time, a complete mapping of the film and audiovisual industry in 54 States of the African continent is available, including quantitative and qualitative data and an analysis of their strengths and weaknesses at the continental and regional levels.The report proposes strategic recommendations for the development of the film and audiovisual sectors in Africa and invites policymakers, professional organizations, firms, filmmakers and artists to implement them in a concerted manner.
The global economic downturn that followed the collapse of major US financial institutions is no doubt the most significant crisis of our times. Its effects on corporate and governmental balance sheets have been devastating, as have been its impacts on the employment and well being of tens of millions of citizens. It continues to pose major challenges to national policymakers and institutions around the world. Managing public uncertainty and anxiety is vital in coping with financial crises. This requires not just prompt action but, most of all, persuasive communication by government leaders. At the same time, the very occurrence of such crises raises acute questions about the effectiveness and robustness of current government policies and institutions. With the stakes being so high, defining and interpreting what is going on, how and why it happened, and what ought to be done now become key questions in the political and policy struggles that crises invariably unleash. In this volume, we study how heads of government, finance ministers and national bank governors in eight countries as well as the EU engage in such 'framing contests', and how their attempts to interpret the cascading events of the economic downturn were publicly received. Using systematic content analysis of speeches and media coverage, this volume offers a unique comparative assessment of public leadership in times of crisis.