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This paper set forth internationally agreed principles and standards for the value added tax (VAT) treatment of the most common types of international transactions, with a particular focus on trade in services and intangibles. Its aim is to minimise inconsistencies in the application of VAT in a cross-border context with a view to reducing uncertainty and risks of double taxation and unintended non-taxation in international trade. It also includes the recommended principles and mechanisms to address the challenges for the collection of VAT on crossborder 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).
An important part of the work of the ACCC during the three years from 8 July 1999 to 30 June 2002 was its oversight of pricing responses to the New Tax System changes, particularly the introduction of the Goods and Services Tax and abolition of the Wholesale Sales Tax. The Commission administered legislation prohibiting price exploitation in relation to the changes and promoted compliance through education of business and consumers. It also closely monitored prices and pricing behaviour to estimate price movements from the proposed New Tax System changes, to assess actual price adjustments after the tax changes, and to help identify any price exploitation. The Commission also actively enforced the law by investigating complaints and possible breaches identified from its monitoring and from other sources.