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Malaysia and SST (Malaysia’s New Tax Regime) After the abolition of goods and services tax (GST) in Malaysia, Sales Tax Act and Service Tax Act came into force in 2018. The sales and service tax (SST) were in effect before GST was reintroduced. Key Differences Between the Two Tax Regimes The scope of GST was detailed. It meant that a detailed range of goods and services were taxed. The SST, allows more products to be tax-free. The other main difference is the actual percentag

Hong Kong is at an advanced stage with its free-market, IT standards, robust regulatory system, and document standards. The government has created a Digital 21 plan to strengthen the information infrastructure. In collaboration with 12 other private organizations, it financed Tradelink Ltd, which provides e-commerce services to nearly 70,000 companies in Hong Kong. Customs entry service in paper form has ended since 2000. All declaration documents are sending electronically.

South Korea’s developed market economy offers a lower-risk business environment for businesses wishing to enter the Asian market. South Korea introduced the electronic tax invoice (‘e-Tax’) as its invoicing method in 2011. The electronic tax invoice system started in 2011 for every Korean corporation and in 2012 for sole proprietors whose previous year’s sales totaled more than 1 billion KRW (881.7 KUS Dollars). In this regard, since July of 2014, all sole proprietors whose s

In this article, we will try to assess SAF-T processes in Portugal and the public administrations involved in these processes. As in other EU countries, EU Directive 2014/55 regulated the implementation and receipt of e-invoicing for public procurement in Portugal. Managing and coordinating the e-invoicing process are carried out by ESPAP (Department for Public Administration Services). The model chosen by Portugal allows local organizations to select their e-invoicing soluti

Taiwan Makes e-Invoicing Obligatory for All Taxpayers Since January 2021, any foreign or national company has to issue an e-invoice. Failure to comply may mean sanctions by the Taiwan Ministry of Finance (TMF). On the other hand, Taiwan has achieved its goal of completely replacing paper invoices with electronic invoices. Since 2000, most of the government has launched multiple initiatives to replace paper invoicing with e-invoicing. In 2006, a program was launched to plan an

A GST (Goods and services tax) invoice is an invoice or document for the products or services that a vendor or service provider offers to a customer. Lists the services and/or products with the total amount to be paid. From January 2021, taxpayers with a total turnover of more than Rs 100 Cr (approximately US $ 13.7 million) use e-invoices in the last fiscal year and report this to the IRP (Invoice Reference Number ), according to the latest regulation put into effect by the

The Saudi Arabian General Authority of Zakat and Tax (GAZT) regulated the use of e-invoices in the Electronic Invoicing Regulation. In the context of regulations in the ‘E-invoicing Regulation’ published by GAZT, as of December 4, 2021, the use of e-invoices will be mandatory in the whole country. Who should use electronic invoice in Saudi Arabia? The new regulations will be implemented in the B2B area and will affect taxpayers residing in the country. It will also affect thi

China’s fapiao invoice system is a legal receipt that serves as evidence for purchase of goods and services. However, the largest fapiao invoice system is an essential component of Chinese tax law. It is also an important compliance component for businesses. The Tax Authority of China requires the use of fapiao so that companies can pay taxes before the end of the sales process. In this way, invoices use as tax receipts. Thus China’s fapiao invoice system acts as a guarantee

In 2018, Singapore government decided to develop e-invoice system using European standards and PEPPOL network to increase international trade. In this context, the Information Communication Media Development Authority (IMDA), PEPPOL Authority of country, is responsible for assignment of access points (AP). Moreover, it is authorized to define the technical specifications for e-invoice system. IMDA is working with various industries to implement the nationwide e-invoicing fram

Ministry of Finance (MoF) works within the framework of Regulation No. 522 to reduce the informal economy and prevent corruption. To this end, transition to e-invoices has been made on a voluntary basis since July 1, 2019, and mandatory since January 1, 2020 for all economic organizations in the country. Therefore MoF, “UzASBO Faktura” https://invoice.uzasbo.uz has implemented the e-document exchange system. Thus, system integrated with central storage, transfer between e-inv