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Icc issues guidance on vat implementation to ensure efficiency for bus Ikeja

Posted by Sunmola Olalekan Private Ikeja
Price: NGN 10
As the world business organization, the International Chamber of Commerce (ICC) promotes international trade, responsible business conduct, and a global approach to regulation. In today’s interconnected global economy, value added tax (VAT) has become an increasingly important source of revenue for countries worldwide. With more and more countries implementing or reforming existing VAT regimes, ICC has published the ICC International Best Practices and Guidance on Value Added Tax Implementation to provide a common roadmap for tax administrations and business before, during, and after VAT implementation.
Above all, the ICC guidance stipulates that an efficient VAT regime ensures certainty, neutrality, simplicity, and cost effectiveness for both business and tax administrations. The consistency of national VAT laws with regional and global VAT regimes can help facilitate cross-border transactions and foster economic growth. By adhering to consistent standards, countries will safeguard VAT revenues for tax administrations and ensure a level playing field for business operating within their borders. The first part of the ICC guidance outlines general recommendations for government representatives involved in the design and implementation of VAT regimes. In particular, ICC calls upon government representatives to establish a collaborative partnership between tax administrations and business. This collaborative partnership involves establishing an ongoing dialogue between stakeholders working together throughout the whole design and implementation phase. ICC recommends strong communication measures, such as public consultations, as well as question and answer sections related to VAT regimes on tax administration websites. The ICC guidance also outlines key features associated with efficient VAT regimes, such as VAT refunds, VAT exemptions, registration for non-established entities, and free trade zones. With regard to importers and exporters, the ICC guidance provides specific recommendations for effective VAT processing. In particular, “the import of goods should be subject to postponed accounting with payment on the VAT return, rather than at the point of entry,” according to the ICC guidance. Other key features of an efficient VAT regime include registration for non-established entities and specific considerations for digital services.

Source: ICCWBO

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