UPDATE: Australia – low value imports legislation introduced

31 May 2017

There is speculation that the Australian Government may delay the removal of the import GST exemption on goods bought from foreign suppliers to 1 July 2018. Currently this threshold is set at AUD$ 1,000 and allows importers to purchase goods GST and duty free from non-resident companies up to this amount.

Once removed this will not be the case and instead non-resident providers, who have previously avoided GST registration, will have an obligation to register and account for GST on the sale of their low value goods.  This will be subject to their turnover exceeding the AUD$ 75,000 registration threshold.

LATEST NEWS

EU yet to reach an agreement on VAT in the digital age...

During May 2024, the Economic and Financial Affairs Council (ECOFIN) failed to reach agreement on the EU Commission’s proposed changes to VAT rules included...

SEE MORE
VAT news
LATEST NEWS

Cyprus extends VAT rate cuts on essential goods

The Cypriot government has further extended the temporary reduction on the 5% and 19% VAT rates applied to certain essential goods until 30 June 2024. The VAT...

SEE MORE
VAT news
LATEST NEWS

Lithuania considers a standard VAT rate increase

Lithuania is currently considering whether to increase its standard VAT rate by 1% from 21% to 22%. This is being proposed to help meet additional military...

SEE MORE
VAT news

Gated Content

The following email providers are not accepted: gmail, hotmail, yahoo. Please use proper company email.