European Union: VAT highlights of the European Commission’s Tax Action Plan

On 15 July 2020, the European Commission (“EC”) adopted a new Tax Package aimed to “contribute to the economic recovery and long-term growth of Europe”. The Tax Package consists of three elements: (i) a revision of the Directive on Administrative Cooperation “DAC7), (ii) a Communication on Tax Good Governance, and (iii) a Tax Action Plan for a fair and simple taxation supporting the recovery. The Tax Action Plan is a set of legislative and non-legislative initiatives on taxation that the EC plans to deliver between 2020 and 2023. As such, the Tax Action Plan itself is not a legislative proposal.

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Singapore Tightens Strategic Goods Controls

Singapore updated its strategic goods control regime on 3 August 2020 to ensure robust administration of controls and effective risk assessments, while ensuring the facilitation of legitimate trade. Key amendments include ensuring individual and bulk permit holders have access to English translations for strategic trade records kept in other languages. For bulk permit holders, expanded document categories under recordkeeping requirements and monthly reporting will apply. A new offence has also been created for failing to amend permits in the event that information submitted under initial permit application processes subsequently change.

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