Shaping India into a Model GST Country
GST has opened up a new path of fiscal federalism and in this case the central and state governments exercise the powers to levy a tax all products and services.
VAT Updates: The new list of designated zones, eligible goods under profit margin scheme and the VAT treatment of various compensation-type payments and labor accommodations
The Federal Tax Authority (FTA) issued a Public Clarification VATP001 in order to provide guidance on the VAT treatment of compensation-type payments such as compensation for the loss, settlement of a dispute, payment made for damaged goods, penalty or fine.
Oman Announces Setting up its First Smart City in the SEZ of Duqm
Oman is currently working on a project with South Korea with an aim to develop its first-ever ‘smart city’ which will be located in the Special Economic Zone (SEZ) in Duqm, said a report.