The Mongolian Government has submitted a comprehensive VAT reform package to Parliament, introducing major changes such as full deductibility of reverse‑charged VAT on foreign services, immediate deduction of capital expenditure VAT, a simplified regime for businesses below MNT 400 million, and a one‑to‑two‑month deferral of monthly VAT payments. The standard VAT rate remains 10%.
The amendments clarify that reverse‑charged VAT on services received from non‑residents is fully deductible for Mongolian VAT‑registered companies.
Input VAT on capital assets will now be fully and immediately deductible, replacing the current 5‑10 year spread deduction.
Businesses with turnover below MNT 400 million can apply a deemed purchase mechanism, treating 90% of quarterly sales as deemed purchases, simplifying input VAT calculations.
Compliant taxpayers may defer monthly VAT payments, including import VAT, by one to two months.
Get VAT and indirect tax news delivered to your inbox twice a week.
No spam. Unsubscribe anytime.
VatCalc · about 23 hours ago
Japan is considering a temporary withdrawal of the 8% reduced consumption tax on food for up to two years, with the bill slated for the Autumn 2026 Diet session. The move would cut annual tax revenue by about ¥5 trillion, while the current standard rate remains 10% with an 8% reduced rate for food. The ruling LDP has resisted the cut, citing the tax's importance for funding social security.
The Hindu · 1 day ago
India’s GST rationalisation introduced a two‑tiered rate structure of 5% and 18% in September 2025, boosting domestic consumption. However, February 2026 saw a sharp rise in import IGST collections—up 17% YoY—driven by a weaker rupee and higher import costs, which may erode the price relief from the new rates.
RTC Suite · 2 days ago
Singapore’s GST InvoiceNow e‑invoicing mandate will extend to all GST‑registered businesses with a phased rollout from 1 April 2028 to 1 April 2031, based on annual supply thresholds. Early adopter windows for voluntary registrants began in May 2025, with mandatory transmission required for new registrants by April 2026. The requirement uses the Peppol standard and exempts overseas entities and reverse‑charge‑only registrants.
VatCalc · 5 days ago
The Inland Revenue Authority of Singapore (IRAS) has announced a phased rollout of e-invoice data reporting via its InvoiceNow network, based on the Peppol standard. The schedule requires domestic-only businesses to adopt the system from 1 April 2026, with subsequent deadlines for new and existing GST registrants up to 2031. The move also confirms the adoption of Peppol for B2G transactions, expanding the platform’s use for cross‑border invoicing.
BusinessTimes · 5 days ago
Singapore’s 2026 budget introduces a requirement for all GST‑registered businesses to submit digital invoices via the InvoiceNow e‑invoicing network by April 2031. The government will roll out free InvoiceNow‑Ready software and cash grants up to S$5,000 to support the transition, prioritising smaller firms. Since Nov 1 2025, newly incorporated GST‑registered companies have already been required to transmit invoice data through InvoiceNow.
IRAS · 5 days ago
Singapore’s tax authority IRAS has announced that all GST‑registered businesses must transmit invoice data via the InvoiceNow e‑invoicing network, with phased implementation dates from 2025 to 2031. The requirement applies to voluntary and compulsory registrants based on incorporation date and annual supply thresholds, while overseas entities and reverse‑charge‑only businesses are exempt. Businesses can adopt InvoiceNow‑Ready solutions, free‑of‑charge packages, or IMDA‑accredited access points to comply.
