Strategizing International Tax Best Practices – by Keith Brockman

Indirect Taxes: 2020 & Beyond

KPMG’s informative tax guide not only provides detailed insight into the indirect tax schemes of 21 APAC countries, but most importantly offers valuable insight into the future including the role of Big Data.  Indirect tax developments are becoming more significant, evidenced by a new GST for Malaysia effective 1 April 2015.

http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/2015-asia-pacific-indirect-tax-country-guide.pdf

Key Summary:

  • The indirect tax base will become more comprehensive and a global framework for cross-border services and intangibles will form a consistent “destination” principle approach.
  • Post-2020 Big Data propositions:
    • Real time tax settlement
    • Big Data will close the VAT/GST gap
    • Tax transparency debate will shift to indirect taxes
    • Data quality and analysis will be the new audit background
    • You won’t control all your own data
    • Your data will become very interesting to others
    • Indirect tax rules will be written with data analytics in mind
    • Tax manager role will be redundant by 2020

The Guide provides valuable thoughts about the future of indirect taxes, while providing a comprehensive reference for APAC indirect taxes of 21 countries.  This trend is already seen with ERP data analyses conducted by IS experts within the tax administrations.  As BEPS induced transparency has become the new focus for direct taxes, indirect taxes will surely be the next frontier.

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