SME Times is powered by   
Search News
Just in:   • '35 pc cos pay nil GST, which shows no burden on SMEs'  • Cinepolis Hosts a Special Screening for the Underprivileged Kids  • Dr Amal Al Qubaisi Wins Parliamentarian Excellence Award as Best President of Arab Parliament  • Launch of Life Skills Program  • Google Play Awards 2017 Announced: LIKE Wins 3 Prizes Among Global Competitors 
Last updated: 11 Jan, 2017  

Australia.9.Thmb.jpg Australia plans to tax all digital transactions

Australia.9.jpg
   Top Stories
» FM for strengthening banks to enable them to lend to MSMEs
» Ready to discuss all issues on floor of Parliament: Govt
» Only 13 pc cos use digital to drive both growth, efficiency: Survey
» Impact of GST on SMEs: Mixed reactions from state Finance Ministers
» WPI inflation at 3.93 percent in November
IANS | 11 Jan, 2017
The Australian government plans to tax all online transactions, Treasurer Scott Morrison said on Wednesday, as part of a so-called 'tax strike' on the rapidly-growing digital economy.

Currently, the government is unable to tax all of Australia's approximately $7.37 billion annual online transactions, Xinhua news agency reported.

However, Morrison said on Wednesday that as Australia moves towards a modern, cashless economy, the government must keep up to ensure the tax system remains "modern".

He said after imposing the "Google" and "Netflix" taxes, which ensure multinational corporations and online services were properly taxed for all sales in Australia, the government was aiming at the wider online and digital marketplace to ensure everybody was paying their fair share of tax.

"You've got to make sure your tax base is just not comprehensive but make sure it is modern," the Treasurer said.

"That's not a criticism of anything previously, but you've got to make sure it is keeping pace with the digital economy."

"The tax system will have to change to embrace the new world order when it comes to technology and how people are consuming services," Morrison added.

"The thing about the digital economy is that it is all automatic," Morrison said, adding he expects to introduce changes to the tax system in the May budget.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 16 Dec, 2017
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(13)
» Foreign Trade Policy(6)
» Govt launches public procurement portal for MSEs - MSME Sambandh(1)
» List of items for which anti dumping duties has been levied with related notifications(1)
» India, China to strengthen bilateral trade, investment(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter