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The Application of Goods and Services Tax to Financial Services

Date:

Monday, 2 August 1999

Content ID:

693

Abstract:

The Government announced in its August 1998 policy document A New Tax System, that under the goods and services tax (GST) some financial services would be input taxed in line with international practice. That is, for these services, no GST would be payable on the supply, but no input tax credits would be allowed for any GST paid on purchases used to make the supply. The A New Tax System document noted that the precise range of services that would be taxed or input taxed would be determined in consultation with industry.

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