GCC publishes VAT Treaty
The Gulf Co-operation Council, which incorporates six Arab Gulf States, last week published its VAT Treaty, outlining the proposed January 2018 common VAT regime. The six GCC states are: Bahrain,...
View ArticleUK VAT rises ruled out ahead of elections
Both the governing Conservatives and main opposition Labour party today ruled out future rises in VAT ahead of June’s election. The UK has enjoyed a dwindling government deficit since the 10%+ of the...
View ArticleQatar approves draft VAT implementation law
The Qatar cabinet has approved the draft VAT law today. It is expected that the legislation will be published shortly. It is expected that the standard VAT rate will be 5%. Qatar is one of the six...
View ArticleAvalara VAT Reporting content updates 05-05-2017
Italy: As from this release, we support the xml file of the new quarterly Italian return for taxable persons paying monthly. Poland: We have added the possibility to correct late IC acquisitions. For...
View ArticleChina VAT rate simplifications
China’s tax authorities have confirmed to proposals to reduce the number of VAT rates from 4 to 3. Goods such as farm produce, water, coal and gas will be reclassified from 13% to 11%. The new...
View ArticleEU committee backs reduced e-book VAT
A key EU Parliamentary committee has voted to back the European Commission proposals to reduce VAT on electronic books to the same rates as their paper equivalent. The Economic and Monetary Affairs...
View ArticleUK election derails £1.5bn e-commerce VAT fraud measures
Last week’s announcement of a 8th June general election caught the whole country by surprise, adding to the general Brexit-fuelled political and business insecurity. This fallout from the announcment...
View ArticleHungary cuts internet & catering VAT
The 2018 Hungarian budget bill has proposed reducing the VAT on internet access and catering services from 27% to 5%. The bill is expected to be voted on in mid-June. The post Hungary cuts internet...
View ArticleAustralia bitcoin GST exempt Jul 2017
Australia has become one of the last major economies to exempt digital currencies such as bitcoin from indirect tax. It has announced in today’s federal budget that trading in cryptocurrencies will be...
View ArticleRussia VAT rise to 22% January 2019
The Russian Finance department has confirmed that it intends to raise VAT from 18% to 22% on 1 January 2019. The rise will help fund an cut to the employees tax rate to 22% from 30%. The Russian...
View ArticleFinland import postponement update
Finland has issued proposals to update its import VAT deferment scheme this month. The changes include: Importers must report the import VAT due in the same month as the import For VAT-registered...
View ArticleAustralia may delay Jul 2017 foreign GST e-commerce overhaul
Australia has indicated that it may delay until July 2018 the requirement for non-resident e-commerce companies to charge 10% GST on the sales of goods to consumers. On the back of a Senate hearing...
View ArticlePoland VAT split payments 2018
Poland is considering introducing a voluntary VAT split payments regime from 2018. The measure, which includes customers paying VAT to a special, locked bank account, is aimed at reducing VAT fraud....
View ArticleSpain ratifies SII Immediate Delivery of Invoices
Spain has this week gazetted (15 May) the requirements for large businesses to submit regular e-submissions of sales and purchase invoices. SII will become live on 1 July 2017. SII (Suministro...
View ArticleIndia agreement on Services GST rates
The Indian Goods and Services Council, which is concluding a range of issues for the 1 July 2017 launch of GST, has agreed 4 indirect tax rates on Services. The principle standard VAT rates will be...
View ArticleSingapore considers GST fraud domestic reverse charge
Singapore is looking at introducing the domestic reverse charge on products susceptible to missing transfer GST fraud. Initially, the mechanism will apply to mobile phones, memory cards and...
View ArticleBelarus 18% VAT 2020
Belarus plans to lower its standard VAT rate from 20% to 18% from the start of 2020. The reduction will be subject to Russia’s plans to raise its VAT rate to 22% to cut labour taxes, which would amount...
View ArticleIndia 18% GST on banking & insurance
India has confirmed plans to bring banking and insurance services within the net of the new Goods and Services Tax (GST), due to be implemented on 1 July 2017. This will increase taxes on financial...
View ArticleHungary delays live invoice reporting
Hungary has dropped plans to require live invoice reporting until July 2018. The requirement had been for the submission of XML-based details of VAT invoices above HUF100,000 (about €300). The plan...
View ArticleGulf ready for VAT?
As the six Arab Gulf states prepare for the launch of 5% VAT from 1 January 2018, many questions and concerns remain unaddressed. Legal Delays The principle concern is that no legislation has been...
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