Slovak Republic: VAT changes approved
The parliament of Slovak Republic has accepted some changes to the VAT Act: VAT rate increase to 20% and will be established for the long term The submission deadline for the recapitulative filings is from 20 days to 25 days. If annual sales of
See MoreSpain: Denies to IMF to VAT hike
The Spanish government does not think to increase indirect taxation, despite advice to boost value-added tax revenues from the International Monetary Fund. On July 10, 2014, a report of IMF urged the Spanish government to increase excise duties and
See MoreBelgium: Value added Tax At-a-glance
The Value Added Tax (VAT) is named in Belgium “Belasting over de Toegevoegde Waarde” (BTW) or “Taxe sur la Valeur Ajoutée” (TVA) and it has been introduced since first January 1971. Value added Tax At-a-glance: Rates: Exemptions 0
See MoreCroatia: Order to Non-resident transporters to register for VAT
After joining the EU countries Croatia requires for VAT registration to the foreign passengers foe carrying fare-paying within the country. Croatia force to foreign passengers’ transporters to register for VAT and must apply for a VAT number. VAT
See MoreVietnam – VAT export and invoice changes
Some changes have been made to Vietnam’s VAT regime in respect of VAT invoices and the VAT on exports. The aim of the changes is to require adequate documentation to be maintained in respect of the transaction, including proof of export. There
See MoreVietnam: Changes to VAT rules
Some changes have been made to the VAT regime in Vietnam, effective from January 2014. An important change relates to branches of export processing enterprises, which are being brought within the VAT regime. These enterprises will now be required to
See MoreUK – VAT registration threshold will rise
The registration threshold for VAT in the UK is to increase to GBP 81.000 from April 2014. An enterprise or sole trader must register for VAT when sales reach this annual level. Following registration a trader must charge VAT on sales and pay this
See MoreIsrael: High Court of Justice rejects petition to deny “foreign resident” VAT status from multinational internet companies
The High Court in Israel has rejected a petition asking the Court to order the Finance Minister and tax authorities to impose VAT on cross border services delivered electronically and on products of foreign companies sold in Israel. The Court
See MoreBelgium reduces VAT on Electricity
Recent VAT changes in Belgium include the latest change in VAT rate for supplies of electricity. The rate will change from 21% to 6% and will take effect from1 April 2014 until 31 December 2015 with an option to extend the rate into 2016 and
See MoreTurkish electronic VAT invoices delayed until April 2014
The introduction of Turkish electronic VAT invoices has been delayed until 1 April 2014 due to continuing teething problems. Until this date, tax registered persons may continue to use paper-based VAT invoices. The original edict (Tax Procedural
See MoreEU: Parliament Backs Standard VAT Return
The EU Commissioner for Taxation has welcomed the European Parliament's strong support, expressed on February 26, 2014, for a Standard VAT Return. The Standard VAT Return is one of the Commission's key proposals to reduce the burden of compliance
See MoreCanada: Insurance companies, banks, and security dealers face new indirect tax challenges
Many insurance and financial institutions have a high compliance burden from indirect taxes, owing to the need to distinguish between taxable and exempt supplies and the restriction that many face in reclaiming all the VAT paid on their inputs.
See MoreBelgium requires foreign public transporters to register for VAT
Belgium is to require foreign public transport companies to register for VAT, and charge a proportion of Belgian VAT on the price of their tickets. From 1 January, non-Belgian coach and taxi drivers transporting paying passengers across Belgium
See MoreNamibia: Budget for 2014/15
The 2014-15 Budget was presented by the Minister of Finance on 19 February 2014, and includes the following measures: Corporate taxation: The non-mining corporate income tax rate will be reduced from 33% to 32%. VAT: The VAT registration
See MoreBelgium enforces electronic VAT return
The tax office of Belgium has confirmed that it is to require all taxable persons to file electronic VAT filings over the next year. Corporations will have to submit their monthly or quarterly VAT returns through the online portal of the Ministry
See MoreBelgium increases quarterly VAT return threshold
The normal rule is that VAT returns are submitted on a monthly basis in Belgium. There is however a quarterly filing option for smaller businesses whose turnover is below a certain threshold. The annual turnover threshold for companies
See MoreVietnam – Tax forms and VAT methods
According to Decree No. 156/2013/TT-BTC, in effect from 1 January 2014, new tax forms are to be used by organizations and entities in Vietnam. Enterprises are to pay trade union dues at a rate of 2% of total salary amounts used to compute social
See MoreSpain – VAT changes effective in 2014
Spain’s value added tax law Changes which made by Law 14/2013, Royal Decree 828/2013, Order 2214/2013, Royal Decree 1042/2013, and Law 22/2013—generally were effective beginning 1 January 2014. In general, the principle change concerns a new VAT
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