Venezuela extends VAT and customs duty exemption on imports of certain goods
Venezuela announced it published Decree No. 4.967 in the Official Gazette on 28 June, 2024. The Decree clarifies the extension of the temporary exemption from VAT and customs duty on the importation of specific goods. The exemption follows Decree
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Austria passes Tax Amendment Act 2024, introduces changes to VAT
Austria's Federal Council (Bundesrat) approved the Tax Amendment Act 2024 (AbgÄG 2024) on 11 July 2024, following its earlier approval by the National Council (lower house of parliament). The Act introduces several changes, particularly to Value
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Luxembourg introduces draft law to change VAT for small enterprises
The Luxembourg Chamber of Deputies is reviewing Bill 8406, proposing amendments to the law of 12 February 1979 on value added tax (VAT), aligning with Council Directive (EU) 2020/285 of 18 February 2020, Council Directive (EU) 2022/542, and the
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Poland initiates public consultation on VAT Law changes for small businesses
Poland’s Ministry of Finance announced the introduction of a draft bill concerning a proposed amendment to the VAT Law under the Amending Directive to the VAT Directive (2020/285) on 25 June, 2024. The draft legislation is up for public
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Belarus introduces VAT exemptions for imported technical equipment and parts
Belarus has issued Resolution No. 408 dated June 5, 2024 in the Official Gazette, which introduces VAT exemptions for the import of specific technical equipment, spare parts, and related components. This follows after Belarus published
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Ethiopia revises VAT exemptions
Ethiopia's Ministry of Finance has released Directive No. 1006/2024, which alters VAT exemptions across the country. Effective from 20 June, 2024, all goods and services previously exempt through various ministry directives or decisions will now
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Azerbaijan grants VAT and duty exemptions on defence imports
On 7 June 2024, Azerbaijan’s parliament approved exemptions from VAT and import duties for defence product imports. This exemption is expected to enhance the country’s defence industry and the production and development of defence products in
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Slovenia proposes amendments to VAT Act
Slovenia's Ministry of Finance announced the Draft Bill on Amendments to the Value Added Tax Act on 6 June, 2024. The main measures of the bill states that the VAT registration threshold will be increased from EUR 50,000 to EUR 60,000; The
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Bangladesh: Government to withdraw VAT exemptions for local electronics and other goods in 2024 budget
The government of Bangladesh had previously exempted the country's electronics sector from value-added tax (VAT) for several years. However, according to new rumors, the government could likely withdraw this exemption in the upcoming fiscal
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Slovak Republic introduces new VAT scheme, registration thresholds for small businesses
The Slovak Republic published Law of 24 April 2024 on Amendments to the VAT Law in the Official Gazette on Friday, 17 May, 2024. The law outlines implementing a new VAT scheme for small businesses under Council Directive (EU) 2020/285 of 18
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Bangladesh: IMF proposes 15% VAT on goods and services for businesses over Tk3cr turnover
On 28 April 2024, Bangladesh’s National Board of Revenue (NBR) announced that the International Monetary Fund (IMF) proposed enforcing a 15% Value Added Tax (VAT) on goods and services from businesses with turnover above Tk3 crore. The IMF also
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IMF Issues Report under Extended Credit Facility Arrangement for Mozambique
On 8 January 2024 the IMF issued a report after completing the Third Review under the Extended Credit Facility (ECF) Arrangement with Mozambique. The ECF arrangement aims to support structural reforms to promote Mozambique’s economic recovery and
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Mozambique removes VAT exemption on sugar, soaps, and cooking oils
On 17 January 2024, the Mozambique Tax Authority released a public notice affirming the discontinuation of the VAT exemption previously applied to sugar, soaps, and cooking oils. The VAT exemption applies to their raw materials, intermediary
See MoreVenezuela approves extension of temporary VAT exemptions on hydrocarbon fuels
On 12 January 2024, Venezuela published Decree No. 4.911 in Official Gazette No. 42.797. This decree extends the temporary exemption on VAT, customs duty, and related taxes for the import and sale of hydrocarbon fuels and additives that improves
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Bolivia widens VAT incentives for various sectors
On 31 December 2023, Bolivia published Law No. 1546 on the General State Budget for 2024 in the Official Gazette. This law introduces a range of incentives for industrialization and expands the existing VAT incentives. The incentives were enacted on
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South Korea: MOEF announce tax reform proposal for 2023
On 27 July 2023, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform proposal for 2023. The tax reform proposal includes changes in the Korean Pillar two global minimum tax rules and transfer pricing compliance
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Tanzania: Finance Minister presents Budget for 2023/24 to the Parliament
On 15 June 2023, the Finance Minister presents the Budget for 2023/24 to the Parliament providing a comprehensive overview of the tax and associated measures, as well as the suggested priorities and changes for various sectors. The main tax
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Mexico announces tax incentives for investment in Interoceanic Corridor’s development hubs
On 5 June 2023, the Government of Mexico announced a decree introducing tax incentives for companies that decide to invest in Interoceanic Corridor’s development hubs. The decree aims to promote economic development in the disadvantaged southeast
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