Hungary: VAT rules change
The European Court of Justice (ECJ) has ruled against current Hungarian rules on on the loss of the VAT exemption for exports. Under the present rules, exporters of goods from Hungary must ensure that goods leave Hungary within 90 days to qualify
See MoreLuxembourg: New circular declares VAT exemption for risk management services
“Administration de l’Enregistrement et des Domaines”, the Luxembourg VAT Authorities issued a Circular (Circular n° 723 ter) on 7th November 2013, confirming that risk management services for funds could be VAT exempt. The guidance from the
See MoreColombian Sales Tax on Exports Get Exemptions
According to Decree of 2223 of 11 October 2013, the Colombian tax office has issued up-to-date guidance on the rules for applying VAT exemption on the export of services to foreign corporations. The conditions which must be present to qualify for a
See MoreChina: Clarifies VAT exempt services rules
Following the launch of the Chinese VAT pilot in 2012, the Chinese tax authorities released detailed guidance on September 2013 on the rules around the exemptions for VAT on export services. The services covered by the exemptions include transport
See MoreChina: Exemptions from VAT for exported services
Recently China’s State Administration of Taxation issued guidance on the rules for value added tax (VAT) exemptions for exported services. The guidance provided by Announcement 52 of 13 September 2013, implements the VAT exemptions for exported
See MoreKenya: VAT Act 2013 now effective
The VAT Act 2013 became effective on 2 September 2013. The value added tax (VAT) is to be charged at a standard rate of 16%. A number of exemptions have been included in the VAT legislation including exemptions for medicine and vaccines, wheat,
See MoreCanada: New exempt life insurance policy rules proposals
A number of amendments that would implement changes to the elimination test and other life insurance policy holder taxation rules have been published by the Canada’s Finance Department. Again, the proposals would amend the rules applying to the
See MoreSouth Korea- Planning of Acquisition Tax Cuts
The South Korean Government announced on 30 August 2013 that the tax rates on home purchases would be decreased in order to encourage a rise in transaction numbers. An exemption from property acquisition tax was granted in April 2013, but the
See MoreUK has removed the VAT exemption for business supplies of research
With effect from 1 August 2013 the UK has removed the exemption from value added tax (VAT) for business supplies of research between eligible bodies. Business research for this purpose is defined as research that is provided in return for
See MoreGermany: Effective dates of value-added tax changes
Following the enactment of a new tax law (29 June 2013) in Germany, changes to value added tax are effective on various dates. New invoicing requirements have become effective from 30 June 2013. Changes on VAT exemption with input tax deduction
See MorePhilippines: Thresholds for VAT exemptions increased
The threshold amounts for value added tax (VAT) on sales and leases of residential lots and houses has been increased to offset the rise in the consumer price index by the Philippines’ Bureau of Internal Revenue (BIR). According to the regulations
See MoreTax exemptions for oil and gas projects granted in China
Both onshore and offshore oil and gas drilling projects have been granted import duty and value-added tax exemptions by the China’s Ministry of Finance. The exemptions have been granted to the importation, within established quotas, of equipment,
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