Norway: Government releases the revised budget for 2018
The government of Norway released the revised Budget for 2018, which was approved by the Norwegian Cabinet on 15th May 2018. In the revised 2018 budget, the Government is proposing an increase of NOK 130 million in funding for the development
See MoreMalaysia: New government plans to reduce GST from 1st June 2018
On May 16, 2018, the new Malaysian government said it will reduce the tax on goods and services to zero from June 1 and effectively abolish it. In a statement from the Ministry of Finance, all registered traders have been instructed to comply
See MoreIndia: GST Council approves proposal for new, simplified return filing
On 4 May 2018, The Goods and Services Tax (GST) Council accepted a new simplified return that would require a taxpayer to file only one return every month and set a period of six months for the transition to take place The Finance Secretary said
See MoreJersey: Ministry of Treasury presents 2018 Budget to the States Assembly
The Minister for Treasury and Resources, Alan Maclean, has presented the Finance Budget Law 2018 and it will be effective from May 4, 2018. The Government had published the Draft Budget 2018 on October 3, 2017. The measures generally applicable as
See MoreAustria: MOF publishes a draft bill for 2018
On 9 April 2018, the Ministry of Finance (MOF) provided a draft bill for an Annual Tax Act 2018 and submitted it for final consideration. With this draft, the EU Anti-Tax Avoidance Directive (ATAD) will be implemented in Austrian domestic law and in
See MoreTurkey: Law 7103 publishes with various tax measures
The new legislative package, or Law No. 7103 has been published on March 27, 2018 in the official gazette, which provides for several investment incentives in support of employment, research & development as well as manufacturing. It was
See MoreRomania: Raised 2018 VAT registration threshold
Romania has introduced a retrospective rise in its VAT registration threshold for resident businesses. It was increased to €88,500 per annum from €65,000 per annum from 1 January 2018. The European Commission last year authorized Romania to
See MoreIncreased VAT in Draft DEF (4) in Italy
A draft of the Economic and Financial Document (DEF showed that VAT hikes under fiscal safeguard clauses will remain intact for the next two years after being frozen for this year. The 10% reduced VAT rate will rise to 11.5% from January 1, 2019,
See MoreSingapore: Plans to increase GST rate and imposed GST on imported services
The Minister for Finance in Singapore presented Budget for 2018 on 19 February 2018. Budget 2018 proposes an increase in the GST rate from the current 7% to 9%. This increase would take place sometime during 2021 to 2025. Budget 2018 also introduces
See MorePortugal: Extended the import VAT reverse charge relief to all goods from 1 March 2018
Portugal has extended the import VAT reverse charge relief to all goods from 1 March 2018. The system was introduced for a restricted list of goods, including cereals, wools and olive oil. It enables approved companies to postpone the cash payment
See MoreImposition of VAT on Bitcoin in Thailand
The Cabinet Government of Thailand has decided to levy 7% VAT on digital currency (e.g. bitcoin) transactions. This is aimed at curbing money laundering and tax evasion. The Council of State will have to ratify the widening of the tax net. Trading
See MoreRussia introduces VAT on B2B foreign digital services from 2019
From 1 January 2019, Russia will introduce new value added tax (VAT) rules with respect to business-to-business (B2B) supplies of e-services provided to Russian customers. Russia introduced VAT liabilities on offshore providers of electronic
See MoreIncreased VAT Rate in South Africa from 1 April 2018
Beginning on 1st April 2018, the value added tax (VAT) rate is scheduled to increase to 15% from previous 14%. Generally, most transactions occurring on or after April 1, 2018, will be subject to VAT at the new rate unless a special time of supply
See MoreChina: Tax reforms for 2018
China’s thirteenth National People’s Congress and the Chinese People’s Political Consultative Conference are holding meetings during 3 to 20 March, 2018. A number of regulatory and tax reforms have been announced. The tax reduction for 2018
See MoreQatar: New VAT regime will come from January 1, 2019
As a Gulf Cooperation Council (GCC) member state, Qatar is expected to introduce a harmonized VAT regime with a standard rate of 5% VAT from January 1, 2019. The introduction of VAT will be a positive step for the country as Qatari firms and
See MoreNamibia: Budget for 2018/19
On 7 March 2018, Mr. Calle Schlettwein, The Finance Minister of Namibia delivered the 2018 budget speech (the Budget). Changes to the Income Tax Act will come into effect in 2019. Phasing out of preferential tax treatment to manufacturers The
See MoreUAE: New deadline for registration extended till April 30
The Federal Tax Authority (FTA) has made an announcement to advise businesses to take benefit from the FTA decision to waive administrative penalties for businesses until April 30, 2018, clarifying that the decision only covers late registration
See MoreLithuania: MPs proposes to reduce VAT on food and non-alcoholic beverages
A group of opposition Lithuanian lawmakers has drafted a proposal to reduce the value-added tax (VAT) on food and non-alcoholic beverages from 21% to 9%, bringing it to the level of one of the country’s reduced tax
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