Ecuador cuts VAT on electric generators
Ecuador has recently implemented a Value Added Tax (VAT) cut on electric generator imports and local sales as part of a comprehensive strategy addressing the national energy crisis resulting from extended periods of drought that have adversely
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European Commission drops infringement case against Cyprus and Romania over cross-border payment rules
The European Commission announced it closed the infringement procedures against Cyprus (INFR(2024) 0016) and Romania (INFR(2024) 0122) for failing to transpose the Amending Directive to the VAT Directive (2020/284) on 3 October 2024. This
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Slovak Republic passes bill to introduce financial transaction tax, amends VAT, income tax and other tax rates
Slovak Republic’s parliament passed a government bill on 3 October 2024 introducing a new tax on financial transactions and amending several acts, including VAT and income tax rates. The key details of the bills are as follows: Financial
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Nigeria gazettes VAT modification order 2024, introduces new fiscal incentives for oil and gas sector
Nigeria’s Federal Ministry of Finance has unveiled two major fiscal incentives aimed at revitalising Nigeria's oil and gas sector on 2 October 2024. These are Value Added Tax (VAT) Modification Order 2024, which has been published in the
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UAE amends executive regulations on VAT
The Ministry of Finance announced that the UAE Cabinet has approved Decision No. 100 of 2024, which amends certain provisions of the Executive Regulations of Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT) on 5 October 2024. These
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Norway signs new VAT agreement with EU
Norway's ambassador to the EU, Anders H. Eide announced that he signed a renegotiated agreement with the EU on administrative cooperation in the field of VAT to combat international VAT fraud on 2 October 2024. An agreement between Norway and the
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Thailand extends VAT exemption for cryptocurrency, digital tokens
The government of Thailand exempted Value Added Tax (VAT) on cryptocurrency transfers and the use of digital tokens in Royal Decree No. 788, effective starting 25 September 2024. The latest decree entends this exemption and is applicable to
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Peru updates invoice recording deadlines, grants tax authority power to generate purchase register
The Peru government has implemented changes to amend deadlines for recording invoices in the purchase register for value added tax (VAT) purposes, and allows Peru’s tax authority (SUNAT) to generate the purchase register, published in Legislative
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Croatia consults amendments to VAT Act
Croatia’s government initiated a public consultation for draft legislation in which it plans to amend the VAT Act by raising the annual threshold for mandatory VAT registration from EUR 40,000 to EUR 50,000, aligning with the cumulative inflation
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Ethiopia introduces VAT exemptions on water, electricity, mass transport services for low-income groups
The Ethiopian Ministry of Finance published VAT Directive No. 1341/2024, outlining the application of VAT on water, electricity, and transport services on 29 August 2024. The South African government has updated the value-added tax (VAT) policy
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Poland: Lower House passes VAT exemption, optional cash method for small businesses
Poland’s lower house of the Parliament (Sejm) passed the first reading of a bill which allows small businesses with sales in the previous tax year not over EUR 100,000 to receive a value-added tax (VAT) exemption in other EU countries on 27
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Philippines imposes 12% VAT on non-resident digital service providers, includes Netflix, HBO, Disney
Philippines' Department of Finance announced that President Ferdinand R. Marcos, Jr. enacted Republic Act (RA) 12023 on 2 October 2024, imposing a 12% value-added tax (VAT) on non-resident digital service providers (DSPs), including streaming
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Poland passes bill easing VAT rules for small businesses
Poland’s government passed a bill to streamline and simplify VAT obligations, particularly for small businesses in the European Union. Earlier, Poland’s Ministry of Finance approved a draft bill on 10 September 2024 to simplify and modify VAT
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Uruguay extends reduced VAT for tourism until April 2025
Uruguay’s Ministry of Economy and Finance has extended the 9% VAT reduction for certain tourism operations until 30 April 2025, provided that the payment is made using electronic payment methods such as credit cards, debit cards or e-money payment
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Malawi to introduce VAT e-billing system in 2024
Malawi will implement a mandatory VAT e-invoicing system under its 2024/25 budget policy to combat VAT fraud and evasion, as announced by the Minister of Finance on 23 February 2024. The new system will replace existing electronic fiscal devices
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Russia clarifies VAT repayment rules for simplified tax system transition
The Russian Ministry of Finance (MoF) has announced updates regarding VAT repayment rules for legal entities and individual entrepreneurs transitioning to the simplified tax system, outlined in Guidance letter No. 03-07-11/69416 on 17 September
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Thailand extends reduced VAT rate until 2025
Thailand’s Cabinet approved a resolution extending the reduced 7% VAT rate on imports, sale of goods, and provisions of services until 30 September 2025. The extension pushes the previous end date from 30 September 2024. The announcement was
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Malta expands VAT exemption for healthcare
The government has released a legal notice 228 of 2024 designating services by dental technicians, psychotherapy and counselling professions as medical professions for VAT exemption purposes under the Value Added Tax Act (Amendment of Fifth
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