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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Finland initiates consultation on VAT rate hike proposal
Finland's Ministry of Finance has initiated a public consultation on a proposed draft bill which suggests increasing the VAT rate on certain commodities from 10% to 14%. The consultation is set to conclude on 19 August, 2024. The draft bill
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Nigeria appoints crypto firm to collect VAT on transaction fees
KuCoin, a Seychelles-based cryptocurrency trading platform, announced on its official X account, on 3 July 2024, that it will impose a 7.5% value-added tax (VAT) on transaction fees for users in Nigeria, effective 8 July, 2024. KuCoin has
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Spain announces 2023 VAT refund deadline
Companies in Spain can claim value-added tax (VAT) refunds paid in other EU countries during 2023 until 30 September, 2024. This process can be completed through the Spanish tax authority’s website. Similarly, EU companies not established
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Switzerland consults on VAT collection amendments for digital platforms
The Swiss Federal Taxation Administration (FTA) has initiated a public consultation on proposed amendments that would mandate digital platforms to collect VAT starting 1 January, 2025. Principles and objectives of the legislation In order to
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Chile revises VAT invoice and document rules
Chile’s tax authority issued Exempt Resolution No. 36, on 15 March, 2024, updating the requirements for various tax documents that value added tax (VAT) taxpayers must issue. These documents include credit notes, debit notes, dispatch guides,
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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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Saudi Arabia unveils criteria for 13th phase of e-Invoicing integration
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has announced its criteria for the 13th wave of integrating the country's new e-Invoicing requirement into its Fatoora system. The 13th wave includes all taxpayers whose revenues subject to VAT
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Romania proposes amended prefilled VAT return format, content
Romania’s government published a draft bill on 27 June, 2024, detailing revisions to the layout and content of the prefilled VAT return. The prefilled e-VAT return follows the government’s Emergency Ordinance No. 70/2024, which was published
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Cyprus extends 0% VAT on essential products
The Cyprus Tax Department announced an additional extension of the temporary 0% VAT rate on essential products, including meats and vegetables, until 30 September 2024. The zero VAT rate on essential goods includes all types of bread (whether
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Vietnam extends 2% VAT reduction on specific goods and services until end of 2024
The Vietnamese government issued Decree No. 72/2024/ND-CP on 30 June 2024, which mandates an additional reduction in the VAT rate from 10% to 8% for various goods and services in the second half of 2024. Effective from 1 July 2024, the government
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Iceland amends VAT Act for cross-border services
Iceland's parliament has amended the Value Added Tax (VAT) Act 50/1988 to align the sale of services to non-resident businesses with the OECD VAT Guidelines and the EU VAT Directive. The new legislation clarifies that, in most cases, the VAT will
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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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Germany: Federal Cabinet approves draft law to reform VAT
Germany’s Annual Tax Act 2024, which was published on 5 June 2024, includes proposals for reforming the VAT system in Germany. The legislative process is slated to be completed by this year. Relevant time for input tax deduction A new
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Saudi Arabia extends cancellation of fines and exemption of financial penalties initiative
The Saudi Zakat, Tax and Customs Authority (ZATCA) announced the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws for six months until 31 December, 2024. ZATCA stated
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Italy updates VAT penalties
Italy has published Legislative Decree no. 87/2024 in the Official Gazette on 28 June 2024, introducing major amendments related to Italy’s tax penalty system. The Decree went into force the day of its publication and will be applied to
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Finland issues guidance for increased VAT starting September 2024
Finland’s tax authority has released guidance clarifying the increase in the standard VAT rate from 24% to 25.5% on 17 July, 2024. The VAT hike has received parliamentary approval and is currently awaiting final confirmation. The revised rates
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Spain extends VAT cuts on essential food products
Spain’s Ministry of Finance announced in a release on Tuesday, 25 June 2024, that the Spanish Council of Ministers approved a Royal Decree-Law which extends the VAT rate reduction for basic food Items. The reduced rates were initially set to
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