Mexico: Presented Further Maquila VAT Refunds
The finance minister of Mexico has introduced a 16% VAT on imports through maquila and it will start from 1 July 2014 and government expected it will providing quick VAT refund on import in the Mexico through a 100% tax credit. The government
See MoreGreece’s Prime Minister has promised to slash taxes
It has been promised by the Greece's Prime Minister, Antonis Samaras to cut taxes "everywhere” to substantiate the Government's goal as to reduce the corporation tax to 15 percent, the highest rate of income tax to 33 percent and slash the rate of
See MoreGreece: OECD Report Considers Streamlined VAT Obligations
The Organization for Economic Cooperation and Development (OECD) has proposed changes that would assist taxpayers in complying with the value added tax (VAT) rules. The compliance burden for taxpayers could be reduced by establishing a clear
See MoreVietnam: Expanding Tourist VAT Refund Incentive
Vietnam is widening its special value-added tax (VAT) scheme for exports by temporary visitors to the country. This scheme will enable more temporary visitors to Vietnam to claim refunds in respect of value added tax paid on goods bought during
See MoreSouth Africa: Issues new VAT rules
The South African Revenue Service (SARS) has on 2 May 2014 issued a new regulation setting out the circumstances under which indirect exports may qualify for zero rating and explaining when a Value-Added Tax (VAT) refund may be due on the export of
See MorePortugal Discloses Tax Rates For 2015
Portugal’s medium term economic strategy includes provisions to raise the rate of value added tax (VAT) and social security contribution (TSU). The government also intends to decrease the extraordinary solidarity contribution (CES) on
See MoreThailand may face VAT rate increase
The VAT rate in Thailand may need to be increased from 7 percent to 10 percent as the economic growth slows down. The 7 percent rate was intended as a temporary measure but has continued for some time. The measure had been extended by a government
See MoreRomania’s Government approves tax exemption on reinvested profit
Under an emergency ordinance an exemption from tax on reinvested profits is to be put in place in July 2014 and remain until December 2015. The measure aims to increase the amount of company profits that are ploughed back into the business in the
See MoreVAT rate increases in Portugal
Among a range of austerity measures introduced in Portugal is a rise in the standard rate of VAT. The rate is to increase from 23% to 23.25%. This follows earlier rises in the rate in 2008 and 2011. The new measures also include an increase in
See MoreLuxembourg: Adopts 2014 Budget
Luxembourg’s 2014 Budget has been adopted by the Chamber of Deputies. The debate in parliament was concerned with the Luxembourg Government’s intention to raise taxes with effect from 2015. The government also intends to increase three of the
See MoreVietnam – VAT export and invoice changes
Some changes have been made to Vietnam’s VAT regime in respect of VAT invoices and the VAT on exports. The aim of the changes is to require adequate documentation to be maintained in respect of the transaction, including proof of export. There
See MoreUkraine Increases Tax and Slashes Spending
Ukraine has approved tax reforms that will allow the country to access increased financial aid from the IMF. Ukraine requires the IMF funding to ensure the stability of its finances. For this reason some planned tax cuts will not be implemented and
See MoreLuxembourg Confirms 2015 VAT rise
The Luxembourg government is to raise the rate of VAT 15% to 17% on 1 January 2015. The lower VAT rates charged on certain categories of expenditure will also rise from 12% and 6% to 14% and 8%, respectively. The third reduced VAT rate of 3%
See MoreSlovenia- VAT rise from 22% to 24%
Slovenia has increased the standard VAT rate from 22% to 24% with effect from 1 May 2014 until 31 December 2014. This is intended to contribute to dealing with the 14.7% budget deficit to GDP that has arisen due to a bailout of banks in 2013.
See MoreVietnam: Changes to VAT rules
Some changes have been made to the VAT regime in Vietnam, effective from January 2014. An important change relates to branches of export processing enterprises, which are being brought within the VAT regime. These enterprises will now be required to
See MoreUK – VAT registration threshold will rise
The registration threshold for VAT in the UK is to increase to GBP 81.000 from April 2014. An enterprise or sole trader must register for VAT when sales reach this annual level. Following registration a trader must charge VAT on sales and pay this
See MoreRomania will not reduce VAT rate yet
Romania has announced that it cannot lower the current 24% VAT rate unless economic growth of more than 3 percent continues until 2015. Like some other EU countries, Romania raised its VAT rate on a temporary basis to deal with the consequences of
See MoreIsrael: High Court of Justice rejects petition to deny “foreign resident” VAT status from multinational internet companies
The High Court in Israel has rejected a petition asking the Court to order the Finance Minister and tax authorities to impose VAT on cross border services delivered electronically and on products of foreign companies sold in Israel. The Court
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