UK: VAT registration threshold drops for foreign businesses
Following a recent European Court of Justice Case, Schmez C 97/09, the Value Added Tax registration threshold for foreign businesses has been forced to be withdrawn by the UK. The change will be effective from the end of 2012. According to this
See MoreIreland: VAT rate raise from 21% to 23%
The government of Ireland announce an increase of its standard VAT rate from 21% to 23% from January 2012. This increase is an acceleration of plans to raise the VAT rate to 23% by 2014. The government’s main target is to reduce the GDP deficit
See MoreChina’s pilot scheme on VAT in Shanghai
A pilot scheme to replace the existing business tax on the country’s service sector with value added tax (VAT) has been declared by China’s Ministry of Finance and the State Administration of Taxation. The project will be in Shanghai starting
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 MoreFrance: Increases Targeted VAT
To reduce the country’s deficit next year and to preserve its AAA rating, the French government is considering the idea of increasing the value-added tax (VAT) in France to either 7% or 9% in certain targeted areas from prevailing 5.5% rate and at
See MoreNorway : Budget Proposals of 2012 has been unveiled
To support a stable economy containing the Norwegian government has recently unveiled details of its 2012 fiscal budget. According to the declaration the overall level of taxation will remain unchanged in 2012. It also notes that there is scope for
See MoreHungary: VAT rate increases
The Hungarian VAT rate increases 2% to 27% and will be effective from 1 January 2012. This will give Hungary the highest VAT rate in the European Union, and one of the highest in the world. The rise comes as Hungary attempts to bring down its
See MoreItaly: VAT rate increases
The Italian Parliament has agreed to an emergency 1% rise of VAT from 17 September 2011. Though the rise was originally submitted in June 2011, and was scheduled for January 2014. But due to instability in the financial market, the government took
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,
See MoreVAT cuts on new houses in Spain
The Spanish government has announced to reduce the rate at which the sales tax is applied to the sale of new housing. The intention behind this reduction is to stimulate the country’s stagnant housing market and support the construction
See MoreInsurance and VAT exemptions are modified in Philippines
The Philippines Bureau of Internal Revenue (BIR) issued clarifications regarding the income tax deductibility of insurance contributions, and to the applicability of value-added tax (VAT) following takeovers and mergers. According to that, only the
See MoreVAT Amnesty Launched in UK
UK is continuing its concentrated efforts to solve the issue of tax evasion. In this regard, UK is launching a new campaign focusing on those trading above the current value-added tax threshold, but who have not registered themselves for the
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