Portugal: Azores raises VAT
The Azores (a Portuguese independent region) has increased its standard Value Added Tax (Imposto sobre o Valor Acrescentado) rate from 16% to 18%, with effect from 1 January 2014. Further, the reduced VAT rate of 9% (IVA intermedio) on water, fuel,
See MoreUkraine: Rates and Accounting rules for Tax 2014
On 19 December 2013, the Verkhovna Rada of Ukraine passed Law No. 3757 that introduce tax rates and tax accounting rules for 2014. The corporate income tax rate is reduced to 18% (from 19%) with further decreases to 17% (beginning 1 January 2015)
See MoreRomania: Modify compulsory VAT cash accounting scheme to voluntary
The Romanian tax office is planning to change its controversial obligatory VAT cash accounting rule to a purely voluntary scheme. The present obligatory scheme was initiated at the early of 2013. This system, progressively common in other EU
See MoreDenmark: Changes VAT return filings for small companies
The Danish Budget 2014 changes the VAT compliance regime for small companies therefore if the businesses with sales less than DKK 5 million, the time limit for filing VAT returns will be extended to 60 days from the current 40
See MoreNorway and EFTA- changes in respect of customs credit for EEA businesses registered in Norway for VAT purposes
It was published on 26 December 2013 that, due to a reasoned opinion from the EFTA Surveillance Authority dated 19 September 2012, the Norwegian VAT representative scheme has already been changed. The changes relate to the removal of the requirement
See MoreSwitzerland: The Federal Council recommend to simplified VAT
The Federal Council has published of the total regulatory burden on 25 December 2013 are CHF10bn, CHF1.8bn on business which are directly related to VAT. The Federal Council clarified the VAT system with a uniform tax rate. Switzerland imposes three
See MoreCzech Republic: New Reduced VAT rate
The Czech coalition government is taking into account to introduce a new, deducted VAT rate for medicines. The EU VAT Directive permits two reduced VAT rates below any member state’s standard VAT rate. These rates may not go beyond 5%.
See MoreCyprus: VAT rate increases
From the 13 January 2014 there will be some changes to the VAT rates in Cyprus as follows: Standard rate of VAT increased to 19% from 18%; Reduced rate of VAT increased to 9% from 8%; and The super reduced and zero rates will remain
See MoreMalta: VAT 2014 changes approved
It was reported on 18 December 2013 that the Maltese budget for 2014 has been approved by Parliament. It includes a small number of changes to the VAT penalties and compliance regime, including: There will be no penalties for late filings of
See MoreTurkey deducts VAT rate on e-books
By harmonizing the VAT rate imposed on e-books and traditional, printed books Turkey has become the updated country and it plans to rearrange e-books from the standard VAT rate of 18% to the same reduced rate 8% for books. The Turkish VAT deduct
See MoreFrance-Increase of VAT rate from 1 January 2014
The government of France announced on 16 December 2013 to reduce the VAT rate from 19.6% to 20% in 2014. The increased VAT rate should be applied on all taxable supplies from 1 January
See MoreCroatia Proposed to change VAT Rates
The Croatian Government has drawn a draft bill that was reported on 12 December 2013, which proposed multiple modifications to the Croatian Value Added Tax Act to substantially change provisions regarding the nation’s concessionary VAT rates. The
See MoreVietnam: VAT regime is to be increased
The penalties for infringement of the Vietnamese VAT regime are to be increased. The new charges were published in Decree 129 which is summarized below: The changes include: • The new maximum fine for VAT reporting infringements is VND 200m. •
See MoreNetherlands – Electronic filing required for VAT returns
It has been reported that entrepreneurs subject to value added tax (VAT) but not “established”―for VAT purposes―in the Netherlands must file their VAT returns / EC sales lists electronically (and not on paper forms) from 1 January
See MoreLuxembourg: New circular declares VAT exemption for risk management services
“Administration de l’Enregistrement et des Domaines”, the Luxembourg VAT Authorities issued a Circular (Circular n° 723 ter) on 7th November 2013, confirming that risk management services for funds could be VAT exempt. The guidance from the
See MoreItaly: Extension of 2012 VAT returns submission
A further extension has been made to the deadline for filing of the annual 2012 Italian VAT filing. The new filing date is 31 January 2014. Italian VAT registered companies will be able to file these returns through the Entratel or Finconline
See MoreIndia – GST implementation hits new delays
The Indian government’s plans to introduce a new implementation Bill and to replace the existing Indian VAT and CENVAT regimes with a new Goods & Services Tax (GST) look likely to be delayed again since the States are seeking to re-open
See MoreColombian Sales Tax on Exports Get Exemptions
According to Decree of 2223 of 11 October 2013, the Colombian tax office has issued up-to-date guidance on the rules for applying VAT exemption on the export of services to foreign corporations. The conditions which must be present to qualify for a
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