Italy: 1% VAT rise has been delayed until 1 October 2013
The Italian government announced on 26 June 2013 that the introduction of the increased rate of value added tax (VAT) will be deferred to 1 October 2013. The VAT rate will remain at 21% until October 2013. The VAT rate was originally scheduled to
See MoreChina: VAT rate on coalbed methane, shale gas production
The State Administration of Taxation of China has issued guidance according to which oil and gas companies engaging in coalbed methane and shale gas production—or providing production services for coalbed methane and shale gas production are
See MoreUK: VAT deductible in respect of certain payments relating to loyalty cards
The UK Supreme Court reached a decision on 20 June 2013 in respect of CRC (Appellant) v Aimia Coalition Loyalty UK Ltd, formerly known as Loyalty Management UK Ltd (hereafter “Loyalty Management”). The company operated the Nectar loyalty card
See MoreSlovenia: revised budget approved
The Government of the Republic of Slovenia approved the draft revised budget for 2013 on 20 June 2013. The main reason for drafting a revised budget for 2013 was the waning macro-economic forecasts in comparison with the forecasts relevant when the
See MoreIsrael: Budget for the FY 2013-2014
Israeli cabinet has approved the Budget for fiscal year 2013-2014. The VAT rate has been raised to 18% as from June 1, 2013 (previously 17%). The corporate income tax rate has been increased to 26% from 25% and the personal income tax rate will be
See MoreSwitzerland: Plans to raise VAT for Pension Fund
Switzerland has declared plans for increase two percent value-added tax (VAT) rate, which will be started on a transitional basis beginning in 2020. On June 21, 2013 the Swiss Government announced the tentative proposals include an increase in the
See MoreTanzania: Tax proposals for 2013 budget
The Tanzanian Budget for 2013 was presented to the National Assembly by the Minister of Finance and key changes made by the Budget proposals are summarized below: Reduction of the minimum tax rate for individuals from 14% to 13%. Abolition of a
See MoreSlovenia: VAT rates increased
Amendments and supplements to the Act on the implementation of the Budget for the years 2013 and 2014 (the Act) were published in the Official Gazette (Uradni List, No. 46/2013) of Slovenia On 29 May 2013 on June 5, 2013. The government of Slovenia
See MoreUK: Consultation on the VAT treatment of refunds by manufacturers
The UK issued a consultation paper on 31 May 2013 in respect of the value added tax (VAT) treatment of refunds paid directly by manufacturers to consumers. The current UK VAT law permits a business that is in a direct relationship with a customer to
See MoreIndonesia: A new value added tax (VAT) invoice process has been introduced
In order to help the tax authorities to enhance control over the legitimacy of VAT invoices a new value added tax (VAT) process has been introduced in Indonesia. The new provision which is effective from 1st April 2013, ensures that any VAT
See MoreCanada – Tax-related interest rates for 2014
It was announced by the Canada Revenue Agency (CRA) that tax-related interest rates for taxable credits and for tax overpayment and underpayments for the third quarter of 2013 (July 1- September 30) will remain unchanged for this year and the rates
See MoreRussia: VAT treatment of agency services in connection with alienation of ERUs
The Russian Ministry of Finance has noted that the VAT treatment of services generally depends on the place of their supply. Recently they issued Letter No. 03-07-08/4775 on February 20, 2013 regarding the VAT treatment of agency services supplied
See MoreSlovenia: Raises VAT Registration Threshold
Generally EU member states follow the compulsory VAT registration thresholds set in the EU VAT Directives. The EU permitted Slovenia to raise its compulsory VAT registration threshold from €25,000 to €50,000 per annum, so businesses with taxable
See MoreLuxembourg: Standard VAT rate will increase from 2015
The Luxembourg Prime Minister announced on 10 April 2013 that, the standard VAT rate will increase as from 2015, but the new rate has not yet been announced. The standard VAT rate is presently 15percent and is the lowest in the EU. The Luxembourg
See MoreColombian Congress Approves Tax Reform
New Colombian tax rules have come into effect from 1 January 2013. Purpose behind this tax reform was to decrease the country’s unemployment rate and address society’s high wealth differences. The reforms have decreased the corporate income tax
See MoreThailand to Keep VAT at 7%
It has been published on 10 August 2012 that Thailand’s government has decided to postpone the planned increase in the value added tax (VAT) rate by two years to help stimulate the consumer spending and private sector investment, which are
See MoreChina and Hong Kong Special Administrative Region (SAR) update
According to an announcement made in October 2011, a Value-Added Tax (VAT) pilot program will be introduced in Shanghai in January 2012, replacing the business tax in selected industrial sectors. Following the early success of that pilot, it looks
See MoreFinland Unveils 2012 Supplementary Budget
On 28 March 2012, it was reported that the Finish government has recently unveiled details of its 2012 supplementary budget proposal, revising the tax revenue estimate upwards and providing for an increase in expenditure. It has also published
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