Cyprus: Online applications required for reduced VAT on private dwellings
Starting on 27 May, 2024, Cyprus tax authorities announced that taxpayers seeking a reduced 5% value added tax (VAT) rate on the supply or construction of private dwellings must submit applications online via the Tax For All (TFA)
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Poland: Taxable VAT must equal shares’ issuance value for property contributions
The Court of Justice of the European Union (CJEU), on 8 May, 2024, ruled, under Article 73 of the EU Value Added Tax (VAT) directive, that the taxable amount for a property contribution from one company to the capital of a second company, in
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Czech Republic upholds advertising expense transfer prices and VAT deduction interest rate
The Supreme Administrative Court (SAC), regarding case 8 Afs 189/2020-127, ruled against the tax authority's claim that the taxpayer's rental payments to affiliated advertising agencies for advertising space at football stadiums and a golf course
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Czech Republic releases amendment draft for VAT Act 2025
The Czech Republic has published the draft amendment to the VAT Act 2025, which is now under consideration by the Chamber of Deputies. The key proposed changes include: Amend the regulations for calculating the tax base when employers offer
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UAE clarifies VAT rules for performance of a director’s function by a natural person
The UAE Federal Tax Authority (FTA) issued VAT Public Clarification - VATP037 on 13 May, 2024, in which it provided clarification concerning changes in the treatment of the performance of a director's function by a natural person as a supply of
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EU drafts VAT reform for the digital era
The European Commission unveiled on Wednesday, 8 May, 2024, an updated draft of the Value Added Tax (VAT) in the Digital Age (ViDA) package, aimed at modernising EU VAT rules. This proposal, if adopted, will bring significant changes in three key
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Turkey: 1% VAT rate excludes food and beverage service providers
Turkey's Revenue Administration published a release on Saturday, 27 April, 2024, concerning the Value Added Tax (VAT) rates applicable to food and beverage services. The release “Amendments to the Value Added Tax General Application Communiqué
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OECD: Annual Report 2024 of Tax Inspectors Without Borders
On 29 April 2024 the Annual Report 2024 of Tax Inspectors Without Borders (TIWB) was published. This joint initiative by the OECD and the UN Development Programme (UNDP) supports developing countries with capacity building programs to improve
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Slovak Republic: Parliament passes new VAT plan for small businesses
The Slovak Parliament, on Wednesday, 24 April, 2024, passed amendments to the VAT Law. These changes include the implementation of Council Directive (EU) 2020/285 of 18 February 2020, which introduces a new VAT scheme for small
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Brazil proposes regulations for implementing dual VAT system
Brazil’s government submitted a proposal on Wednesday, 24 April, 2024, to introduce a new dual Value Added Tax (VAT) system in accordance with the tax reform bill to Congress. The bill is yet to be discussed, but if it is approved it will be
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Bangladesh: IMF proposes 15% VAT on goods and services for businesses over Tk3cr turnover
On 28 April 2024, Bangladesh’s National Board of Revenue (NBR) announced that the International Monetary Fund (IMF) proposed enforcing a 15% Value Added Tax (VAT) on goods and services from businesses with turnover above Tk3 crore. The IMF also
See MorePoland announces new deadlines for e-invoicing
On 26 April 2024, Poland’s Ministry of Finance and the National Tax Administration declared revised deadlines for the phased rollout of the National e-Invoice System (KSeF) after the conclusion of an external audit. The e-invoicing mandate will be
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Malaysian Service Tax Regime: New policies and guidelines impact Repair & Maintenance, Logistics, Brokerage, and F&B Industries
Over the last three weeks, there has been significant developments with regards to the Malaysian service tax regime, namely three new service tax policies were published, and three guidelines of the Royal Malaysian Customs Department (“RMCD”)
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Finland announces public finance plan for 2025 – 2028
On 16 April 2024, the Finnish government declared its public finance plan for 2025 to 2028. The finance plan includes specific tax reforms focused on enhancing the sustainability of public finances. These measures include: Raising the VAT
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Turkey extends VAT deadline for taxpayers liable for deductions
On 10 February 2024, Turkey’s Revenue Administration published the Tax Procedure Law Circular No. 164 of 10 February 2024. This circular extends the VAT return and payment deadline for taxpayers responsible for VAT deduction. Previously, taxpayers
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Egypt preparing draft for new income tax law
Egypt’s Minister of Finance for Tax Policy and Reforms has announced plans to draft a new iteration of the Income Tax Law. The details of the new law has been fully published, but the main proposals of the new law include: A focus on
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Italy issues annual VAT return form for 2024
Italy’s Revenue Agency released the Annual VAT Return Form for filing in 2024 on the tax year 2023. As of now, the return form and filing instructions are only available in Italian, but the tax authorities will soon release the forms in various
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Ghana halts 15% VAT on residential electricity usage
On 7 February 2024, the Ministry of Finance in Ghana released a press statement regarding enforcing Value-Added Tax (VAT) on electricity consumption by residential customers. According to the statement, electricity suppliers were informed of the
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