China: Introduction of VAT on transportation charges
In China freight charges are now subject to a 6 percent value-added tax (VAT) rate. The circular Cai Shui No. 37 (Circular 37/2013) repeals the initial VAT policies which were introduced in 1st January 2012. The change, outlined in Cai Shui No.
See MorePortugal: New VAT e-invoice requirements
After the execution of the second EU VAT Invoice Directive in Portugal from the beginning of 2013, the tax office of Portugal has issued another new ruling on the technical obligations for e-invoices. This ruling covers: • Control over the
See MoreOman: VAT could be introduced by 2016
For implementing a value added tax (VAT), the Oman government is considering a framework. This would be generally in line with guidance from the Gulf Cooperation Council, an organization of which Oman is a member. VAT system could be implemented in
See MoreGermany: Effective dates of value-added tax changes
Following the enactment of a new tax law (29 June 2013) in Germany, changes to value added tax are effective on various dates. New invoicing requirements have become effective from 30 June 2013. Changes on VAT exemption with input tax deduction
See MoreEU: Countering “carousel” VAT fraud
The Council of the European Commission affirmed on 22 July 2013 that the appropriation of measures to empower EU Member States to address VAT fraud, with directive provisions that take into account fast response and in addition a particular measure
See MoreTurkey: New e-invoice obligations
The Turkish VAT authorities have introduced a mandatory e-invoice system for all companies and individuals from September 1, 2013. An e-invoicing system was first introduced in 2010 and this is now being made compulsory for certain taxpayers groups.
See MoreUK: VAT changes for telecommunications, broadcasting and e-services
The UK tax authority HMRC has issued a briefing on changes to the VAT place of supply rules affecting telecommunications, broadcasting and e-services from 1 January 2015. From that date where these services are supplied from a business established
See MoreItaly: 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 More