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
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Poland 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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Chile: VAT from digital services exceeds USD 1 billion
On 5 February 2024, Chile’s tax authority (Servicio de Impuestos Internos - SII), in a release, declared that its VAT collections from registered digital service suppliers have exceeded USD 1 billion as of December 2023. In June 2020, Chile
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Belgium parliament passes bill to introduce e-invoicing from 2026
On 1 February 2024, the Belgian Chamber of Representatives passed project 3743/004, which mandates the implementation of business-to-business (B2B) electronic invoicing (e-invoicing) from 1 January 2026. The bill is in accordance with the structured
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Malta Issues guidelines on reduced VAT on pleasure boat hiring
On 31 January 2024, Malta’s Commissioner for Revenue issued Guidelines for the application of the 12% VAT rate on the hiring of pleasure boats. This follows after the recent amendments to the Value Added Tax Act, which extended the 12% VAT rate to
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Bolivia enlists taxpayers whose VAT invoices are invalid for VAT credit and tax deduction
Bolivia’s tax authority (Servicio de Impuestos Nacionales) published three lists of taxpayers whose VAT invoices are deemed void for value added tax (VAT) credit or deductible for corporate tax purposes. The invalidity is based on the following
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IMF Report Comments on Finland’s Economic Position
On 23 January 2024 the IMF issued a report following discussions with Finland under Article IV of the IMF’s articles of agreement. The report notes that although Finland’s economy recovered quickly from the pandemic, the war in Ukraine has
See MoreIMF Issues Report under Extended Credit Facility Arrangement for Mozambique
On 8 January 2024 the IMF issued a report after completing the Third Review under the Extended Credit Facility (ECF) Arrangement with Mozambique. The ECF arrangement aims to support structural reforms to promote Mozambique’s economic recovery and
See MoreBolivia extends deadline for RC-VAT tax compliance, filing, and payment for direct taxpayers
On 19 January 2024, Bolivia’s tax authority (Servicio de Impuestos Nacionales) issued a guidance entitled ‘RND N°102400000006’, in which it extended the deadline for filing the Affidavit Form 610, payment of the tax and compliance with Formal
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Mozambique removes VAT exemption on sugar, soaps, and cooking oils
On 17 January 2024, the Mozambique Tax Authority released a public notice affirming the discontinuation of the VAT exemption previously applied to sugar, soaps, and cooking oils. The VAT exemption applies to their raw materials, intermediary
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Nigeria: FIRS defers implementation of simplified compliance regime for VAT for non-resident suppliers of goods
On 15 January 2024, Nigeria's Federal Inland Revenue Service (FIRS) published a public notice declaring that it deferred enacting the Guidelines on the Simplified Compliance Regime for VAT for Non-Resident Suppliers of goods to Nigeria through
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