Thailand Government agrees to keep 7% VAT rate for one more year
The government of Thailand has announced to keep the country’s VAT rate on 7% for one more year. The Previous Thai governments had planned to raise the VAT to 10% but now this has been postponed for one more
See MoreIMF alerts Slovak Republic on VAT rate cut
Slovakia has increased its VAT rate from 19% to 20% in 2011. IMF has warned that reducing the rate back to 19% would expense 0.3% GDP in tax takes for the country. As the economic picture has enhanced slightly, many countries have started to think
See MoreSlovak Republic: IMF advises to keep current VAT rate
International Monetary Fund’s (IMF) advice to Slovakia to preserve the 20% VAT rate and focus more on boosting state revenues rather than further cutting of expenses. The IMF assumes that the plan to reduce VAT to 19 % would responsible for 0.3%
See MoreCzech Republic: Announcement of new anti-tax evasion force
The Ministry of Interior has declared the a new anti-tax evasion unit, naming "Cobra" regarding the sign of a protocol agreement on exchange information for customs, tax, and police chiefs and promised results by the end of the year. Finance
See MorePeru: Extension of VAT withdrawal regime on certain construction activities
The Peruvian tax office has confirmed that the VAT regime of Peru will be extended to cover activities like installation of electricity lines, urban construction works, and public building
See MoreCanada: Indirect tax challenges for real estate sector
Industry of real estate business may face indirect tax—GST/HST and QST—challenges. The indirect tax rules specific to the real estate industry were further complicated by numerous recent changes—i.e., changes that may significantly increase
See MoreChina to cut VAT Rate to 3%
The Ministry of Finance and the State Tax Administration jointly released the “Announcement on Policy for Simplifying and Unifying VAT Rate” on June 13, 2014. From July 1, 2014, a uniform VAT Levy rate of 3% will be implemented for enterprises
See MoreCroatia: Order to Non-resident transporters to register for VAT
After joining the EU countries Croatia requires for VAT registration to the foreign passengers foe carrying fare-paying within the country. Croatia force to foreign passengers’ transporters to register for VAT and must apply for a VAT number. VAT
See MoreTurkey: Consolidation of VAT guidance in single communique
The tax administration in Turkey has previously issued all Value Added Taxes that have been repealed and replaced by a single communique and the new VAT communique is effective from May 1,
See MoreUruguay-Temporary reduction of VAT on purchase by debit cards and credit cards
The government of Uruguay is planning to temporarily cut VAT by 4% on purchase by debit cards and by 2% on that for credit cards. The Economy Minister announced on 5 June 2014 that all debit card and electronic payment purchases with indexed units
See MoreMexico: Presented Further Maquila VAT Refunds
The finance minister of Mexico has introduced a 16% VAT on imports through maquila and it will start from 1 July 2014 and government expected it will providing quick VAT refund on import in the Mexico through a 100% tax credit. The government
See MoreGreece’s Prime Minister has promised to slash taxes
It has been promised by the Greece's Prime Minister, Antonis Samaras to cut taxes "everywhere” to substantiate the Government's goal as to reduce the corporation tax to 15 percent, the highest rate of income tax to 33 percent and slash the rate of
See MoreGreece: OECD Report Considers Streamlined VAT Obligations
The Organization for Economic Cooperation and Development (OECD) has proposed changes that would assist taxpayers in complying with the value added tax (VAT) rules. The compliance burden for taxpayers could be reduced by establishing a clear
See MoreVietnam: Expanding Tourist VAT Refund Incentive
Vietnam is widening its special value-added tax (VAT) scheme for exports by temporary visitors to the country. This scheme will enable more temporary visitors to Vietnam to claim refunds in respect of value added tax paid on goods bought during
See MoreSouth Africa: Issues new VAT rules
The South African Revenue Service (SARS) has on 2 May 2014 issued a new regulation setting out the circumstances under which indirect exports may qualify for zero rating and explaining when a Value-Added Tax (VAT) refund may be due on the export of
See MorePortugal Discloses Tax Rates For 2015
Portugal’s medium term economic strategy includes provisions to raise the rate of value added tax (VAT) and social security contribution (TSU). The government also intends to decrease the extraordinary solidarity contribution (CES) on
See MoreThailand may face VAT rate increase
The VAT rate in Thailand may need to be increased from 7 percent to 10 percent as the economic growth slows down. The 7 percent rate was intended as a temporary measure but has continued for some time. The measure had been extended by a government
See MoreRomania’s Government approves tax exemption on reinvested profit
Under an emergency ordinance an exemption from tax on reinvested profits is to be put in place in July 2014 and remain until December 2015. The measure aims to increase the amount of company profits that are ploughed back into the business in the
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