Bangladesh proposes elevating VAT on SIM cards
The proposed budget for the fiscal year of 2024/25 suggests an increase in Value Added Tax (VAT) on SIM/eSIM cards, rising from BDT 200 to BDT 300. The supplementary duty on SIM-enabled telecommunication services has been elevated to 20%, marking
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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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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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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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Sri Lanka increases VAT rate to 18%
On 28 December 2023, Sri Lanka’s Inland Revenue Department (IRD) issued the Notice to VAT Registered Persons announcing the new VAT rate of 18% from 15%—effective 1 January 2024. The notice also states that any advance payment made before 1
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Kazakhstan’s Tax Overhaul: What Foreign Investors Need to Know About the Upcoming Reforms
On 1 September 2023, President Tokaev addressed the nation and announced a number of important tax policy considerations. To achieve its economic goals, including modernization and diversification of the economy, Kazakhstan should adjust its tax
See MoreBotswana: Finance Minister presents Budget for 2021 to the National Assembly
On 1 February 2021, Dr. Thapelo Matsheka, Botswana’s Minister of Finance and Economic Development has presented National Budget for the fiscal year 2021 to the National Assembly. The Budget contains a number of important tax measures. The key
See MoreSaudi Arabia: Government hikes VAT to 15% as of July 2020
On 10 May 2020, the Saudi Arabia Government has decided to raise value-added tax (VAT) from 5% to 15% on all goods and services as of July 2020. The government will also suspend the cost of living allowance from June as part of the austerity steps.
See MoreIncreased VAT in Draft DEF (4) in Italy
A draft of the Economic and Financial Document (DEF showed that VAT hikes under fiscal safeguard clauses will remain intact for the next two years after being frozen for this year. The 10% reduced VAT rate will rise to 11.5% from January 1, 2019,
See MoreIncreased VAT Rate in South Africa from 1 April 2018
Beginning on 1st April 2018, the value added tax (VAT) rate is scheduled to increase to 15% from previous 14%. Generally, most transactions occurring on or after April 1, 2018, will be subject to VAT at the new rate unless a special time of supply
See MoreSouth Africa: Finance Minister presents the Budget for 2018
On 21 February 2018, South Africa’s Minister of Finance, Malusi Gigaba, delivered the Budget for the year of 2018. The budget includes the following tax proposals: VAT rate to increase from 14% to 15%. This change is effective from 1 April
See MoreAustria: Reduced VAT rate increase in 2016
Austrian government announced in the 2016 Budget that the reduced VAT rate will increase to 13% from 10% on the following services: Cultural events, including entrance to public museums and galleries Domestic air travel Sales of certain
See MoreSlovak Republic: VAT changes approved
The parliament of Slovak Republic has accepted some changes to the VAT Act: VAT rate increase to 20% and will be established for the long term The submission deadline for the recapitulative filings is from 20 days to 25 days. If annual sales of
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 MoreFrance – VAT on house improvement rises
France has confirmed that the reduced rate of VAT on home improvements is to rise from 7 percent to 10 percent. The previous 7 percent rate will however still apply in certain situations including work that began before 1 January 2014 and cases
See MoreAustralia considers GST rise
The rate of GST in Australia is currently 10%, however the possibility of raising the rate has been under consideration for some time. An increase in the GST rate could be used to fund reductions in tax on labor and in corporation tax, helping to
See MoreFrance – VAT on hotel accommodation may be damaging the tourism sector
In the opinion of some commentators the 1 January 2014 increase in VAT on hotel accommodation may be damaging the French tourism sector. The French hotel VAT rate rose from 7% to 10% in 2014 as part of reorganization of all French VAT rates –
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