France to Hike VAT
The French President announced on January 3, 2012 that his government will hike value-added tax before the upcoming elections, to allow for a reduction in social security contributions paid by companies. The tax measures would be in place before
See MoreJapan’s Government Agrees Plan for Consumption Tax Hikes
It was reported on 2 January 2012 that Japan’s Prime Minister has been able to fulfill his government’s target to produce a detailed plan for future consumption tax rises, but only after his personal intervention at a meeting of the ruling
See MoreJapan: Raise of consumption tax rate
It was published on 31 December 2011 that, the Japanese coalition government has put forward long awaited plans to raise Japanese consumption tax to 10% by April 2015 in two steps. First there will be an increase from the current 5% consumption tax
See MoreReduced VAT in 2013 in Bulgaria
The Bulgarian government announced that it will reduce the nation’s value-added tax by 1% in 2013 with a target of reaching 16% by 2015. The government said that in order to freeze the excise duty hikes until 2015, a cut from the current 20% rate
See More2012 Budget issued by the Japanese government
The Government of Japan has approved and submitted a JPY90.3 trillion budget for the next fiscal year, beginning on April 1, 2012. The proposed budget will be presented to the country’s parliament early in 2012. The Japanese government has
See MoreIreland: VAT rate raise from 21% to 23%
The government of Ireland announce an increase of its standard VAT rate from 21% to 23% from January 2012. This increase is an acceleration of plans to raise the VAT rate to 23% by 2014. The government’s main target is to reduce the GDP deficit
See MoreFrance: Increases Targeted VAT
To reduce the country’s deficit next year and to preserve its AAA rating, the French government is considering the idea of increasing the value-added tax (VAT) in France to either 7% or 9% in certain targeted areas from prevailing 5.5% rate and at
See MoreNorway : Budget Proposals of 2012 has been unveiled
To support a stable economy containing the Norwegian government has recently unveiled details of its 2012 fiscal budget. According to the declaration the overall level of taxation will remain unchanged in 2012. It also notes that there is scope for
See MoreHungary: VAT rate increases
The Hungarian VAT rate increases 2% to 27% and will be effective from 1 January 2012. This will give Hungary the highest VAT rate in the European Union, and one of the highest in the world. The rise comes as Hungary attempts to bring down its
See MoreItaly: VAT rate increases
The Italian Parliament has agreed to an emergency 1% rise of VAT from 17 September 2011. Though the rise was originally submitted in June 2011, and was scheduled for January 2014. But due to instability in the financial market, the government took
See MoreVAT cuts on new houses in Spain
The Spanish government has announced to reduce the rate at which the sales tax is applied to the sale of new housing. The intention behind this reduction is to stimulate the country’s stagnant housing market and support the construction
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