Bangladesh to raise cigarette prices with higher taxes in budget for 2024-25 fiscal year
Cigarette prices are set to go up following an increase in supplementary duty and value-added tax (VAT) announced in Bangladesh's national budget for the 2024-25 fiscal year, which was presented today, 6 June, 2024, at the National
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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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Bangladesh: Government to withdraw VAT exemptions for local electronics and other goods in 2024 budget
The government of Bangladesh had previously exempted the country's electronics sector from value-added tax (VAT) for several years. However, according to new rumors, the government could likely withdraw this exemption in the upcoming fiscal
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Saudi Arabia mandates E-Invoicing for high-revenue taxpayers by December 2024
The Zakat, Tax and Customs Authority (ZATCA) Saudi Arabia announced on 24 May, 2024, the criteria for the 12th group of taxpayers will be required to comply during the implementation of the second phase of the electronic invoicing (e-invoicing)
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Vietnam’s Ministry of Finance proposes tax reforms for 2024
The Ministry of Finance in Vietnam is taking steps to improve the economy and support taxpayers. A draft resolution has been accomplished, outlining key changes that will come into effect in the second half of 2024. VAT rate reduction The
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Cyprus: Online applications required for reduced VAT on private dwellings
Starting on 27 May, 2024, Cyprus tax authorities announced that taxpayers seeking a reduced 5% value added tax (VAT) rate on the supply or construction of private dwellings must submit applications online via the Tax For All (TFA)
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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 turnoverÂ
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 – 2028Â
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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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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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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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
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Spain approves extension of windfall taxes on banks and reduced VAT rates
On 11 January 2024, the Spanish Government issued a press release announcing the approval of the Royal Decree-Law. The Royal Decree-Law was approved by the Spanish Council of Ministers on 27 December 2023. This Decree extends specific measures to
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Bolivia widens VAT incentives for various sectors
On 31 December 2023, Bolivia published Law No. 1546 on the General State Budget for 2024 in the Official Gazette. This law introduces a range of incentives for industrialization and expands the existing VAT incentives. The incentives were enacted on
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Algeria publishes finance law for 2024 introducing new local solidarity tax
On 31 December 2023, Algeria's Ministry of Finance published the Finance Law for 2024Â in the Official Gazette. The Finance Law for 2024 eliminates the 1.5% tax on professional activity (TAP) and introduces the new local solidarity tax
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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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Luxembourg ends temporary VAT rate reduction
On 27 December 2023, the Luxembourg Directorate of Registration, Domains, and VAT issued Circular No. 812-1 of 27 December 2023, which declared the end of the temporary reduction in VAT rates as mandated by the Law of 26 October 2022. As
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