Croatia: MoF publishes a draft bill covering various sectors
The Finance Minister, Zdravko Marić, on August 16, 2018, published draft bill on amendments to the Law on administrative cooperation in tax matters. This Act shall enter into force on the eighth day after its publication in the Official Gazette
See MoreBangladesh: Parliament passes budget for FY 2018-19
On 28 June 2018, the Parliament of Bangladesh has passed the Tk 464,573 crore national budget for 2018-19 fiscal year. Finance Minister AMA Muhith moved the Appropriations Bill, 2018 seeking a budgetary allocation of Taka 571833,82,92,000 which was
See MoreNorway: Government releases the revised budget for 2018
The government of Norway released the revised Budget for 2018, which was approved by the Norwegian Cabinet on 15th May 2018. In the revised 2018 budget, the Government is proposing an increase of NOK 130 million in funding for the development
See MoreMalaysia: New government plans to reduce GST from 1st June 2018
On May 16, 2018, the new Malaysian government said it will reduce the tax on goods and services to zero from June 1 and effectively abolish it. In a statement from the Ministry of Finance, all registered traders have been instructed to comply
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 MoreChina: Tax reforms for 2018
China’s thirteenth National People’s Congress and the Chinese People’s Political Consultative Conference are holding meetings during 3 to 20 March, 2018. A number of regulatory and tax reforms have been announced. The tax reduction for 2018
See MoreNamibia: Budget for 2018/19
On 7 March 2018, Mr. Calle Schlettwein, The Finance Minister of Namibia delivered the 2018 budget speech (the Budget). Changes to the Income Tax Act will come into effect in 2019. Phasing out of preferential tax treatment to manufacturers The
See MoreLithuania: MPs proposes to reduce VAT on food and non-alcoholic beverages
A group of opposition Lithuanian lawmakers has drafted a proposal to reduce the value-added tax (VAT) on food and non-alcoholic beverages from 21% to 9%, bringing it to the level of one of the country’s reduced tax
See MoreDominican Republic: DGII publishes guidance on the tax on the transfer of industrialized goods and services
The Directorate General of Internal Revenue (DGII) published guidance on the tax on the transfer of industrialized goods and services (ITBIS) on 31 January 2018. The Tax on ITBIS is a general tax on consumption type value aggregate that applies to
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 MoreHungary: The reduction of VAT on foodstuff is ongoing
The Government's goal is to tax the most important foodstuffs with the lowest possible levels of Value Added Tax (VAT), and accordingly will continue to reduce the VAT on key foods in 2018. From January 1, 2018, the VAT on fish for consumption, pork
See MoreVietnam considers special tax for sweet drinks
The Ministry of Finance is proposing to levy a special consumption tax of 10% on sweet drinks to combat child and adult obesity rates. It is part of a ministry proposal to revise five tax laws, including a value-added tax (VAT), special consumption
See MoreUAE: Prime Minister signs VAT Executive Regulation
The Finance Ministry, announced on November 27, 2017, that Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, signed the Executive Regulation regarding the Federal Decree-Law No. (8) of 2017 on
See MoreChina passed a draft law to reinforce VAT reform
On 30 October 2017, the State Council executive meeting decided to abolish the business tax, which has been in force for over 60 years and decided to put an end to the provisional regulations on business tax and revise the provisional regulations on
See MoreIndia: GST rate reduced to 18% from 28%
On 10 November 2017, the Goods and Services Tax (GST) Council reduced the tax rate on 178 items from 28% to 18%. GST Council also brought all AC and non-AC restaurants in the 5% GST bracket without the input tax credit (ITC). Only 50 items, mostly
See MoreUAE: MoF announces Executive Regulation for VAT
The Finance Ministry (MoF) announced the Executive Regulation for the Federal Decree-Law No. (8) of 2017 regarding Value Added Tax (VAT) at a Cabinet meeting on November 7, 2017, directed by the Vice President and Prime Minister of the UAE, Sheikh
See MoreItaly: Cabinet approves 2018 budget bill
The Council of Ministers of Italy approved the draft Budget Law for 2018 on 16 October 2017. The main tax measures according to the approved Budget law are as follows: -incentives specifically on the temporary accelerated depreciation regime, the
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