Malaysian Prime Minister Defends the Introduction of a Goods And Services Tax
The Malaysian Prime Minister has defended the introduction of a goods and services tax (GST) in Malaysia with effect from April 2015. The Government has stated that it will bring 300,000 taxpayers out of the income tax base with revenues which will
See MoreBelgium: Confirmation to increase VAT registration threshold from 2015
The tax authorities of Belgium confirm its plan to increase VAT registration threshold from 2015. The companies having taxable supplies above €25,000 will need to be registered for VAT from 2015. Previous limit on the 6% VAT rate for renovation
See MoreVietnam: Guidelines on Corporate tax incentives; VAT on export-support services
Vietnam’s tax authorities issued guidance concerning the tax treatment and the determination of increased income from expansion projects during the period 2009-2013 for income that is not entitled to corporate income tax incentives. The guidance
See MoreRomania plans to cut VAT rate extension
The Romanian Government is planning to reduce Romanian VAT to all basic foodstuffs after the success of a trial on key supplies recently. At present VAT rate is 24%% on most foodstuffs. Bread was reduced from the standard Romanian 24% to 9%
See MoreVAT changes from 2015 have been proposed in Luxembourg
Luxembourg VAT compliance changes have been proposed from 2015. The new measures aim to improve the VAT regime in tax free zones and elimination of potential double taxation on goods in VAT suspension released into a free zone. The supply of art and
See MoreRussia: Zero VAT rate applicable to freight services provided by certain vessels
The Finance Ministry (MoF) has issued Letter No. 03-07-РЗ/32218 on July 3, 2014 describing the VAT rate applicable to the provision of services of seaborne vessels and combined navigation vessels based on time charter agreements for the reason of
See MorePoland: Hiked the VAT rate
Poland raised the VAT rate from 21% to 23% in 2011, when it goes through the financial crisis - recession, reduction of government revenues from corporate income tax. The Finance Ministry of Poland has declared, the new VAT rate (23%) will set for
See MoreUkraine changes VAT anti-fraud strategy for 2015
In order to reduce extensive fraud on VAT, the Ukraine VAT code is to be updated from January 1, 2015. The changes include; The VAT registration threshold is to be increased from UAH 300,000 to UAH 1,000,000. Goods may not be sold for an amount
See MoreChina: VAT rates reformed
The Standard VAT rate levied on the import or sale of goods and the condition of processing, installation services and repair is 17 percent. A Reduce rate of 13 percent applies to goods for example newspapers, books, magazines, edible vegetable
See MoreUruguay- reduction of VAT rate on electronic purchases
In Uruguay the Vat rate applicable on purchases of goods and services acquired by bank debit cards, credit cards and wire transfers has been reduced by 2% from 1 August 2014. Also a further 1% cut will be applied from August 2015. The reduced rate
See MoreCzech Republic: Proposal for changing VAT rate
The lower chamber of the Czech parliament accepted in the third reading the VAT law amendment on July 23, 2014 that would initiate changes in VAT rates. At present, the standard VAT rate is 21%. Some goods specifically foodstuffs, pharmaceutical
See MoreThailand-Proposal on changes to VAT rate during 2014 and 2015
The government of Thailand has announced a proposal according to which if approved the value added tax rate would be reduced from 7% to 6.3% between 1 October 2014 and 30 September 2015. On the other hand an additional new, local sales tax rate of
See MoreSlovak Republic: Amendments to the VAT Act
The VAT act amendments would generally apply with effect from January 1, 2015. The main changes are given below: The place of supply of telecommunication, broadcasting and electronic services provides to non-taxable persons. The special scheme
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 MoreSpain: Denies to IMF to VAT hike
The Spanish government does not think to increase indirect taxation, despite advice to boost value-added tax revenues from the International Monetary Fund. On July 10, 2014, a report of IMF urged the Spanish government to increase excise duties and
See MoreBelgium: Value added Tax At-a-glance
The Value Added Tax (VAT) is named in Belgium “Belasting over de Toegevoegde Waarde” (BTW) or “Taxe sur la Valeur Ajoutée” (TVA) and it has been introduced since first January 1971. Value added Tax At-a-glance: Rates: Exemptions 0
See MoreCzech Republic: New 10% reduced VAT rate approves
The Czech government has accepted a new reduced 10% VAT rate from January 1, 2015 andthis rate will be used on medicines, pharmaceuticals, e-books and baby foodstuffs. Under the EU VAT Directive, member states are permitted two reduced VAT rates.
See MorePoland: Proposal for single VAT rate
The Finance Ministry of Poland revised its standard and reduced rate of VAT for creating a single rate to simplify the VAT procedure. Poland’s current VAT rate is 23%; this rate will decrease in between 8% to5%. From 2016 this rate will further
See More