Portugal: Azores raises VAT
The Azores (a Portuguese independent region) has increased its standard Value Added Tax (Imposto sobre o Valor Acrescentado) rate from 16% to 18%, with effect from 1 January 2014. Further, the reduced VAT rate of 9% (IVA intermedio) on water, fuel,
See MoreUkraine: Rates and Accounting rules for Tax 2014
On 19 December 2013, the Verkhovna Rada of Ukraine passed Law No. 3757 that introduce tax rates and tax accounting rules for 2014. The corporate income tax rate is reduced to 18% (from 19%) with further decreases to 17% (beginning 1 January 2015)
See MoreSwitzerland: The Federal Council recommend to simplified VAT
The Federal Council has published of the total regulatory burden on 25 December 2013 are CHF10bn, CHF1.8bn on business which are directly related to VAT. The Federal Council clarified the VAT system with a uniform tax rate. Switzerland imposes three
See MoreCzech Republic: New Reduced VAT rate
The Czech coalition government is taking into account to introduce a new, deducted VAT rate for medicines. The EU VAT Directive permits two reduced VAT rates below any member state’s standard VAT rate. These rates may not go beyond 5%.
See MoreCyprus: VAT rate increases
From the 13 January 2014 there will be some changes to the VAT rates in Cyprus as follows: Standard rate of VAT increased to 19% from 18%; Reduced rate of VAT increased to 9% from 8%; and The super reduced and zero rates will remain
See MoreTurkey deducts VAT rate on e-books
By harmonizing the VAT rate imposed on e-books and traditional, printed books Turkey has become the updated country and it plans to rearrange e-books from the standard VAT rate of 18% to the same reduced rate 8% for books. The Turkish VAT deduct
See MoreFrance-Increase of VAT rate from 1 January 2014
The government of France announced on 16 December 2013 to reduce the VAT rate from 19.6% to 20% in 2014. The increased VAT rate should be applied on all taxable supplies from 1 January
See MoreCroatia Proposed to change VAT Rates
The Croatian Government has drawn a draft bill that was reported on 12 December 2013, which proposed multiple modifications to the Croatian Value Added Tax Act to substantially change provisions regarding the nation’s concessionary VAT rates. The
See MoreJapan: Changes to consumption tax and corporate income tax
The Japanese government officially announced on 1st October 2013 its plan to modify “consumption tax” and “corporate income tax”. The highlights of the plan are summarized below: Consumption tax: In the period between 1 April 2014 and 30
See MoreItaly –Government Increases the VAT Rate to 22%
With effect from 1 October 2013, the standard VAT rate on goods and services has increased from 21% to 22%. The reduced rates of 10% and 4% are kept unchanged. The correct rate to use for the supply of goods is the rate prevailing on the first of
See MoreIreland: Budget for 2014
The Minister for Finance presented the Budget to the Parliament on 15 October 2013. The most important features of the Budget are as follows: Under the 2014 Budget, the corporation tax rate remains unchanged; Reduced VAT rate of 9% on various
See MoreItaly: VAT rate will rise to 22% from 1 October 2013
The move to delay the Italian VAT rise to 22% until 1 January 2014 has failed. This means that the Italian VAT rate will rise to 22% from 1 October 2013. Registered businesses should therefore ensure that all necessary procedures are in place to
See MoreRomania: Reduced VAT for bakery products
A change in the VAT rate in respect of bakery products is contained in Government Ordinance no. 16/2013 which was published in the official journal (no. 490, 2 August 2013). The reduced value added tax (VAT) rate of 9% will apply to the supply of
See MoreVietnam: Issues Decree 92/2013 on implementation of CIT and VAT
Vietnam’s corporate income tax (CIT) and value added tax (VAT) guidance given in the Decree includes the following points: – Decrease of CIT to 20% for enterprises with a total annual revenue not exceeding VND 20 billion, effective since 1
See MoreChina: Introduction of VAT on transportation charges
In China freight charges are now subject to a 6 percent value-added tax (VAT) rate. The circular Cai Shui No. 37 (Circular 37/2013) repeals the initial VAT policies which were introduced in 1st January 2012. The change, outlined in Cai Shui No.
See MoreItaly: 1% VAT rise has been delayed until 1 October 2013
The Italian government announced on 26 June 2013 that the introduction of the increased rate of value added tax (VAT) will be deferred to 1 October 2013. The VAT rate will remain at 21% until October 2013. The VAT rate was originally scheduled to
See MoreChina: VAT rate on coalbed methane, shale gas production
The State Administration of Taxation of China has issued guidance according to which oil and gas companies engaging in coalbed methane and shale gas production—or providing production services for coalbed methane and shale gas production are
See MoreSlovenia: revised budget approved
The Government of the Republic of Slovenia approved the draft revised budget for 2013 on 20 June 2013. The main reason for drafting a revised budget for 2013 was the waning macro-economic forecasts in comparison with the forecasts relevant when the
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