India: 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 MoreHungary: Parliament approved Budget Bill for 2017/18
The Hungarian Minister of Economy presented the Budget Bill to the Parliament on 2 May 2017 which was approved on 13 June 2017 with 127 votes in favour and 62 votes against. The Budget targets a GDP growth of 4.3 percent, with 4.1 percent projected
See MoreRomania: Parliament confirmed VAT rate cut to 20% 2016
The Romanian Parliament yesterday agreed the standard VAT rate would be reduced from 24% to 20% on 1 January 2016. The rate would be reduced again to 19% in January 2017. The Government plan to cut VAT rate 19% in 2016 but IMF and EU was opposed to
See MoreNamibia: Budget proposals for 2015-16
The Namibian budget speech for 2015-16 was delivered on 31 March 2015. In the budget it was proposed to reduce the corporate income tax rate for non-mining companies from 33% to 32%. There will be no change in the corporate tax rate for mining
See MoreRomania: Government Plans To Cut VAT Rate In 2016
The Romanian Government is planning to cut the value-added tax rate by 3% from 2016. The announcement marks a part reversal of the VAT hike introduced in 2010, to 24 percent from 19 percent. Romania’s Prime Minister Victor Ponta said that either
See MoreCzech Republic: VAT amendments during 2015
The changes regarding value added tax (VAT) effective in the Czech Republic from 1st January 2015 are given below: The 10% reduced VAT rate will be applied to necessary baby nutrition, certain types of pharmaceuticals for human and veterinary
See MoreBelgium: new government agrees on VAT compliance updates
The new government of Belgium has agreed on changes of VAT compliance issues. The changes are: 6% of the reduced VAT rate will be applicable on the expenditure for improvements to homes of at least 10 years old. Previously it was 5 years old to
See MoreSri Lanka Planning To Cut VAT From 2015
The Government has announced a reduction in VAT in 2015 from 12% to 11%. The proposed reduction came as part of a range of political give a ways ahead of next year’s
See MoreSri Lanka: Government Intends to Reduce Tax In “2015 Budget”
Sri Lanka's President, Mahinda Rajapaksa, in his additional role as the Minister of Finance and Planning, presented Sri Lanka's 2015 Budget on October 24, 2014. The Government plans to to stimulate the country's further economic development through
See MoreCzech Republic: New reduced VAT Rate has approved by Lawmakers
The Senate of Czech Republic has accepted a draft bill for introducing a 10% VAT rate on October 22, 2014. The initiation of a reduced tax rate is applicable for books, medicine, and baby food from next year and diapers were also to be incorporated
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: 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 MoreUruguay-Temporary reduction of VAT on purchase by debit cards and credit cards
The government of Uruguay is planning to temporarily cut VAT by 4% on purchase by debit cards and by 2% on that for credit cards. The Economy Minister announced on 5 June 2014 that all debit card and electronic payment purchases with indexed units
See MoreFrance cuts VAT rate on digital news
The French government has updated the Tax Code to reduce the VAT rate on digital news and journals from the standard 20% rate to the reduced rate of 2.1%. This puts digital news on a par with printed newspapers and magazines. This change is in
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 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 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
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