Turkey reduces VAT rate for certain services until 31 December 2020
On 31 July 2020, the Turkish Revenue Administration has published Presidential Decree No. 2812, through which the value added tax (VAT) rate is reduced for certain services applicable from 31 July 2020 due to COVID-19 pandemic. Temporarily
See MoreBulgaria: Government Officially publishes a Bill regarding reduced VAT rate
On 19 June 2020, Government Officially published a Bill regarding amending the reduced 9% VAT rates for certain goods and services as a temporary measure in response to the COVID-19 pandemic. This Bill was passed in the Parliament on 12 June 2020.
See MoreAustria: Government announces additional measures in response to COVID-19 outbreak
On 12 June 2020, the Government announced some additional measures in response to COVID-19 outbreak: VAT The Government is planning to finalize a reduced value-added tax (VAT) rate of 5% for the restaurant and culture sector due to the corona
See MoreCzech Republic: The Chamber of Deputies passes anti-crisis tax package for second time
On 16 June 2020, the Chamber of Deputies passed the anti-crisis tax package for the second time aimed at mitigating the adverse economic effects of the pandemic on entrepreneurs and companies. The package is set to be signed by the president and
See MoreCOVID-19: Norway announces new tax relief measures
On 28 March 2020, the Norwegian government has released new tax relief measures in response to coronavirus pandemic. Accordingly, the value-added tax (VAT) is further reduced from 8 per cent to 7 per cent from 1 April 2020 to 31 October 2020 for
See MoreItaly enacts Budget for 2020
On 30 December 2019, Italy published Law No. 160 of 27 December 2019 in the Official Gazette which includes the budget measures for 2020. VAT rate The reduced VAT rate will be maintained at 10% for 2020 and will increase to 12% in
See MoreNetherlands: Budget proposal for 2020
On 17 September 2019, the Dutch Government published the 2020 budget proposals, which includes the Tax Plan for 2020. The 2020 Tax Plan package consists of the following six bills: the 2020 Tax Plan Bill;the Other 2020 Tax Measures
See MoreGreece: Prime Minister announces some amendments in tax legislation
The Prime Minister, Alexis Tsipras, announced on September 8, 2018, plans for tax cuts and pledged spending to heal years of painful strictness, less than a month after Greece emerged from a bailout program financed by its European Union partners
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 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 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 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
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