China: VAT on financial services will be applicable from 2016
China's Ministry of Finance (MoF) has announced that it will launch its VAT reforms for the Financial Service Industry in the early next Year. The plan will be to levy VAT on insurance and banking services. This will swap the current flat rate 5
See MoreRussia: VAT treatment of electronic services
The Finance Ministry (MoF) has issued a Letter No. 03-07-08/35579 on 21 July 2014 clarifying the VAT treatment of services for giving entrance to an electronic database supplied by a foreign company to a Russian company. As a result, the MoF
See MoreRussia: VAT free event and exhibitions for foreigners
The Finance Ministry of Russia has established that exhibition, live event and conference services provider in Russia to non-Russian customers are free from Russian VAT. But according to EU and the OECD Guidelines, VAT should be charged on live
See MoreRegister for and use the VAT Mini One Stop Shop
If your business has supplied digital services to consumers in the EU, you can register for HM Revenue and Customs’ (HMRC’s) VAT MOSS scheme if your business is: based in the UK (union VAT MOSS scheme) a non-EU businesses (non-union VAT MOSS
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 MoreCzech Republic: Amendment of VAT Law has submitted to parliament
The government has submitted a VAT Law amendment to the parliament initiating changes to supply rules in telecommunications field, broadcasting and electronic services. The changes would generally apply with effect from January 1, 2015. The main
See MorePeru: Extension of VAT withdrawal regime on certain construction activities
The Peruvian tax office has confirmed that the VAT regime of Peru will be extended to cover activities like installation of electricity lines, urban construction works, and public building
See MoreDenmark: MBA education liable to VAT
The MBA courses provided by Danish public universities are still subject to Danish VAT. The tax authorities wanted to challenge the VAT exemption on these additional educational services on the basis that the learning was not part of the legal
See MoreNetherlands: Important changes in the treatment of VAT offences
From 1 January 2014, the eventual submission of a correct VAT return in the Netherlands will no longer prevent prosecution where the return has been filed late. Prior to 1 January 2014, the late, or non-filing of VAT returns was classified as a
See MoreCanada: GST compliance changes
The Canadian budget for 2014 includes a range of changes to the Canadian Goods and Services Tax (GST) and Harmonized Sales Tax (HST) regime. The tax changes include the following: Extension of the GST exemption on certain health and disability
See MoreSingapore levies Goods and Services Tax on Bitcoin
The Singapore tax authorities have recently issued guidance that the virtual digital currency, Bitcoin, is subject to Singapore goods and services tax (GST) at 7%. Although some financial services are exempt from VAT Bitcoin is regarded as a service
See MoreUK: VAT changes for telecommunications, broadcasting and e-services
The UK tax authority HMRC has issued a briefing on changes to the VAT place of supply rules affecting telecommunications, broadcasting and e-services from 1 January 2015. From that date where these services are supplied from a business established
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 MoreTanzania: Tax proposals for 2013 budget
The Tanzanian Budget for 2013 was presented to the National Assembly by the Minister of Finance and key changes made by the Budget proposals are summarized below: Reduction of the minimum tax rate for individuals from 14% to 13%. Abolition of a
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