Imposing VAT on nonresident suppliers of digital services could raise revenue of between 0.04% and 0.11% of GDP in certain Asian countries. That’s the finding of a new IMF report, “Digitalization and Taxation in Asia”. According to the IMF, that
Policymakers in Europe are holding off from increasing VAT rates amid inflationary pressure from high energy prices. Greece and Spain are introducing targeted measures to mitigate rising electricity costs. Greece: lower VAT on tourism Greece’s Prime Minister Kyriakos Mitsotakis announced
The UK government has issued new guidance on extending Making Tax Digital (MTD) to all VAT registered businesses. From 1 April 2022, VAT registered businesses that are not already obliged to operate MTD must comply with MTD rules. In order
Israel is extending the deadline for VAT returns due in September. Taxpayers submitting bimonthly July-August returns, or monthly August returns, would normally have to submit their VAT returns in September. The Israel Tax Authority has extended the deadline until 5
Egypt’s tax authorities say that food sold online is now subject to VAT. Restaurant food deliveries are themselves also subject to VAT, the head of Egypt’s tax service said. Any food business selling online is obliged to register for VAT
The UK hospitality sector VAT rate will increase on 1 October 2021. Currently, the VAT rate on food, accommodation and admission to certain events is set at a reduced rate of 5%. However, while the rate will increase at the
Businesses registered for VAT in Norway need to ensure they have appropriate digital processes in place before the new year begins. Norway is replacing manual VAT returns with electronic VAT returns from 1 January 2022. Businesses will manage Norway’s new
Israel’s government has published a proposal to introduce digital services VAT. The new VAT would apply to foreign businesses that supply online services to customers in Israel. The proposal is part of a broader memorandum detailing numerous policy proposals issued
Thailand’s cabinet has approved extending the 7% VAT rate for another two years. The standard VAT rate in Thailand is 10%. VAT was due to revert to the standard rate on 30 September 2021, pending an extension. Although the standard