Ireland’s proposed 2022 budget was announced in October 2021. The budget contains a number of VAT measures. Notably, the government will extend Ireland’s reduced 9% VAT rate for the hospitality sector until 31 August 2022. Ireland initially introduced the hospitality
South Africa’s National Treasury released a memorandum on a domestic VAT reverse charge for valuable metals. Government is proposing the VAT reverse charge regulations in response to ongoing VAT fraud in the precious metal industry, notably the supply of Kruggerands
A recent report issued by the European Parliament highlights the administrative challenge and cost of VAT compliance. As the report by the European Parliamentary Research Service points out: “European Commission surveys constantly report that the current EU tax system and
UK tax authorities are introducing a new penalty system for late VAT submissions. (The system also applies to Income Tax Self Assessment and will eventually extend to other taxes.) Under the new system, taxpayers will incur a defined number of
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
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