India will classify cryptocurrency exchanges as e-commerce platforms, some analysts expect. The move has important potential tax implications. Under the anticipated new regulations, the Indian government will impose 1% GST on platforms used to exchange cryptocurrencies such as Ethereum and
Sri Lanka is introducing a Special Goods and Services Tax (GST) that will apply to specified goods and services. The new GST does not replace Sri Lanka’s existing VAT system. Rather, it is an additional special tax. The new Special
Germany cut its VAT rate in 2020, as part of the largest Covid-related economic stimulus package in Europe. The decision appears to have paid off. A study shows that VAT cuts drove €34 billion of household spending. Significantly, the cut
Ireland’s Minister of Foreign Affairs expressed concern that the UK could take unilateral action over the Northern Ireland protocol. Foreign Affairs Minister Simon Coveney said that if the UK invokes the ‘safeguards’ built into Article 16, a clause in Northern
The Czech Ministry of Finance is seeking authorisation to increase the turnover threshold for VAT. Currently, businesses with a turnover of CZK 1 million or more must register for VAT. The amount is in line with the EU’s common system
Malawi is imposing VAT on certain banking transactions. However, stakeholders remain confused about precisely how authorities will implement the new VAT rules. Following an amendment to the VAT Act, authorities are charging VAT of 16.5% on specified transactions. Initial reports
Vietnam is providing VAT relief for the hospitality sector to provide economic relief in the wake of the Covid pandemic. Vietnamese VAT relief also extends to other hard-hit sectors, including publishing, film and sports. Which sectors are covered? As part
Nearly 80% of total car sales in Norway in September 2021 were electric vehicles. The surge is driven, in part, by a VAT exemption on electric cars. The Norwegian Road Federation says that 77.5% of new cars sold in the
The EU’s VAT e-commerce package has benefited online retailers in Europe. However there are a number of important VAT issues that still need to be worked out. That’s according to preliminary results of a survey by online retailer industry body
Rishi Sunak could introduce a UK e-commerce sales tax in his forthcoming budget, according to reports. The Telegraph quotes a government source as saying that the plans are still ‘rudimentary’ but there is clear impetus towards some kind of tax