VAT News
The Federal Tax Authority has unveiled a new electronic system designed to aid the registering of excise goods in the UAE.
HMRC figures show one in ten UK firms filed VAT non-compliantly after the first deadline.
Croatian Finance Minister, Zdravko Maric, announces plans to reduce standard VAT rate to boost national tourism, hospitality and food & drink industries.
Showing his plans for the first time to an International media organisation, Mishutin shares he is an advocate for digital, real-time tax administration with no tax returns in Russia.
Saudi Arabia have amended their VAT laws as of 18th July 2019.
This month an increasing number of European countries have announced planned VAT reductions across a wide range of goods and services.
Among changes announced were a substantial reduction in both corporate tax and value-added tax (VAT).
Legislation approved in France this week imposes a digital services tax on technology firms.
Thousands of construction companies are facing a 20% drop in cash flow when VAT changes come into force in October.
US announce crackdown on crypto tax evasion, whilst other countries exempt crypto from VAT altogether.
Japan set to raise Consumption Tax by 1st October 2019
Intrastat thresholds have changed in several EU countries as of 2019. Discover the changes and how it impacts you.
HMRC put forward legislation to increase VAT for home solar-power systems from 5% to 20%.
The Netherlands and France have joined forces in attempts to convince other European countries to end the current tax exemptions on jet fuel and plane tickets, as part of an ongoing drive to make the EU carbon neutral by 2050.
Kuwait reports indicate that it plans to implement a 5% VAT regime from 1st April 2021.
The Polish Ministry of Finance has delayed the introduction of SAF-T to replace the existing VAT system to 2020.
Effective from 1st July 2019, the number of products and services that will be subject to VAT has significantly increased in the country.
A sales tax registration & collection obligation imposed on remote sellers which exceed $500,000 in sales in California.
The Greek PM's proposal for reduction in VAT across a wide range of goods is approved.
Construction sector businesses have been warned they will be the focus of targeted rule changes that aim to tackle VAT fraud.
Businesses selling in, or to, Iceland will no longer require a fiscal representative for VAT
HMRC is looking to whether Uber should be classified as a transportation company, and therefore liable to pay VAT in the UK.
500 days since it's introduction, VAT refunds in the UAE are soaring.
UK MP Chris Bryant calls for scrapping the 20% VAT rate applied to sunscreen products, encouraging more people to regularly use it.
On the eve of a European election, Greek Prime Minister Alexis Tsipras proposes a number of significant tax reductions focusing on increasing tourism to the country.
The Transactional Network Analysis quickly uncovers suspicious transactions and fraudulent VAT activity.
A proposed VAT law change is close to being implemented in Lithuania in attempts to boost the economy.
Under the new rules, armed forces deployed outside their own Member State would not pay VAT or excise duty to other Member States
Following an announcement from the Budget Committee in Kuwait, VAT will not be introduced to the state for at least two years.
Part of a major overhaul of pre-existing VAT systems, the Chinese Government are implementing a number of significant changes to their VAT laws and processes.
A concise list of all major changes made to Value Added Tax (and Goods & Services Tax) rates around the world that have come into effect since 1st January 2019.
By the end of the month, Bahraini businesses will have to submit their first ever VAT return within the country.
The Federal Tax Authority in the United Arab Emirates have introduced a VAT refund scheme for foreign business visitors traveling to the area.
A summary of the 2019 Thomson Reuters report on how tax teams are tackling the challenges of a digital tax world.
The Federal Tax Authority in the UAE see a record number of VAT registrations.
Gareth Kobrin, CEO of VATGlobal & Abbey Heller, of SAP Concur, discuss the upcoming Making Tax Digital deadline.
Following the decision of the State Council, the Ministry of Finance in China has announced $298bn tax cuts to boost growth.
Italian authorities have announced their plans ahead of the UK's possible no-deal Brexit departure.
U.S. Consumption Tax of 5% could raise $3 trillion by 2028 says Congressional Budget Office.
HMRC outline important changes to customs procedures and VAT for UK-EU trade that will occur if the UK leaves the EU without a deal.
New legislation announced sees enforced split payments for industries susceptible to VAT fraud. As well as a new list of goods and services, currently at 8% VAT, that will be reduced to a rate of 5% based on CN codes and the Polish classification of goods and services.
UK businesses VAT registered in Belgium will be required to appoint a fiscal representative post Brexit
Businesses currently using the MOSS system in the UK must be aware of changes following Brexit
UK businesses wishing to claim EU VAT incurred in 2018 must act now
The statutory instrument enabling businesses to defer UK import VAT has recently been issued
Businesses who may be heavily affected by a 'no-deal' Brexit have received letters from HMRC
With the massive loss experienced by the Prime Minister in the Commons yesterday, we have never been further away from a deal. Without a deal agreed between the UK and EU, there is nothing but uncertainty from a VAT perspective...
From 1 January 2019, new rules will be introduced for the VAT MOSS scheme in the EU
Certain e-publications previously subject to the reduced rate will now be standard rated
Additional services have been brought into the scope of Korean VAT
Businesses with a certain taxable turnover in Bahrain must register for VAT by 20 December 2018.
The EC today announced detailed measures that are intended to ease the transition to new VAT rules for e-commerce that come into force in January 2021. The rules announced today (11 December, 2018), lay out the steps needed to 1) ensure that online marketplaces take responsibility and 2) ease the administrative burdens for e-commerce businesses
From April 2019, UK VAT registered business over the mandatory threshold of £85,000 will be required to meet new digital requirements for their UK VAT filing
B2B supplies of e-services will soon be subject to Russian VAT
E-publications may soon no longer be subject to the standard rate of VAT across the EU
The 2016 VAT gap report for the 28 EU member states has recently been released
The UK government has released guidance on the VAT impacts of the UK leaving the EU with no deal negotiated
The scope of VAT has been extended to foreign B2C cloud computer services.
Romania is considering postponing cutting the19% VAT rate to 18% for 2019.
Sales and Service tax will replace GST in Malaysia
Making Tax Digital (MTD) is an initiative by HMRC to provide a more technologically-driven approach to tax in order to improve efficiency, reduce errors, increase transparency and streamline processes.
To combat the inequality, South Dakota brought a case against Wayfair Inc which said that even if the supplier had no physical nexus in the classic sense, they should still collect and remit sales tax on online sales, to level the playing field with suppliers who do have a nexus.
Some reports are suggesting the UK may remain within the EU VAT area following Brexit
Malaysia has announced GST will be reduced to 0% from June 2018
Kuwait's parliament budget committee has announced the postponement of the VAT implementation until 2021
In the recent budget, it was announced that non-Australian entities making supplies of accommodation may be brought into the GST net
As from 1st of July 2018, new VAT regulations implementing a mechanism called Split Payment will come into force for eligible Polish taxpayers. Payment for an invoice will be split between two bank accounts of the seller: net value will be transferred to the regular bank account and the VAT value will be transferred to the VAT bank account.
Hungary will be implementing a real-time SAF-T audit obligation in July 2018. This is the third EU state to introduce the taxing audit requirement. As the trend continues for tax office opting for the SAF-T approach, automated tech solutions should be considered. Read about how VATGlobal's R&D and tech departments are collaborating to develop systems to help our clients...
The trend in business in undeniably a shift towards the provision of services which are provided online. As the world has moved more digital, tax offices around the world want to ensure they have the necessary laws in place to be able to earn their tax revenues accordingly. This has been identified as a key revenue source and therefore an area of major focus for tax offices around the world...
Figures released show levels of VAT compliance in UAE
Businesse not resident in Quebec may have QST registartion obligations if they supply digital services
Romania has increased the VAT registration threshold for resident businesses.
The UK chancellor yesterday released his spring statement, with 3 VAT announcements
The European Commission has issued infringement proceedings to Cyprus, Greece and Malta regarding their VAT treatment of yachts
The FTA in UAE has released details of how overseas businesses not registered for UAE VAT can reclaim UAE VAT incurred.
Singapore is the latest country to apply tax to imported digital services
The standard rate of VAT in South Africa will rise to 15%
The EU and Norway will now cooperate more in the fight against VAT fraud
The EU has recently released a proposal with 2 key aims to ease the burden of VAT, specifically on smaller businesses
From 2019, foreign suppliers will need to charge Russian VAT on B2B supplies of e-services
Non-established businesses supplying e-services to Turkish customers will shortly have VAT registration obligations in the country.
From a VAT perspective, the impact of Brexit will be significant. Supplies made to and from the UK will, in future, be exports and imports rather than intra-community dispatches and acquisitions. Under the current rules the UK is part of the single market and so goods can move freely between the UK and other EU member states, with VAT generally accounted for under a ‘reverse charge’ type mechanism. Looking forward, such movements will be potentially subject to import VAT, customs duties, and additional levels of administration and bureaucracy. How will the so-called "hard border" between the Republic of Ireland and Northern Ireland impact VAT compliance, fraud and trade in general?
Do you have multiple VAT compliance reporting obligations and no centralised place to manage them? VATGlobal has developed a web-based VAT calendar where you can gain control of all the various VAT returns, EC sales lists, intrastats and other declarations that your company has to file...
On 5 December 2015 at a meeting of the Economic and Financial Affairs Council ("ECOFIN"), new VAT regulations were approved
The cryptocurrency is about to breach the $20,000 mark - but do you understand how your BTC transactions will be taxed?
Legislative changes mean that Amazon may now collect sales tax on behalf of merchants
The GST rate applicable to many goods has been reduced
Foreign suppliers of B2C services may have VAT registration obligations from January 2018
Online giants Amazon and Ebay have expressed opinions about their concern over proposed new e-commerce VAT rules.
The VAT registration threshold for established businesses will increase
