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
Costa Rica will introduce VAT in 2019
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
Russian standard VAT rate will rise in 2019
Bahrain to introduce VAT in 2019
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
The standard rate in Russia will increase in 2019
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.
The Russian standard rate is to increase
Multiple entities can now form VAT groups in Malta
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
Bahrain is set to be the 3rd GCC state to implement VAT
The EU has recently released a proposal with 2 key aims to ease the burden of VAT, specifically on smaller businesses
Bahrain announce plans to implement VAT
From 2019, foreign suppliers will need to charge Russian VAT on B2B supplies of e-services
Oman to implement VAT in 2019
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?
The UK Budget, announced this week, announced some VAT changes
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
The implementation of the SAF-T requirements in Norway has been postponed
A recent ECJ case clarifies proportionately of financial guarantees requested by tax authorities
From January 2018, VAT registration obligations may be removed for some non-Slovakian businesses
The Italian government has recently announced that the planned increase in VAT rates will not proceed.
The UK government has released a report on the issue of online retail platforms not assisting fully with online VAT fraud
The EC has recenly issued a letter of formal notice in respect of Hungary's use of the EKAER system
The EC has recently issued a letter of formal notice to Germany in respect of VAT refund violations
The EC has recently proposed a series of changes to existing VAT law to reduce levels of fraud
The European Commission has recently released the 2015 EU VAT gap report
The Switzerland VAT rate is set to revertto 7.7% from January 2018
VATGlobal has finalised the set up of our new operations in the Gulf. As registered VAT agents in the region, we are now certified to assist businesses with their VAT registration, compliance and reporting.
VATGlobal will be sponsoring the Prosper Show in Las Vegas in March 2018. This is the best event for Amazon sellers and suppliers and is a must-see for all vendors and partners
Changes to VAT rates have been announced in the recent Icelandic budget proposal
The Dutch authorities have outlined their intentions for 2018
The submission deadline for EU VAT claims is fast approaching.
The UAE tax authorities have now released the VAT law ahead of implementation in 2018.
UK Sports retail giant Sports Direct, owned by British businessman Mike Ashley, has been given permission by the UK upper tribunal to appeal a decision letter issued by HMRC.
The UK government has recently published a paper outlining its plans for the movement of goods from the EU going forward
The Saudi tax authorities have given a deadline for businesses to register for VAT
The Romanian tax authority has proposed legislation which would see taxpayers collect VAT in a specified VAT bank account
The UAE authorities have released details of the federal law on tax procedured that will apply to VAT
The latest VAT information from the Saudi authorities has now been released
The ECJ has decided on a case where the Romanian authorities rejected payment of an 8th directive claim
The UAE authorities have recently released further details on how the new VAT system will operate
The pilot scheme for cross-border VAT rulings has been extended
The EU's Economic & Financial Affairs Council ("ECOFIN") has announced that they have not been able to come to an agreement regarding reduced VAT rates on e-Books to match printed books
The Dutch government has introduced a new reverse charge rule for telecommunications services.
Saudi Arabia has become the first GCC member state to release its draft VAT legislation
Switzerland plans to apply the reduced rate to e-publications