Saudi Arabia plans to introduce VAT in 2018 the Finance Ministry has confirmed. It will join most of the other five Gulf Co-Operation Council (GCC) states in imposing value-added tax to help cope with the fall in global oil prices. The price of a barrel of oil has dropped from $130 to $45 (today) in two […]
Greece will raise its VAT rate from 23% to 24% on 1 June 2016. It is hoped this will generate between €400m and €600m. It may help avoid a VAT rise in domestic electricity, water and private education. There are no changes to the current 13% and 6% reduced and super-reduced rates, respectively.
The replacement of the Sales and Use Tax (SUT) by value-added tax (VAT) has been delayed from the 1st April 2016 to the 1st June 2016. Previous reports state a 14% VAT rate will replace SUT and educational, medical, raw materials, rental and food services will be excluded from the application of VAT.
China has published VAT rates for the industry sectors to be included in the VAT overhaul and replacement of the Business Tax. The new VAT rates, according the to the State Administration of Taxation from 1 May 2016 will be: Financial services – 11% Consumer services – 6% Real estate – 11% Construction – 11% […]
The IT industry has given a cautious welcome to the introduction of VAT across the Gulf Cooperation Council countries. In the wake of the Gulf Cooperation Council (GCC) countries agreeing to introduce VAT at 5% in 2018, the regional IT industry has reacted with cautious optimism. While the GCC countries are still hammering out the […]
The International Monetary Fund has praised the Bahamas for the successful implementation of a new value added tax (VAT), which has brought more than $500m for the government in the last fiscal year. Following an Article IV consultation, the IMF highlighted the simplicity of the tax policy, strong project management and the electronic system set […]
The UK’s struggling solar power industry has avoided a 400% VAT hike that threatened to weaken a sector already hammered by a cut in Government subsidies. Chancellor George Osborne has agreed with opposition parties and rebel Tory MPs that the Finance Bill should be amended on Tuesday to give the Treasury the power to overturn […]
BEIJING, March 21 (Xinhua) – Against a backdrop of greater downward pressure on the economy, China will press ahead with VAT (value-added tax) reform to foster new momentum for sustainable growth. The plan is to expand a VAT pilot program and replace business tax with the alternate levy across the board starting from May. Details […]
The EU (European Union) intends to release an Action Plan to comprehensively reform VAT (value-added tax) rules in the EU on March 23, an EU official has confirmed. The official said the plan will review current VAT rules to put in place “a single fraud-proof EU VAT area with simpler and more modern rules.” It will […]
David Cameron has confirmed the government will get rid of the ‘Tampon Tax’ – a name for the tax on sanitary products, which includes tampons. In a speech to the House of Commons, the Prime Minister said “Britain will be able to have a zero rate for sanitary products, meaning the end of the tampon tax.” […]