VAT News

Egypt

Egypt early VAT rise to 14% July 2017

January 19th, 2017

  Egypt has announced that it will bring forward to 1 July 2017 a 1% VAT rise to 14%. The original plan had been to raise VAT on 1 October 2017. However, the government faces a large deficit. VAT was introduced into Egypt at 13% on 1 October 2016. It replaced the 10% Sales tax. …


Israel

Israel levies VAT on bitcoin

January 17th, 2017

The Israeli tax office has confirmed that trading in bitcoin is subject to 17% VAT. The announcement confirms that virtual currencies, such as bitcoin, are to be regarded as tradable assets and therefore subject to direct (income tax and capital gains tax) and indirect taxes (VAT or GST) on transactions. This compares to the EU, …


Italy

Italian VAT filings changes

January 16th, 2017

Update 12 Jan 2017: Italy has ratified (Law Decree 193) to introduce extensive new VAT filing requirements from 1 January 2017. Quarterly VAT returns There is a new requirement for quarterly VAT filings. Currently VAT registered businesses only make monthly or quarterly VAT payments without supporting filings. The reporting deadline, whether VAT is due monthly or …


India

India GST risks delay till Sept

January 15th, 2017

Plans for the implementation of a new Goods & Services Tax by April 2017 now look uncertain. The latest potential launch date looks likely to be set to September. Discussions between the Centre and the 29 states have stalled on the vexed question of dual control over the sharing of the tax to the taxable …


United Kingdom

UK VAT free allowance on small value packages

January 14th, 2017

The UK has increased the VAT-free threshold for small packages being imported into the country from outside of the EU. The maximum value of goods is now £39 – previously £34.  The new threshold was introduced on 1 January 2017. As with all EU member states, the UK permits low-value consignment stock relief from duties …


Bahamas

Bahamas VAT due date change

January 13th, 2017

The Bahamas has amended its VAT reporting deadline from 1 January 2017. Quarterly or monthly VAT returns must now be submitted by the 21st of the month following the reporting period. The deadline had previously been the 28th. VAT was introduced to the Bahamas in 2015 at 7.5%.


Peru

Peru cuts VAT to 17%

January 12th, 2017

Peru has announced plans to reduce its standard VAT rate by 1% to 17% from 1 July 2017. The measure has already been delayed several times in recent years as the country has failed to achieve matching tax collection targets.  The government is targeting a VAT rate of 15% eventually.  In addition to VAT, a 2% …


Norway

Norway SAF-T delay till 2018

January 10th, 2017

Norway has postponed the implementation of Standard Audit File for Tax reporting (SAF-T) requirements. Norway was set to be the seventh European country to impose SAF-T reporting from the 1 January 2017. This included providing XML-based transaction reporting to the tax authorities for a range of ‘structures’, including: sales; and GL. It is possible the …