VAT News

India

India drops e-commerce withholding GST

June 28th, 2017

India has postponed a 1% Goods and Services Tax (GST) withholding tax on sales of goods and services on e-commerce marketplaces.  The tax, Tax Collected at Source (TCS), was planned to be introduced with the 1 July 2017 launch of GST, which is replacing a range of overlapping indirect taxes. The Delhi government had planned …


Spain

Spanish VAT changes

June 26th, 2017

Several taxable services in Spain have been re-categorised from the standard 21% rate to the reduced 10% rate. These include: Live cultural events, including bullfights Live entertainment events The changes are live with effect from today.


India

India first GST filing delay

June 25th, 2017

India’s GST Council has confirmed that the deadline for the first returns under the new Goods and Services Tax (GST) regime is to be delayed by one month. The new regime launches 1 July 2017, and will replace a complex systems of overlapping indirect taxes. Tax payers will have to submit 3 returns per month. Under …


Italy

Italy VAT update

June 24th, 2017

A range of changes to the Italian VAT regime have now been enacted, including: A commitment to VAT rate rises if the government fails to meet its Euro budget rules: Current  Jan 2018 Jan 2019 Jan 2020 Jan 2021 Standard 22% 25% 25.4% 24.9% 25% Reduced 10% 11.5% 12% 13% 13% Restricted VAT credit applications …


Europe

EU fails to agree on VAT General Reverse Charge

June 19th, 2017

The most recent meeting of EU Finance Ministers (ECOFIN) on 16 June failed to agree on the implementation of the voluntary General Reverse Charge (GRC) to fight VAT fraud. The GRC, promoted by the Czech Republic and other central European member states, was the latest strategy to attempt to combat the estimate €50billion ‘missing trader’ …


Hungary

Hungary lowers domestic invoice listing threshold

June 18th, 2017

From 1 July 2018, Hungary will recover all VAT-registered businesses to provide a live report of transactions above HUF100,000.  This is a lowering of the planned threshold. The report, Belföldi Összesítő Jelentés Kereskedelmi Partnerenként, are required with the regular VAT return.


Australia

Australia delays foreign e-Commerce GST to Jul 2018

June 17th, 2017

Australia has confirmed that it will delay the imposition of 10% GST on sales of low-value goods to its consumers by non-resident e-Commerce companies. It had been proposed that the low-value GST-exempt threshold of AUS$1,000 per package be withdrawn.  This would require foreign sellers to GST register if their annual sales were above AUS$75,000 per …


Europe

EU fails to agree on e-Book reduced VAT

June 16th, 2017

On 16 June the EU’s Economic and Financial Affairs Council (ECOFIN) failed to reach agreement on reducing VAT rates on e-books to match printed books.  The Czech Republic objected to the measure.  The lack of a resolution comes after years of seeking to grant e-Books a tax subsidy and boost reading. e-Books at standard VAT rates …