Angola is to replace its existing 10% Consumption Tax regime with a 14% Value Added Tax system from 1 January 2019. Until the start of 2021, this will be mandatory for large taxpayers (turnover exceeding AOA 50 million) only and voluntary for small taxpayers. It will be compulsory for all from January 2021. It is …
The Uganda 2018/19 budget contains a range of VAT rule updates, including: VAT returns are due on 15thof the month following the reporting period end VAT exemptions have been extended to certain construction services Key taxpayers will be required to withhold VAT where their customers fail to properly VAT register. There will be a UShs 37.5 …
From 1 September 2018, large tax payers will be required to produce electronic VAT invoices. The Colombian tax authorities, DIAN, has already selected the companies that must produce e-invoices from September. Although some companies have been granted a postponement until December 2018. Key requirements include: Invoices will be XML-based on format set by DIAN Use …
The Russian government has approved a VAT rise from 18% to 20% on 1 January 2019. It must next be ratified by the Russian Parliament – which is likely to be a mere formality. The hike is less than the Russian 22% VAT threatened earlier. There will be no change to the reduced VAT rate …
Liberia is planning to introduce Value Added Tax regime sometime in 2019 according to its 2018/2019 budget. VAT would replace the existing Goods and Services Tax, which is 10% and 7% for goods and services, respectively. Every registered manufacturer and service provider shall file VAT returns for each tax period (calendar month) within 21 days …
The new Barbadian government is to cut VAT from 17.5% to 15% on 1 January 2020. The cut is partially aimed at helping to bolster the financial services sector, which cannot recover VAT it is charged as its services are VAT exempt. The government is anxious that regulatory tightening to avoid EU blacklisting may squeeze …
Costa Rica has published a plan to introduce a 13% VAT regime to replace its existing Sales Tax. The current 13% sales tax is levied on imports and domestic sales of all goods. There are exemptions for basic foodstuffs, medicines and other essentials. Services are exempt. The country needs to widen its tax based, which means …
The Bahamas is to raise its Value Added Tax rate from 7% to 12% on 1 July 2018. The country’s Minister for Finance, Peter Turnquest, announced the rise to help meet a projected budget deficit this year. Some basic foodstuffs will become zero-rated to help soften the effects of the rise. VAT was introduced in …
Sri Lanka plans to cut its Value Added Tax rate from to 12.5% from the current 15%. The plan was announced yesterday by the Finance Minister, Mangala Samaraweera. Sri Lanka agreed to raise its VAT rate from 11% to 15% in 2016.
Thailand has made digital currencies, such as bitcoin, VAT exempt. This recognises the cryptocurrency as a ‘private money’ instead of a commodity with its own intrinsic value. This follows the treatment in the European Union and much of the rest of the world. Trading will though remain subject to capital gains or corporate income tax. At …
