South Africa

South Africa bitcoin VAT exemption

August 10th, 2018

The South African Revenue Service, SARS, has issued draft legislation covering the direct and indirect taxation of digital currencies such as bitcoin. SARS is proposing to follow the European-model on indirect tax, and not make trades subject to VAT. Other countries which have followed this route include Japan, Singapore, and, latterly, Australia. SARS is considering treating cryptocurrencies …


Kuwait

Kuwait readies VAT legislation

August 7th, 2018

The Kuwaiti government is reported to be reading draft VAT implementation legislation for the national assembly to review in October 2018. This could lead to implementation in 2019. The opposition in parliament is likely to be high. Earlier reports in the summer had suggested a 2021 or even 2022 launch date. In 2017, Kuwait and the five …


Ghana

Ghana VAT rate restructured to 12.5% Aug 2018

August 6th, 2018

Ghana has split out the 2.5% National Health Levy from the combined current VAT rate. This means the new VAT rate will be 12.5% instead of the current consolidated 15%. VAT is charged on all taxable suppliers, as well as imports. The 2.5% National Health Levy will now be combined with the Education Trust Fund …


Ghana

Ghana abandons VAT rise

July 30th, 2018

Ghana has confirmed that it will not go ahead with the previously proposed VAT rise. It had been announced in February that it would rise from 15% to 17%. This includes a proposal to reintroduce VAT on financial services. The rate was last increased from 12.5% to the current 15% in  January 2014. Last year, the …


Worldwide

Global VAT changes 1 July 2018

July 1st, 2018

Below is a summary of major VAT and GST changes that come into effect on 1 July 2018: Australia drops GST-free levy on small goods, and requires non-resident e-commerce companies to register if over the threshold of AU$ 75,000 per annum Bahamas raises VAT to 12% The introduction of Polish Split Payments Hungary introduces live …


Angola

Angola introduces 14% VAT Jan 2019

June 21st, 2018

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 …


Uganda

Uganda VAT update

June 17th, 2018

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 …


Liberia

Liberia to introduce VAT 2019

June 10th, 2018

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 …


United Arab Emirates

UAE conference and event VAT refunds

May 17th, 2018

The United Arab Emirates cabinet has approved a change in the law to provide refunds of VAT charged to non-residents businesses by local event organizers. This is generally accepted practice in the EU and many other countries with VAT regimes. VAT which may be reclaimed includes: entrance fees; sponsorship and advertising; charges for exhibiting; and …


Kuwait

Kuwait delays VAT till 2021

May 15th, 2018

Kuwait’s parliamentary committee has said today that the introduction of a 5% VAT regime has been delayed until 2021. The postponement is likely down to strong opposition, and the recovery of the crude oil price from $40 to almost $80 in the past year. The Gulf state will proceed with introducing 200 million dinars in …