VAT news tagged as "Budget"

Zambia

Zambia VAT update

November 20th, 2016

The 2017 Budget includes a number of proposed changes to the Zambian VAT rules. These include: Abolishment of the group VAT scheme Restrictions on the right to deduct input VAT on certain pre-registrations costs Introduction on new online filings process Reduction in the right to deduct input VAT on certain mobile phones, media equipment, fuels …


United Kingdom

UK VAT cut pitch sensible?

August 2nd, 2016

The investment bank, Bank of America Merrill Lynch, has proposed a temporary reduction in the UK’s standard VAT rate from 20% to 17.5%. It has suggested this to counter the inflationary effects of the UK’s currency, Sterling, falling by around 15% since the Brexit referendum, and to keep consumers spending. Do temporary VAT cuts work? …


Italy

Italy VAT rise update

March 28th, 2016

Italy’s damp economic performance may push it to implement a VAT rate rise clause in its 2016 budget to ensure it complies with the Euro currency membership requirements. The clause provides for a VAT rate rise from the current 22% to up to 25% by 2017 in a series of increases. Members of the Euro …


United Kingdom

UK tackles £1.5bn e-commerce VAT fraud

March 16th, 2016

The UK’s Chancellor, George Osborne, announced today in his budget action on non-EU VAT fraudulent sellers on online marketplaces. This will include: The obligation of non-compliant non-EU sellers to appoint UK-based VAT representative and/or put bank guarantees in place.  The agents will be responsible for UK VAT registering the e-commerce sellers, and filing VAT returns and …


South Africa

South Africa VAT budget

March 6th, 2016

The latest South African budget refrained from raising the standard VAT rate from the current 14% to help deal with the fast growing state deficit. But it did include a number of VAT changes, including: A review of the VAT treatment of vouchers, gifts or discounts granted by loyalty schemes A review output VAT relief …


Poland

Poland 2% supermarket sales tax

December 19th, 2015

The new Polish Law & Justice Party government has proposed a sales tax on larger retailers. The tax would be levied at 2% on sales of retailers with stores above 250 square meters. This may be introduced on a tapering scale of between 0.5% and 2%. The implementation date could be 1 January 2016 or …


Israel

Israel concedes reduced VAT rate

November 15th, 2015

The ruling Israeli government has agreed to zero rate VAT on public transport and key basic foods to secure agreement on the latest budget. The concessions were demanded by the government’s coalition partners, including Shas, last week to secure the passage of the latest bi-annual budget. Failure to pass the final budget would result in …


Kenya

Kenya VAT changes

June 12th, 2015

The new 2015/16 budget for Kenya includes a number of VAT changes, including: Good in transit will be nil rated instead of exempt from VAT, meaning input suffered will be recoverable VAT credits in returns will be refundable within 12 months of application Goods provided for the construction of capital works in industrial estates will …


Italy

Italy Stability Law VAT changes

January 9th, 2015

Italy has published a number of tax changes in its latest Stability Law 2015. The Italian VAT changes include: Italian VAT rate will rise from 22% to 24% in 2016 in the case where the country misses its Euro currency deficit target of 3% The supply of leisure boats is now subject to the 4% …