VAT news tagged as "Consumption tax"

Japan

Japan on track for 10% Consumption Tax 2019

August 13th, 2018

Japan’s latest growth rates mean the planned rise in its Consumption Tax from 8% to 10% in October 2019 will still go ahead. The rise had previously been delayed twice because of stagnant growth. The indirect tax was originally raised from 5% to 8% in 2014 to help fund the spiralling social costs of an ageing …


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 …


Japan

Japan 10% Consumption Tax Oct 2019

April 15th, 2018

Japan is continuing to prepare for a rise in its Consumption Tax from 8% to 10% on 1 October 2019. The planned rise has already been delayed once, in 2016. It is the second in a long-planned doubling of the tax – the first from 5% to 8% coming in 2014. The OECD has warned this month that …


Iran

Iran replaces VAT with Consumption Tax

February 9th, 2017

A new Consumption Tax, only payable at the final point of sale to a consumer, has been proposed in Iran. It would replace the existing VAT regime which is vulnerable to fraud in the supply chain.  VAT was introduced into Iran in 2009, and is currently set at 9%.


China

China raises foreign e-commerce tax

April 4th, 2016

China has this week effectively raised the ‘Parcel Tax’ regime on consumer purchases of goods from foreign sellers on major e-commerce platforms. Chinese Parcel Tax rises The measure is designed to raise taxes on foreign website purchases by Chinese consumers, and provide a level playing field for China-based online and traditional high-street sellers. Aside from …


China

China e-commerce VAT

February 5th, 2016

The Chinese state council has extended the VAT programme on e-commerce to a new group of cities. The programme enables nominated cities to allow online shoppers to buy online without paying customs duties, consumption tax and VAT. This leaves only a reduced parcel duty to be paid. The Chinese government plans to harmonise the reduced rates …