VAT news tagged as "Exempt"

India

India cuts GST ‘negative list’

December 9th, 2015

India has reduced the number of goods which would be classified as exempt from the proposed Goods & Services Tax. The goods include many basic foodstuffs, including: coffee; tea; biscuits and medicines. These are currently exempt from Excise Duty, and are listed on the exhaustive ‘negative’ list which details over 300 exempt supplies. It is …


Barbados

Barbados VAT changes

July 31st, 2015

The Barbados Budget for 2015/2016 was approved by parliament this month. VAT changes included: The VAT registration threshold is to by increased from BBS$ 80,000 to BBS$ 200,000 per annum The gaming industry is to be brought into the VAT net, with the introduction of the standard 17.5% from 1 September 2015 The range of …


Europe

EU Advocate General says bitcoin VAT exempt

July 17th, 2015

The EU’s Advocate General opined on 16 July 2015 that digital currencies, such as bitcoin, should be considered a method of payment, and therefore exempt from EU Value Added Tax. The opinion should provide guidance for member states which had differed in their VAT treatment of the emerging virtual currencies, and had asked for official guidance. Countries …


Spain

Spain exempts bitcoin from VAT

June 28th, 2015

Spain is the latest country to exempt virtual currencies from VAT with the General Directorate of Taxes confirming that sales of bitcoins were exempt from Spanish Value Added Tax. Countries that have already exempted bitcoin transactions from VAT include: UK, Germany, Switzerland and Singapore. A number of countries, including Sweden and Poland disagree, and have …


Switzerland

Switzerland exempts bitcoin from VAT

June 17th, 2015

Switzerland is to become the latest European country to exempt the trading of digital currencies, such as bitcoin, from VAT. The decision, to be made public by the Swiss Federal Tax Administration, underlines the view of the majority of tax administrations that virtual currencies are private money for the exchange of goods and services. They …


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 …


Poland

Poland VAT case to test EU multimillion insurance outsourcing

April 26th, 2015

Poland has referred a tax case to the European Court of Justice that should clarify a long-standing question over the EU VAT liability of outsourced insurance services. In 2005, the ECJ ruled in the Andersen case that outsourced insurance services, including claims handling, should come with an unrecoverable VAT charge. The UK, with its multi-million …


Australia

No tax reprieve for bitcoin in Australia

March 6th, 2015

Australia has ruled out the prospect of reforming its punitive Goods & Services Tax regime on the trading of digital currencies such as bitcoin. Currently, Australian GST is levied on bitcoin transactions as a barter deal under terms set by the Australian Taxation Office. This in effect subjects currencies sales and purchases to double taxation …


China

China VAT updates exemptions on export services

September 14th, 2014

China is to implement new categories for determining the exemption rules for export services. The changes apply from October 2014 Businesses supplying export services are required to follow a number of administrative requirements, including applying for exemption status and retaining supporting documentation to demonstrate that the services were exported. Under the new rules issued by …