VAT news tagged as "Exemptions"

Tanzania

Tanzania VAT changes

July 2nd, 2015

The updated Tanzanian VAT Act will extend VAT to a new range of supplies. The current Tanzanian VAT rate is 18%. Non-life insurance is no longer VAT exempt Exports are now fully VAT exempt Exemptions have been extended to a range of agricultural goods and supplies, education, health care and other services A system of …


Germany

Germany challenged by EU to extend VAT exemption

March 1st, 2015

The European Commission has challenged Germany to extend the VAT exemption on group shared services to all industries. Group VAT exemptions allow related companies to forego charging VAT on intra-group transactions to help reduce cash-flow and administrative burdens. At present, the EU VAT Directive permits such schemes in member countries irrespective of the industry. Such …


Kenya

Kenya extends VAT exemptions

May 12th, 2014

Kenya has agreed to increase the number of basic goods which are exempt from its 16% VAT rate. The new goods include: Solar energy equipment Animal feed and related equipment Fishing nets The move comes following the introduction of the Kenya VAT Act 2013, which removed the 12% reduced VAT rate and the reclassification of …


Kenya

Kenya extends VAT exemptions

May 12th, 2014

Kenya has agreed to increase the number of basic goods which are exempt from its 16% VAT rate. The new goods include: Solar energy equipment Animal feed and related equipment Fishing nets The move comes following the introduction of the Kenya VAT Act 2013, which removed the 12% reduced VAT rate and the reclassification of …


Portugal

Portugal budget VAT announcements

October 31st, 2013

The draft 2014 VAT Bill contains a range of amendments to the Portuguese VAT rules. Portuguese VAT updates The amendments to the VAT code include: VAT on irrecoverable debts may only be refunded within two years starting the beginning of the fiscal year after the bad debt The supply of exempt financial services to businesses …