VAT news tagged as "Financial services"

Norway

Norway avoids financial services VAT

October 13th, 2016

Norway has decided not to charge VAT or a Financial Transaction Tax (FTT) on financial services, mirroring the European Union. Instead, it will impose a payroll tax of 5% on banks, insurance companies and other companies whose financial services activities are over 30% of their sales. The measure is included within its 2017 budget which …


Tanzania

Tanzania widens VAT net

June 12th, 2016

The range of goods and services subject to 18% Tanzanian VAT is to be modified. The proposed 2016/17 budget includes the following changes, effective 1 July 2016: Financial services to be subject to VAT, with the exception of interest bearing loans Tourism services are to be liable to VAT Exemptions from VAT for some basic …


China

China VAT rates May 2016

March 24th, 2016

China has published the VAT rates for the latest industry sectors to be included in the VAT overhaul and replacement of Business Tax The new VAT rates, according the to the State Administration of Taxation from 1 May 2016 will be: Financial services – 11% Consumer services – 6% Real estate – 11% Construction – 11% …


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 …


United Kingdom

UK closes £100m banking & insurance VAT loophole in budget

March 22nd, 2015

The UK is to close a tax loophole costing almost £100m per annum relating to the recovery of VAT by banks and insurers with foreign branches. The closing of the loophole follows a European Court of Justice VAT ruling on Credit Lyonnais in 2013. Generally, banking and insurance (Financial Services) is VAT exempt. But if …


Ghana

Ghana VAT changes

January 15th, 2015

The Ghanaian government has introduced in 2015 a number of VAT changes to help fund its restructuring program. The changes include: Levying 5% VAT flat rate scheme on immovable property Withdrawal of the VAT refund account Withdrawal of import VAT and duties on education supplies, smart phones and some farm implements Imposition of VAT on …