VAT news tagged as "IMF"

IMF tells oil crisis hit Gulf to launch VAT

November 12th, 2015

The head of the International Monetary Fund, Christine Legarde, has restated that the six Gulf states should implement a Value Added Tax to help cope with the new low-oil price world. The price of oil on the world markets has more than halved in the past year. Revenues for the Gulf Co-operation Council states are …


Greece reduced VAT updates

August 26th, 2015

Further updates have been provided in the VAT Law following the recent Greek reduced VAT rate rises. The increases were part of the settlement reached by the Greeks with its creditors (the ECB, IMF and EU) to commence negotiations on a new bailout. VAT changes include: Fee-paying schooling is no longer be VAT exempt since July …


Greece VAT compromise failed to save bailout

June 29th, 2015

Greek bail out talks broke down this weekend despite a compromise by the IMF on modified VAT rises.  There will a state referendum on the terms of the bail out on Sunday 5th July, although the other members of the Eurogroup and the ECB have now withdrawn financial support of the illiquid Greek banks. Last …


Greek VAT rise debate

April 6th, 2015

A potential Greek Value Added Tax increase is being discussed between the government and International Monetary Fund. The rise is seen by the IMF as one of the key reforms required for Greece to reach its tough Euro currency bail out terms. Greece is due to make a €14bn repayment to the IMF this week. …


Belgium told to raise VAT by IMF

March 25th, 2015

The International Monetary Fund (IMF) has recommended that Belgium consider rises in its VAT rates to help fund labor tax cuts to improve global competitiveness. Belgium has already scheduled a cut in the social security levies from 33% to 25% through cuts elsewhere. But the IMF has suggested that a rise in the reduced VAT …


Hungary told to improve VAT fraud record by IMF

June 20th, 2014

In its latest report on the financial state of Hungary, the International Monetary Fund has underlined the need to further address Hungarian VAT fraud. Crippling deficit The IMF highlighted on-going problems in the processed meat sector, saying missing trader VAT fraud remained rife. The Hungarian government VAT fraud measures have been extensive, but some measures …


Egypt reopens VAT implementation discussions

November 3rd, 2013

The Egyptian Finance Ministry has re-started discussions on the potential implementation of a full Value Added Tax regime to replace the existing sales tax system. Egyptian Sales Tax outdated The current Egyptian sales tax is complex and can led to compound taxation.  Whilst there are some deductions allowable for input tax suffered, this only applies …


Montenegro forced into emergency 2% VAT rise

May 30th, 2013

The Montenegro government has rushed through an emergency 2% rise in its Value Added Tax rate this Tuesday under pressure from the International Monetary Fund.  The effective date will be 1 July 2013. The rise will take the VAT rate to 19%, still below the EU average VAT rate of over 21%. The IMF has …