VAT news tagged as "Implementation"

Kuwait

Kuwait may ditch VAT launch

January 11th, 2018

Kuwait may consider introducing an alternative to the proposed 5% VAT regime. Kuwait is one of the six Arab Gulf countries which committed in 2017 to launching a harmonised VAT regime within two years. On 1 January 2018, Saudi Arabia and the UAE implemented VAT. A third country, Bahrain, has committed to launching later in …


United Arab Emirates

UAE VAT laws available Sept 2017

August 15th, 2017

The United Arab Emirates (UAE) Federal Tax Authority plans to issue the 2018 UAE VAT laws and excise laws by the end of September 2017. The implementation date for 5% VAT is 1 January 2018. It is estimated that over 350,000 businesses will have to VAT register in the UAE.  There is a VAT registration …


Egypt

Egypt Parliament VAT rate challenge

August 21st, 2016

A key Egyptian Parliament committee has approved the government’s draft VAT implementation plan for March 2017.  However, it has recommended that the proposed standard VAT rate of 14% be reduced to only 12%. The current sales tax rate is 10%. The parliament will now discuss the potential rate in open debate and a vote by the …


India

India approves GST

August 3rd, 2016

India ratifies new Goods & Services Tax to boost growth India’s Upper House, the Raiya Sabha, today (Wednesday 3 Aug) initiated the most important tax reform in the country’s modern history by passing the implementation Bill for a new Goods & Services Tax (GST). . However, the contentious issue of a rate …


Egypt

Egypt VAT exemptions

May 22nd, 2016

As Egypt prepares to introduce VAT following the approval of a revised Bill by the Cabinet last week, the tax authorities have clarified some of the supplies which will enjoy a nil rate or exemption. The new Egyptian Value Added Tax will be introduced at a rate of 10%, as is the existing Sales Tax. …


Puerto Rico

Puerto Rico VAT implementation

April 23rd, 2016

As Puerto Rico prepares to introduce a Value Added Tax to replace its current Sales & Use Tax, the Treasury Ministry has published guidance on the implementation rules. The scheduled transition date is currently 1 June 2016, although there have been several delays on this already. Some of the new guidance covers: the new, monthly …


Egypt

Egypt votes on VAT

March 27th, 2016

The Egyptian parliament is set to vote on a bill to implement VAT in the country as part of a package to reverse the budget deficit and restart economic growth. The governing party is looking to boost growth from the current 4.2% to 6%, and reduce the deficit from the current 11.5%. Since the overthrow …


United Arab Emirates

Gulf agrees 5% VAT 2018

February 22nd, 2016

The six Gulf States have provisionally agreed to introduce a harmonized VAT regime in 2018 with a standard VAT rate of 5%. The states had been considering introducing VAT to broaden the government’s revenue based for many years, but with little action. However, the collapse in global oil prices from over $100 to below $40 …


Egypt

Egypt VAT 2017

February 11th, 2016

Egypt has confirmed that it will publish its long-expected VAT implementation bill this month. The launch date will be 1 January 2017. The replacement of Egypt’s 10% Sales Tax with a fully-fledged VAT regime is seen as a key reform in the country’s economic revival. The effective double and compound tax on manufacturers with the …