VAT news tagged as "Increase"

Sri Lanka

Sri Lanka VAT rise still in doubt

August 8th, 2016

Sri Lanka’s VAT rise in May 2016 from 11% to 15% remains suspended following a Supreme Court ruling. The political parties in government will revisit the rise this week in an attempt to reach agreement on the rise. Whilst the rise remains suspended, key infrastructure programs remain on hold and doubts remain in financial markets …


Sri Lanka

Sri Lanka 15% VAT May 2016

April 15th, 2016

Sri Lanka has named 2 May as the latest date for a rise in its standard value added tax rate from 12% to 15%. The rise was last scheduled for 1 April. Part of the delay is due to the ongoing negotiations with the International Monetary Fund on new $1.5 billion debt financing. The VAT …


Australia

Australia no GST rise

February 16th, 2016

The Australian government has confirmed that it is no longer considering a rise to the country’s 10% Goods and Services Tax. The idea had gained the backing of the business community which is seeking a cut in the Australian corporation tax rate. There had also been demands for a superannuation tax reduction, to be funded …


Italy

Italy ditches 2% VAT hike

November 2nd, 2015

Italy has dropped its commitment to raise VAT from 22% to 24% in 2016. The rise was included in the country’s 2014 emergency stability package, and based on the country not hitting Euro currency deficit reduction targets.  The VAT hike clause also included a potential further rise to 26.5% by 2018.  The measure was proposed under …


Israel

Israel VAT rate cut to 17% proposal

September 4th, 2015

In an effort to stimulate a flat economy, the Israeli government has proposed a reduction in Value Added Tax to 17%. The indirect tax rate cut, which could boost consumption, would be implemented with a reduction in corporate income tax to 25% from 26.5%. There is some dispute about the ability of the country to …


Romania

Romania confirms VAT rate cut to 20% 2016

August 21st, 2015

The Romanian Parliament confirmed on 20 August 2015 that the standard VAT rate would be cut from 24% to 20% on 1 January 2016. The rate would be reduced again to 19% in January 2017. The Prime Minister, Victor Ponta, proposed a plan to cut to 19% in 2016 but this was opposed by the …


Austria

Austria proposes reduced VAT rate hikes

July 24th, 2015

Austria has proposed increases in the VAT rates to a range of goods. The following goods, currently at the reduced rate of 10%, would become subject to a new reduced Austrian VAT rate of 13%: Cultural events, including entrance to public museums and galleries Domestic air travel Sales of certain animal feeds The measures were …