VAT news tagged as "Rise"

Romania

Romania 2018 VAT registration threshold rise

April 9th, 2018

Romania has introduced a retrospective rise in its VAT registration threshold for resident businesses. From 1 January 2018, it was increased from €65,000 per annum to €88,500 per annum. The European Commission last year authorised Romania to implement the rise as a variation on the Article 287 rules of the EU VAT Directive.


Aruba

Aruba raises Turnover Tax to 3%

April 7th, 2018

Aruba is to increase its Business Turnover Tax ‘Belasting op Bedrijfsomzetten’ from 1.5% to 3%. This rise will take place on 1 July 2018. The indirect sales tax is levied on the supply of goods or services in the country. Unlike VAT, it is not charged on imports.


Greece

Greece raises VAT rate to 24% 1st June 2016

April 6th, 2016

Greece will raise its VAT rate from 23% to 24% on 1 June 2016. UPDATE: this was approved by the Greek Parliament on 22 May 2016 . The rise will generate between €400m and €500m, and help meet a gap in the 2017-18 budget forecast. It will also help avoid a …


Japan

Japan recession threatens Consumption Tax rise

March 29th, 2016

Japan’s lacklustre economy, currently at negative growth rate of 0.3%, means that the long-planned Consumption Tax rise to 10% may be postponed again. Whilst Japan has been obliged to schedule the rise from 8% since 2012 to help fund rising debt with an aging population, the flat economy may not stand a further dampening on …


South Africa

South Africa pressure to raise VAT rate

July 14th, 2015

A recent tax commission report has recommended that South Africa raises its VAT rate from 14% to 18%. South Africa’s VAT rate is one of the lowest in Africa where the average is just over 17%. The European Union average VAT rate is over 21%. The recommendation came from the Davis Tax Commission, which points …


Italy

Italian 2016 VAT rise unlikely

April 10th, 2015

Italy may avoid a commitment to raise its VAT rate from 22% to 24% in 2016, and then potentially to up to 26.5% by 2018. Italy had committed to imposing VAT increases on itself if it failed to implement spending cuts to reduce its deficit as a percentage of GDP to below 3%. This is …