VAT news tagged as "Rise"

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 …


Thailand

Thailand delays VAT rise again to 2016

March 21st, 2015

Thailand has confirmed that it will again postpone its long-awaited Value Added Tax increase from 7%. There had been plans to raise Thai VAT to 8% in September this year. However, there has no been the hoped for growth in the economy or return in consumer sentiment. Thai VAT had been 10% for many years, …


Nigeria

Nigeria faces 10% VAT following oil crash

January 24th, 2015

Nigeria is proposing to raise its VAT rate from 5% to 10% as it struggles to manage the losses on its key oil exports as the global price of oil tumbles. The 5% rate has been in place since the introduction of Value Added Tax in 1993. There are exemptions for basic foodstuffs and other …