VAT news tagged as "Tax cuts"

Puerto Rico

Puerto Rico cuts Sales Tax to 7%

April 4th, 2018

Puerto Rico has announced on 2 April a new fiscal budget which includes plans to cut its Sales and Use Tax from 11.5% to 7%. The rate for professional services will be reduced to 3% from 4%.  There are also cuts to the corporate and personal income tax rates. The consumption tax rate cut is …


India

India GST rate cut plans

November 4th, 2017

India is considering removing many daily essential goods form the top Goods & Services Tax (GST) band of 28%. GST was launched in India on 1 July 2017, replacing many overlapping consumption taxes including VAT, CENVAT and Service Tax.  Whilst there remain many issues with the new indirect tax, including the reconciliation process between purchase …


Peru

Peru to cut VAT rate to 14% by 2016

October 13th, 2014

The Peruvian standard VAT rate is to be cut twice over the next two years. The current headline VAT ( Impuesto General a las Ventas IGV) rate is 15%.  A new draft law, introduced this week, proposes cutting it to 15% on 1 January 2015.  If the budget consolidation continues to plan next year, it will …


Uruguay

Uruguay cuts VAT rate on electronic purchases

August 5th, 2014

Consumers are set to enjoy a 2% reduction in the Uruguayan VAT rate applied to purchases of goods and services acquired by bank debit cards, credit cards and wire transfers from 1 August 2014. There will be a further 1% cut in August 2015. The reduction is only applicable to smaller payments, based on Uruguay’s …


Ukraine

Ukraine in fresh VAT cut promise

February 13th, 2014

Ukraine has declared that it will attempt to re-introduce a VAT (Podatok na dodanu vartist (PDV)) cut alongside plans to cut the corporation tax rates. Latest 2015 VAT decrease plans The latest commitment includes a reduction in the Value Added Tax rate from 20% to 17% in 2015.  Plans to implement a similar Ukrainian VAT cut in 2014 were …