VAT news tagged as "VAT exemption"

South Africa

South Africa bitcoin VAT exemption

August 10th, 2018

The South African Revenue Service, SARS, has issued draft legislation covering the direct and indirect taxation of digital currencies such as bitcoin. SARS is proposing to follow the European-model on indirect tax, and not make trades subject to VAT. Other countries which have followed this route include Japan, Singapore, and, latterly, Australia. SARS is considering treating cryptocurrencies …


Uganda VAT update

June 17th, 2018

The Uganda 2018/19 budget contains a range of VAT rule updates, including: VAT returns are due on 15thof the month following the reporting period end VAT exemptions have been extended to certain construction services Key taxpayers will be required to withhold VAT where their customers fail to properly VAT register. There will be a UShs 37.5 …


Belgium VAT update

June 12th, 2018

The Belgian government has proposed to parliament a number of VAT changes. These include: Free, charitable gifts of foods are to be VAT exempted The range of company types eligible for the flat rate scheme is to be limited from 2020 VAT registered businesses using the special scheme are not eligible for the reverse charge on …


Turkey VAT updates

March 8th, 2018

Turkey has proposed a range of changes to its VAT law, including: VAT credits will be paid within 12 months or 3 months if they cannot be offset against output VAT due. Any outstanding VAT due to taxpayers will be paid down by the end of 2018. There will also be the right to interest …


Turkey VAT update

October 8th, 2016

The Turkish 2104 VAT Law has been recently amended. Changes include: Bond purchases become VAT exempt An exemption from VAT on transportation costs for animal-related supplies Changes to the VAT calculation on related-party transactions VAT exemption on certain certified infrastructure construction A VAT exemption on the trading of asset leases by financial institutions


Hungary tax agents for VAT recovery and VAT warehouse requirements

December 28th, 2013

There have been a number of further changes to the Hungarian 2014 tax Bill. The new changes to the Hungarian VAT regime include: Foreign tax payers’ agents for VAT refunds In accordance with the EU VAT Directive, EU companies without a permanent establishment in Hungary may now use local tax agents to represent them for …


Italy IT support services for financial services are VAT exempt

March 18th, 2013

The Italian Supreme Tax Administration Court has ruled that Information Technology services provided as part of a Italian VAT exempt financial services may also enjoy a VAT exemption. The review concerned IT processing services providing by a company working on credit card payments for banks.  Since the support was essential to ensure the provision of …


German VAT new intra-communinty exemption

March 16th, 2013

The German VAT office (BMF) has provided new simplifications on the intra-communicty supply of goods and German VAT treatment.  This will apply from 1 April 2013. Under the EU-wide VAT rules, sales of goods across EU borders are treated as VAT exempt dispatches (sales) and arrivals (purchases) by businesses to reduce the number of situations …