VAT news tagged as "VAT rate"

Saudi Arabia

Saudi Arabia VAT rating update

November 13th, 2017

The Saudi Arabian tax office (GAZT) has provided further details on the VAT zero-rating and exemptions of a number of supplies. These include: Zero-rated High-purity supplies of gold and silver precious metals Medical supplies provided by the Ministry of Health Exempt Issuance, transfer, or receipt of finance services, including loans, credit cards, mortgages, finance leases, …


Italy

Italy VAT rises to 24.2% 2019

November 11th, 2017

Italy’s 2018 Budget (Manovra), ratified on 31 October, confirmed a postponement of the 2018 VAT increase from 22% to 24.2%. The planned rises in rates, to support € currency fiscal targets, are now set as follows:


Liechtenstein

Liechtenstein cuts VAT to 7.7% 2018

October 6th, 2017

Liechtenstein is to reduce its VAT rate from 8% to 7.7%.  The change will come into effect on 1 January 2018.  The reduced VAT rate of 2.5% will be unaffected. The hotel accommodation and related services rate of 3.8% will fall to 3.7%. The principality is in a VAT union with Switzerland, and it must …


Lebanon

Lebanon 11% VAT Oct 2017

August 31st, 2017

Lebanon has gazetted a rise in its Value Added Tax from 10% to 11% from 1 October 2017. The rise was originally approved by Parliament in March year.  The increase in VAT is part of a range of tax rises being introduced to help control the rapidly rising state debt levels.  Following a number of years …


Montenegro

Montenegro 21% VAT 2018

August 26th, 2017

The VAT law in Montenegro has been updated by the parliament to include a rise in the VAT rate from 19% to 21%.  The change will come into effect on 1 January 2018. The place of supply rules for services have also been changed on B2B supplies has been changed from the location of the …


Vietnam

Vietnam VAT 12% proposal

August 25th, 2017

The Vietnamese Finance Ministry has proposed rising the VAT rate from 10% to 12%. If approved, the new rate would apply from 1 January 2019. In addition, there would be a further potential rise to 14% in 2021 according to the proposal.  


Spain

Spain cuts VAT on some supplies

August 22nd, 2017

The latest Spanish VAT law update has been ratified, and included reclassification of the following taxable supplies from the standard VAT rate of 21% to the reduced rate of 10%: Hotel mixed supplies, camping and spa services, restaurants and, in general, the provision of meals and beverages to be consumed immediately, even if they are …


Ecuador

Ecuador cuts VAT to 12%

June 5th, 2017

Ecuador has returned its VAT rate from 14% to 12% on 1 June 2017. The country temporarily raised it to 14% in 2016 to help raise extra funding in the wake of an earthquake.


Iceland

Iceland VAT rate to 22.5% 2019

April 6th, 2017

The Icelandic government is planning to reduce its standard VAT rate from 24% to 22.5% from 1 January 2019. The announcement came as part of the 2018 to 2022 fiscal budget plan. Iceland had raised its VAT rate to 25.5% during the global financial crisis in 2010, but cut it to 24% in 2015. Tourism …


Switzerland

Swiss VAT rate cut 2018

March 1st, 2017

The temporary 8% Swiss VAT rate may be returned to the pre-2011 rate of 7.7%. The current, higher rate was voted on in a public referendum to fund certain public expenditure on the railway network.  But this rise is due to expire at the end of 2017.  The Swiss Parliament will consider a further extension …