VAT news tagged as "VAT rate"

Greece

Greece VAT rate cut to 22% 2021

September 9th, 2018

The Greek government has committed to reduce its standard VAT rate by 2% from 24% to 22% by 2021. It last raised its VAT rate from 23% to 24% in June 2016. Previously, during the height of the financial crisis, it had increased the rate twice in 2010 from 19% to 23%. The latest announcement comes as …


Greece

Greek VAT delay blocks €15bn bailout funding

July 13th, 2018

The Greek decision last week to extend the discounted VAT rates till January 2019 on five islands impacted by the refugee crisis has led to a delay in the €15bn last round of bail out funding. Greece has failed to consult with its creditors on the move. The islands are: Lesvos, Chios, Samos, Kos and Leros. …


South Africa

South Africa raises VAT to 15% April 2018

February 21st, 2018

South Africa today announced an increase in its VAT rate from 14% to 15% on 1 April 2018. This is the first increase in 25 years since the ending of apartheid in the country. Growth in the country has been slowing for a number of years, and the government deficit opening up to 4.3% in …


Ghana

Ghana to raise VAT to 17%

February 17th, 2018

Ghana has proposed a Value Added Tax rate increase of 2% to 17%. The rate was last increased from 12.5% to the current 15% in  January 2014. Last year, the government introduced a 3% flat rate for small companies.


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.