VAT news tagged as "VAT rates"

Ghana

Ghana VAT rate restructured to 12.5% Aug 2018

August 6th, 2018

Ghana has split out the 2.5% National Health Levy from the combined current VAT rate. This means the new VAT rate will be 12.5% instead of the current consolidated 15%. VAT is charged on all taxable suppliers, as well as imports. The 2.5% National Health Levy will now be combined with the Education Trust Fund …


Croatia

Croatia cuts VAT to 24% 2019

June 19th, 2018

Croatia’s Prime Minister, Andrej Plenkovic, has committed to reduce the standard VAT rate from 25% to 24%. The implementation date will be 1 January 2019. There is no update of the reduced rates: 13% for accommodation, food and newspapers. VAT at a rate of 5% is applicable for to selected foodstuffs, books and medical equipment. The …


Czech Republic

Czech 10% reduced VAT rate changes

June 14th, 2018

The Czech Ministry of Finance has proposed changes to goods which will be subject to its reduced VAT rates of 10%. The current standard VAT rate is 10%. The goods proposed to be re-categorised include: Catering services Certain professional services Tobacco products Non-beer alcoholic beverages The change would be implemented on 1 January 2019.


Vanuatu

Vanuatu hikes VAT to 15%

January 4th, 2018

The South Pacific island nation of Vanuatu has raised VAT from 12.5% to 15% from 1 January 2018. VAT was introduced in 1998 at 25%, and is administered by the Customs and Revenue Service.  It is modelled on the New Zealand GST regime, which has similarly increased its consumption tax to 15%.


Switzerland

Swiss VAT drops to 7.7% 2018

September 24th, 2017

On 24 September 2017, the Swiss population rejected a proposal to raise VAT to 8.3% from the current 8%. This proposal was in support of a pension reform package, including more flexibility around the retirement age, with increased contributions from employers and employees. As a result of this vote – 53% of voters rejected the …


Tunisia

Tunisia raises VAT to 19%

September 22nd, 2017

Tunisia plans to raise its VAT rate 1% to 19% in 2018. The reduced VAT rates will also be raised by 1% to 13% and 7%. The measure is part of a package of changes designed to reduce the country’s deficit from 6% to under 5%.


Peru

Peru abandons VAT cut

July 18th, 2017

Peru abandoned plans to cut its VAT rate from 18% to 17% on 1 July 2017. The country’s fiscal deficit has widened recently, leading to an abandonment of the 3-year reduction plan to 15%.


Belarus

Belarus 18% VAT 2020

May 22nd, 2017

Belarus plans to lower its standard VAT rate from 20% to 18% from the start of 2020. The reduction will be subject to Russia’s plans to raise its VAT rate to 22% to cut labour taxes, which would amount to a competitive devaluation by Russia.


China

China VAT rate simplifications

May 6th, 2017

China’s tax authorities have confirmed to proposals to reduce the number of VAT rates from 4 to 3.  Goods such as farm produce, water, coal and gas will be reclassified from 13% to 11%. The new three-rate band – 17%, 11% and 6% – will come into effect on 1 July 2017. The annual VAT …