VAT news tagged as "VAT rise"

Venezuela

Venezuela raises VAT to 16%

August 22nd, 2018

Venezuela has introduced an emergency 4% VAT rise to 16% from 1 September 2018. The hike will be temporary until 31 December 2019. The country is experiencing hyperinflation, and its currency, Bolivar, was devalued by 96% this week.


Ghana

Ghana abandons VAT rise

July 30th, 2018

Ghana has confirmed that it will not go ahead with the previously proposed VAT rise. It had been announced in February that it would rise from 15% to 17%. This includes a proposal to reintroduce VAT on financial services. The rate was last increased from 12.5% to the current 15% in  January 2014. Last year, the …


Angola

Angola introduces 14% VAT Jan 2019

June 21st, 2018

Angola is to replace its existing 10% Consumption Tax regime with a 14% Value Added Tax system from 1 January 2019. Until the start of 2021, this will be mandatory for large taxpayers (turnover exceeding AOA 50 million) only and voluntary for small taxpayers. It will be compulsory for all from January 2021. It is …


Russian Federation

Russia VAT rise to 20% Jan 2019

June 15th, 2018

The Russian government has approved a VAT rise from 18% to 20% on 1 January 2019. It must next be ratified by the Russian Parliament – which is likely to be a mere formality. The hike is less than the Russian 22% VAT threatened earlier. There will be no change to the reduced VAT rate …


Bahamas

Bahamas VAT rises to 12% Jul 2018

May 31st, 2018

The Bahamas is to raise its Value Added Tax rate from 7% to 12% on 1 July 2018. The country’s Minister for Finance, Peter Turnquest, announced the rise to help meet a projected budget deficit this year. Some basic foodstuffs will become zero-rated to help soften the effects of the rise. VAT was introduced in …


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 …


Lebanon

Lebanon VAT rise to 11% Jan 2018

January 7th, 2018

Lebanon has gazetted a rise in its Value Added Tax from 10% to 11% from 1 January 2018. The rise was originally approved by Parliament in October 2017.  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 …


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:


Netherlands

Dutch cut labour taxes via VAT rise

October 24th, 2017

The Netherlands has announced a reduced VAT rate rise from 6% to 9% to pay for income tax rate cuts and band simplifications. The number of income tax bands will be reduced from 4 to 2, and the rates combined to benefit over half a million income tax payers.  The reduced VAT rate rise will …


Italy

Italy cancels 2018 VAT rise

October 20th, 2017

The Italian Council of Ministers have overturned plans to raise the Italian VAT rate from 22% to 25% on 1 January 2018. The reduced VAT will also remain at its current level, 10%, instead of a planned rise to 11.14%. In the draft 2018 Budget Law there had been a provision to raise the VAT …