Reduced VAT rate on foods; rise for ‘luxury’ goods The Bosnian assembly of Republika Srpska has approved a reduction on basic foodstuffs from the reduced VAT rate of 17% to 5%. At the same time, a range of ‘luxury’ goods in the 17% band will
Third extension of gas VAT cuts until 31 December 2022 as inflation hits 7.9% in July 2022 Italy has extended for the forth time the temporary cut in Value Added Tax rate on domestic and industrial use gas until the year end. Italian inflation has
Economic package to boost growth to cut VAT from current 17% The East African state of Republic of Mozambique is to cut its standard Value Added Tax rate from 17% to 16%. No date for implementation has been confirmed. Businesses with a turnover above MZN
Qualified enterprises have 10% or 15% additional deduction of creditable input VAT into 2023 China’s State Council has indicated that it will extend the right for input credits for a number of key services sectors. The aim is to continue to support businesses as China
Inflation exceeds 21% in July (19% in June), highest in 20 years The Latvian Ministry of Economics is considering a two-year cut in the Value Added Tax rate on basic foodstuffs from 21% to 5%. This would cover meat, diary and bread. An extension to
Split payments of VAT to combat fraud The Caribbean islands state of the Bahamas has imposed Withholding VAT on payments by certain government bodies to commercial taxpayers. The aim is to combat VAT fraud by requiring public customers to split some of the VAT element
Bosnia continues harmonisation with EU VAT Directive rules Bosnia and Herzegovina is to update a range of VAT rules under its Law on VAT. This is to help businesses comply with the rules, but also to harmonis the indirect tax regime with the EU VAT
Reduction in limit on cash settlements to fight fraud Israel has reduced the permitted threshold for cash payments on B2B VAT invoices. From 1 August 2022, the maximum that may be settled in cash will be 6,000 shekles (approx. $1,795). It had previously been 11,000
Major global Value Added Tax and Goods and Services Tax changes from 1 August 2022 To get free regular e-mail news alerts on global VAT or GST changes, sign-up to our newsletter
Inflation hits 12.7% prompting temporary reversal of 2021 VAT rise Botswana is to cut VAT from 14% to 12% from 1 August until 31 January 2023. Botswana raised VAT to 14% in April 2021. The measure was to shore up revenues following the COVID-19 crisis
