GST state compensation ends tonight in deadlock; rate rises and removal of exemptions on certain supplies despite inflationary worries The July meeting of the Goods and Services Tax Council meeting approved rate rises on a range of supplies, plus the removal of some exemptions from the
European Commission group debates question on: Single VAT registration in EU; Digital Reporting Requirements and e-invoices; and Platform Economy and VAT The European Commission’s VAT Expert Group (‘VEG’) reviewed this month a range of questions arising from the proposed VAT in the Digital Age reforms.
Spring public consultation backs EU VAT reforms and harmonisations with limits The EU published submissions and summaries of its Spring 2022 public consultation on EU VAT in the Digital Age reforms. The European Commission is expected to conclude on reforms under the three reform strands
The UK 2020/21 VAT Gap was £9billion, down from £12.5 billion as COVID-19 deferred VAT scheme unwinds The difference between the UK expected and actual VAT reveipts has shrunk according to the UK’s HMRC from 8.6% to 7% – which equates to £9 billion. This
April 2022 suspension of import VAT ends on 1 July 2022 Ukraine is ending the suspension of imports VAT on many imports, including vehicles, from 1 July 2022. This will include excise duties and customs clearance fees. The order was Gazetted on 5 April 2022,
As the Definitive VAT System reforms go on hold, the EU has extend the option to use reverse charge to reduce compliance obligations and fight fraud EU Finance Minister agreed this month to extend the optional reverse charge until 31 December 2026. This is partially
As the six-month French Presidency of the Council of the EU ends, it reviews progress to date on a range of VAT measures France took up the rotating Presidency role on 1 January 2022, and has provided an update on various EU VAT reforms. The
12% Sales Tax being replaced with 15% Value Added Tax on 1 January 2023 The South American state of Suriname’s National Assembly is now reviewing a Bill to introduce VAT on 1 January 2023. This is a six-month delay on the current plans for 12% VAT
Government still evaluating reintroduction of Goods and Services Tax to replace Sales and Services Tax Malaysia is again facing calls to reintroduce a Goods and Services Tax to replace its turnover-based Sales and Services Taxes. GST was first introduced in April 2015 to replace SST,
Digital invoice and record keeping in phased launch 2024-25 Denmark is to require digital record keeping for businesses from 1 January 2024. This includes using only certified accounting software and ERS. This is similar to the UK Making Tax Digital plan, seeking to ensure the
