VAT saving opportunities for banks, credit and securities businesses The French 2022 finance bill includes a proposal to ease the terms under which financial services business may opt for taxation (VAT). This would enable banking, and other players in the sector (excluding insurance) to waive
Portugal has confirmed further delays to Value Added Tax deadlines in recognition of the continued disruption from the COVID-19 health and economic crisis. The usual annual 2020 VAT return (IES) has been delayed until 22 July 2021. Ordinarily, it would have been due by 15
COVID-19 economic disruption prompts VAT amnesty The United Arab Emirates government has issued a Value Added Tax amnesty to reflect the continuing disruption under the coronavirus crisis. It has also given a revised penalty regime to reflect feedback from taxpayers since the Arab Gulf staff
COVID-19 VAT rate cut Belgium has approved a 6% reduced VAT rate on restaurants between 8 May and 30 September 2021. This will include non-alcoholic beverages consumed on premises. The regular rate is the 12% reduced rate. The current VAT rate in Belgium is 21%. This
Increase in Value Added Tax annual registraton threshold The east African state of Malawi has published its 2021/22 budget which includes a number of Value Added Tax changes. They are effective 1 July 2021. These include The VAT registration threshold is to rise to MWK
The Balkan state of Montenegro has increased its Value Added Tax registration threshold from €18,000 to €30,000 per annum. Check EU VAT registration thresholds via VAT Calc’s live tracker. The rise in the level above which businesses providing taxable goods or services must register and start
Malta has proposed in its 2021 budget raising its Value Added Tax registration threshold for the supply of goods to €35,000 per annum. All other supplies will be €30,000. If adopted, the increased threshold will apply until 31 December 2024. Check EU VAT registration thresholds
Belgium has confirmed that it will waive the obligation for UK businesses to appoint a local fiscal representative following the UK’s exit from the European Union. Fiscal Representatives, a type of VAT agent for foreign companies. are jointly and separably liable for the correct VAT
Kenya has returned its standard VAT rate to 16% from 14% on 1 January 2021. The rate was temporarily reduced to 14% on 1 April 2020 to help support businesses and consumers as the COVID-19 pandemic struck in 2020. The African country also reduced its
Import VAT payment may now be postponed via VAT return Croatia has introduced deferred import VAT from 1 January 2021. This follows most of the other 27 EU member states. Importers with a Croat VAT number may now avoid making cash payments to clear their
