Internal Revenue Service confirms VAT on cryptocurrencies The Internal Revenue Service of Chile (SII) has confirmed the VAT liabilities on the trading of digital currencies such as bitcoin. Like many jurisdictions, trading of cryptocurrencies are treated as exempt from VAT. These digital currencies are considered an intangible.
Joins other countries ruling minding or forging is financial service and therefore exempt from VAT The Norwegian Tax Administration has ruled (Tax Appeals Board Decision No. SKNS1-2023-30) that income for mining or forging digital currencies such as bitcoin are exempt from VAT. This is based
Aug 2023: Ministry of Finance provides SMB VAT relief for further 5 years as growth slows The Chinese Ministry of Finance and State Administration of Taxation have extended the exemption for small businesses from the 3% VAT rate. Also, the alternative cash-flow based VAT accounting
Denmark’s Standard Audit File for Tax introduced as part of wider certified digital bookkeeping requirements The Danish Business Authority, Erhvervsstyrelsen, has developed a proposed version of SAF-T reporting for resident businesses to adopt. This is part of the Danish digital bookkeeping requirements being phased in,
Ugandan Revenue Authority passes DST turnover tax on income from digital services generated by non-residents Uganda’s Parliament passed the introduction of a 5% levy on the gross digital services income received by non-resident providers from local consumers. This is in effect from 1 July 2023.
July 2023: extension of scope of services subject to VAT Uganda’s VAT has been amended to extend the scope of digital services subject to VAT – THE VALUE ADDED TAX (AMENDMENT) ACT, 2023. Non-resident e-service providers have been liable to charge and collect VAT for
E-commerce package reforms 2022 revenues up 26% on 2021 numbers; 130,000 e-commerce sellers & marketplaces registered The European Commission as published 2022 revenues for the One Stop-Shop return and Import One Stop-Shop returns – €17 billion and €2.5 billion, respectively. It said that almost 130,000
2023 1-year cut in VAT rate from 17% to 16% largely retained by businesses and not passed to consumer Luxembourg’s national statistics agency, Statec, has concluded that the temporary Luxembourg 1% standard VAT cut to 16% has largely not been passed onto consumers. Inflation only
