Inflation hits 26-year high at 6.8% in March 2022 Peru’s Congress has zero-rated the sale and import of a range of foodstuffs as inflation hits some of the highest levels seen in three decades. This will be in place between 2 May until 31 July
Switzerland is to hold a referendum on 15 May to introduce a 4% levy on providers of digital streaming services such as Amazon, Disney and Netflix. This is expected to generate between CHF18 million ($19.3 million) and CHF30 million a year for the Swiss film
European Commission seeks to harmonise digital Continuous Transaction Controls ‘CTC’ options for VAT e-invoice and real-time reporting The European Commission (EC) is undertaking a review to introduce harmonised Digital Reporting Requirements (DRR) (previously known as ‘Transaction Based Reporting’) across the 27 member states. A public consultation
Over 500,000 business receive CNY 420 billion (approx €700bn) to boost COVID-hit economy The accelerated release of credits to small businesses and larger corporations in certain sectors is giving large scale liquidity to the economy. The first wave of VAT repayments has been paid over
Harmonisation of VAT on electronic and paper-based books and periodicals Moldova has followed the example of the EU, and synchronised the Value Added Tax rate on electronic books and periodicals with those on their printed equivalent. The measure, which exempts electronic publications from VAT, was
Sales tax introduced; VAT exemptions withdrawn The Central Asian state of Uzbekistan has introduced a 1% turnover tax from 1 April 2022 until 31 December 2024 for a range of sectors. It has also removed the VAT exemption on banking fixed-fee services. Shoe manufactures Retail
VAT reforms – platforms; gig and sharing economies; full deemed supplier liablity? As part of the VAT in the Digital Age review of the impact and best policies for indirect tax reforms, the European Commission is reviewing ‘VAT Treatment of the Platform Economy’. This includes
Persistent VAT gap of 26% brings range of digital recommendations The Bank of Greece has put forward a range of proposal to tackle the Greece’s VAT gap, the measure of actual tax receipts versus expected, is one of the highest in the EU at 25.8%,
Digital and traditional services brought into sales tax net to fund income tax cuts The Kentucky general assembly has put aside a Governor attempt to stop an widening of the sales tax net which in turn is to be used to finance an income tax
Import VAT and other import taxes waived from 1 April 2022 The Ukrainian Gazette has published a law update to exempt vehicle imports from VAT. This will include excise duties and customs clearance fees. The order was Gazetted on 5 April 2022, and retrospectively applies
