Parliament resists introduction of VAT despite ballooning deficit The Kuwaiti National Assembly members are challenging in the past few days the potential introduction of VAT and excise duties as the Arab Gulf state wrestles with a rocketing budget deficit. The Ministry of Finance has pencilled in
23% domestic electricity inflation forces extended tax subsidy The Romanian government is considering an extended reduced VAT rate on domestic energy prices for low-volume consumers. This would maintain the reduced Value Added Tax rate at 5% instead of the 19% standard VAT rate between April
Voluntary VAT registered business liable to Making Tax Digital for VAT bookkeeping, digital links and API filing requirements From 1 April 2022, all VAT registered businesses are mandated to follow the UK’s requirements on digital recording and reporting Value Added Tax details. This means for
New German government rekindles interest in VAT regime reforms shifting the place of taxation on B2B intra-community supplies of goods to destination-based taxation The new German coalition government has committed to supporting a stranded EU VAT regime reform which would shift the obligation to charge
New government aims to stimulate struggling economy by reducing tax and compliance burden for small businesses UPDATE: this proposal has been paused until at least 2023. The new Czech government is aiming to increase the resident VAT registration threshold from CZK 1 million to CZK
Federal Bureau of Revenue brings many more business into tax net Pakistan is set to reduce the annual threshold above which businesses must register for Sales Tax. The new limit will be PKR 8m (approx $45k or €40k) per annum, up from PKR 10 million.
Retailers and other taxpayers must take next step in e-invoicing The existing electronic fiscal devices (see below) are to be swapped out for virtual fiscal devices (VFD) on the Tanzanian electronic financial data management system (EFDMS). This means no further requirement to purchase approved online
Reductions in cash settlements limited; tightening electronic payment fine regime Italy’s latest law decree (Number 146) entered into law last month and included a number of changes to the Value Added Tax rules. This included: Reduction of cash settlements limit from €2,000 to €1,000. This
European Commission proposal to give its VAT Committee legal interpretative status – comitology – update In December 2020, the European Commission provided detailed proposals to give its VAT Committee the right to rule on certain aspects of the EU VAT Directive. This would give it
