COVID-19 forces temporary tax hikes Brazil’s federal tax on financial transactions, Imposto Sobre Operações Financeiras—IOF, is being temporarily increases between 20 September and 31 December 2021. The raise is aimed at raising funds to help support people most affected by the ongoing COVID-19 crisis –
COVID-19 VAT support Angola’s government has today announced plans to reduce the Value Added Tax rate on a range of essential goods from the standard rate of 14% to 7%. More details to follow, but the reduction had been flagged in the past to start
The Bosnia and Herzegovina tax authorities have announced a rise in the Value Added Tax registration threshold and a range of other measures which should come into effect before the end of 2021. Bosnia moves toward European Union VAT regime The changes to the VAT
The internet, and major online marketplaces, have enabled businesses and people to buy and sell goods and services on a hugely expanding scale in the past five years. The EU Commission estimates online e-commerce is worth €550 billion per annum. This blog is part of series from
Standard rate cut partially funded by removal of zero-rating on basics The Caribbean Island of the Bahamas has agreed a 2% VAT rate cut from 12% to 10% by 1 January 2022. The VAT rate was raised from 7.5% to 12% in July 2018. VAT
Tax registers with live reporting to the Revenue Authority The Kenya Revenue Authority KRA started in August 2021 the operations of e-invoicing cash registers under which taxpayers to maintain a tax register that is able to transmit tax invoice data to the Kenya Revenue Authority
Drop in oil prices and COVID-19 may force VAT hike The Arab Gulf state of Bahrain will raise its standard Value Added Tax rate from 5% to 10% from 1 January 2022. The hike is being impelmented as the state has struggled to contain its
Confusion on monthly transaction-based reporting for non-residents due from 1 January 2022 Foreign businesses with a Portuguese Value Added Tax registration for local taxable transactions face new invoice reporting requirements from 2022. Although the failure of a first vote on the 2022 budget means these
COVID-19 VAT cut to help tourism The Baltic state of Latvia is considering a bill in Parliament to reduce the Value Added Tax rate on hotel accommodation and catering from 21% to 5%. This would be in effect until 31 December 2022. The bill reflects
Beginning of end of self-prepared VAT returns Hungary is to join Italy and Spain in offering taxpayers pre-completed VAT returns – eVAT – from 12 November 2021. They were originally planned for 1 July 2021, but the National Tax and Customs Administration (NAV) had to
