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
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
Panama has again proposed imposing a Withhold VAT on payment providers processing payments to non-resident providers of digital services to consumers. This was due to come into effect on January 2020, but was delayed due to the COVID-19 crisis. The current VAT rate in Panama
Since 1 January 2019, non-resident providers of digital services to Russian VAT registered businesses will have to VAT register. This reverses the previous reverse charge simplification used almost everywhere else in the world. See what the rest of the world has down via VAT Calc’s global
The Indian Ocean Island state of Mauritius introduced legislation to impose its Value Added Tax on non-resident suppliers of digital or electronic services to consumers in 2020. There is a MUR 6million VAT registration threshold (approx €120,000) per annum. B2B transactions are zero-rated, allowing the
Russia is to exempt providers of catering services from Value Added Tax from 1 January 2024. This includes the following service groups: Restaurants Cafes Hotel (non-accommodation related) Canteens and refectories Sign-up for our free VAT & GST news updates The following requirements will have to
Whilst still a small slice of the sharing economy, crowdfunding is one of the fastest growing areas of this economy and, as a financial services activity, has its own unique VAT issues. This blog is part of series from an article first published in British Tax review.
Saudi GAZT and ZTCA to combine The Gulf state of Saudi Arabia has merged its General Authority of Zakat and Tax (GAZT) with its General Authority of Customs. The new combined tax and customs agency will be known as Zakat, Tax and Customs Authority (ZTCA).
Belgium has increased(Royal Decree nr. 31) the financial guarantees required on non-EU (‘third-country’) businesses with a local non-resident VAT registration. Typically, this includes appointing a Fiscal Representative unless the third-country has a mutual assistance agreement with the EU (e.g. Norway and the UK). Existing Non-EU
