2023 Budget hikes VAT as country seeks debt restructuring with IMF The West African country of Ghana has announced raise in Value Added Tax standard rate from 12.5% to 15%. This reverses a cut put into place in 2018. The revenues would be used for
Food and medical supplies cut from 10% to 5% proposal The Russian Federation is considering a new reduced 5% VAT rate for certain basic supplies. This would be from the existing 10% rate for the following: Basic foodstuffs Books and journals Medical supplies Children’s products
Intrastat – reporting on movement of goods between EU member states – reporting threshold to rise 1 January 2023 Finland has increased its Intrastat reporting thresholds for 2022 as follows Arrivals: increased to €800,000 per annum from €700,000 Dispatches: increased to €800,000 per annum from
Raised reporting threshold for intra-community supplies reporting Bulgaria is the first EU country to announce an annual uplifting of its reporting threshold for Intrastat, the EU-wide reporting regime for intra-movement of goods. Only taxpayers exceeding these thresholds of shipping goods between EU states are obliged
E-services by non-residents subject to 13% VAT collections – house sharing platforms added November 2022 The Ministry of Finance has confirmed an extension of VAT to services provided by major home-sharing electronic platforms, including Airbnb, Homeaway and VRBO. These three e-service providers are now added
Updates to Value Added Tax rules with GCC VAT Agreement The Ministry of Finance in the United Arab Emirates is making a series of changes the Federal Law on VAT of 2017. These will bring it into line with the GCC Unified VAT Agreement, the
Anti-VAT fraud VAT splitting measure The Italian Department of Finance has extend the list of companies which suppliers must apply VAT split payments on. This requires suppliers to pay the VAT element of their sales invoice into special, blocked VAT bank accounts with the tax
