Netherlands hit by financial and Euro crisis; forces VAT rise The Netherlands has raised its standard Value Added Tax rate from 19% to 21% from 1 October 2012. The comes as the country attempts to control its budget deficit and market confidence in the midst
Currency crisis forces tax rise Spain has become the latest European country to raise its standard Value Added Tax rate in the face of the worsen financial and Euro-currency crises. The rate will rise from 18% to 21% from 1 September 2012. Spain already had
VAT overhaul continues with 2015 completion target Further details have been provided on cities and provinces starting their Value Added Tax pilots in China. The pilot originally started in Shanghai in 2021 and should complete by 2015/16. Details of specific commencement dates for different Chinese
Israel is to raise its Value Added Tax by 1% to 17% from 1st September 2012. This increase follows a rise three years ago from 15.5% to 16%. At the time, this increase was only intended to be temporary. However, the decline in export markets,
A pilot program to modernise the Chinese Value Added Tax regime is being extended to 13 new states. The pilot is being monitored in Shanghai, where it was initially launched. In July a further launch will take place in Beijing, as the second province. It
Hungary has increased its standard Value Added Tax rate from 25% to 27% from 1 January 2012. This indirect tax rise is to help stabilise the government’s rising deficit with the aftereffects of the 2007/08 financial crisis and the ongoing Euro currency crisis. The reduced
Ireland tax rises to support Corporate Tax rate Ireland has increased its standard Value Added Tax rate from 21% to 23% from 1 January 2012. This follows the major economic dip suffered following the 2007/08 financial crisis and subsequent Euro currency crisis. The main reduced
Germany’s Ministry of Finance has imposed the obligation for annual balance sheet electronic filings, e-Bilanz from 2013. This covers the balance sheet submitted as part of income tax filings. Read more about German VAT in our national guide. German e-balance sheet This requires all accounts
Portugal has announced a rise in its standard VAT rate from 21% to 23% from 1 January 2011. The follows the worsening Euro financial crisis, and threat to a number of countries’ deficits. Other countries, including Ireland, Romania, Italy, Spain and Greece have also been forced into
Financial crisis leads to austerity tax rises The UK has increased its standard Value Added Tax rate from 17.5% to 20% from 4 January 2011. This comes as the government’s deficit has ballooned in response to bailing out several banks during the financial crisis of
