Withholding VAT % raised across number of sectors Turkey has raised the rates and list of supplies subject to a VAT split payment or withholding payment. This obligation requires the buyer to pay a percentage of the settlement directly to the tax authorities rather than
Simpler, fairer VAT fines The UK’s HMRC is introducing a new Value Added Tax penalty and interest regime for late returns and payments. This was included in the recent government budget. The aim of the reforms is to reduce penalties on taxpayers with a good
The EU e-commerce package and UK e-commerce reforms have imposed from 1 July 2021 the obligation on sellers and marketplaces to charge VAT in their checkouts for transactions not exceeding €150 or £135, respectively. This comes with the obligation to produce a commercial invoice for
Afghanistan is looking to implement a Value Added Tax regime from 22 December 2021. The standard VAT rate will be 10%. It will replace the existing 10% Business Receipts Tax, a turnover tax which is deductible against gross profits before corporate income tax. VAT registration requirements
The OECD has reported on some of the Value Added Tax issues around the gig and sharing economies. This includes the risks and challenges of fair and efficient tax collections, as well as the role of marketplaces and other intermediaries in registrations, calculations, reporting and
The UK’s HMRC is set to go ahead with Phase 2 of Making Tax Digital for VAT on 1 April 2021. This will require UK VAT registered businesses over the UK VAT registration threshold of £85,000 to comply with three new requirements: Digital Bookkeeping; Digital
The Brazilian Supreme Court has blocked the levying of state VAT on licensing, electronic transfer or downloading software. ICMS (Imposto sobre a Circulação de Mercadorias e Prestação de Serviços de Transporte Interestadual e Intermunicipal e de Comunicação) is one of the range of VAT-like taxes.
The EU’s European Commission has launched its latest public consultation on ending banking, insurance and other financial services’ exemption from VAT. In particular taxing fee-based services as opposed to interest-based (loan interest, credit etc). It last attempted to bring financial services into the VAT net
Belgium has confirmed that it will waive the obligation for UK businesses to appoint a local fiscal representative following the UK’s exit from the European Union. Fiscal Representatives, a type of VAT agent for foreign companies. are jointly and separably liable for the correct VAT
North Macedonia has introduced a third VAT rate of 10% from 1 January 2021. This will apply to hospitality, cafés, restaurants, and catering services. The current standard VAT rate is 18%, with a 5% reduced rate on basics. The new rate does not apply to
