Proposals to cut indirect taxes on fuels as inflation ticks up Vietnam’s finance ministry has put forward two alternative measures to cut indirect taxes on fuel. These are: Cut VAT 20% and Special Consumption Tax by 50%; or Cut VAT and Special Consumption Tax by
Existing transport VAT rate discount extended to 31 December 2022 The Paraguayan President’s department has rolled over the 50% VAT discount – to an effective reduced VAT rate of 5% from the standard rate of 10%. This was due to end on 31 September; it
President confirms second VAT rate cut in four years The President of the Central Asian state of Uzbekistan has reconfirmed a reduction of Value Added Tax from 15% to 12% next year. The ruling Liberal Democratic Party of Uzbekistan announced the reduction last year that
July 8% inflation prompts proposals to cut VAT rate on range of foods As inflation hit a 36-year high in July at 8% (June 6.8%), the government is considering a range of temporary VAT rate cuts: Bread and pasta cut to zero VAT rate; and
Ongoing economic disruption means VAT cut prolonged for further six months Uruguay has raging extended its reduced Value Added Tax rate for tourism services as the economic effects of the coronavirus continue. VAT on hospitality services is normally 22%. This was cut to 13% in
2022 Budget introduces VAT rise on certain imports to fund foodstuffs rate cut The Revised 2021-22 Fiji Budget has raised VAT from 9% to 15% on certain companies and imported goods and services. This rise replaced the Environment and Climate Adaptation Levy (ECAL). This applied
10% to 11% VAT increase completed; further 1% rise to 12% in 2025 Indonesia has completed the first part of a two-stage VAT rise. From 1 April, VAT has increased from 10% to 11%. It will rise again to 12% in 2025. Register for our
Temporary exemption from VAT for small businesses as economy struggles to hit growth targets On 24 March 2022, China’s Finance Ministry announced the withdrawal of the 3% VAT rate applied on small businesses. This includes enterprises with annual sales not exceeding CNY 5 million per
