Singapore is likely to have to delay its long-planned Goods & Services Tax rise from 7% to 9% due to inflationary pressures. It was suggested that it could be imposed in July 2022 to help meet the costs of an ageing population. However, it is
Shura Council and Council of Representatives have now both approved VAT hike due to COVID-19 pandemic The Arab Gulf Kingdom of Bahrain will raise its standard Value Added Tax rate from 5% to 10% from 1 January 2022 following the formal approval by upper house
e-publications allowed same VAT rate as paper-versions Romania is to reduce the Value Added Tax rate on e-books from 1 January 2022. This will include audio books, blogs, electronic newspaper and journals. The follows a 2018 agreement between member states to allow the harmonisation of
Consumption tax hikes announced ahead of final independence vote The French Pacific territory of New Caledonia is to raise its Value Added Tax rates in 2022, as follows Jan 2022: 6% rate on local services is to increase to 11% on 1 Jan July 2022:
EU Parliament highlight disproportionate cost for small businesses; EU VAT rate could be cut to 15% if reduced rates withdrawn An EU Parliamentary Research Service study has highlighted that the use of reduced VAT rates by member states raises the compliance costs for businesses. In
Ending of VAT liabilities deferral Denmark is the latest European country to start the withdrawal of coronavirus-related Value Added Tax support measures. The repayment period for VAT liabilities due by 1 November 2021 or 1 February 2022 has now been moved to 1 April 2022.
Standard rate cut partially funded by removal of zero-rating on basics The Caribbean Island of the Bahamas has agreed a 2% VAT rate cut from 12% to 10% by 1 January 2022. The VAT rate was raised from 7.5% to 12% in July 2018. VAT
Drop in oil prices and COVID-19 may force VAT hike The Arab Gulf state of Bahrain will raise its standard Value Added Tax rate from 5% to 10% from 1 January 2022. The hike is being impelmented as the state has struggled to contain its
COVID-19 VAT cut to help tourism The Baltic state of Latvia is considering a bill in Parliament to reduce the Value Added Tax rate on hotel accommodation and catering from 21% to 5%. This would be in effect until 31 December 2022. The bill reflects
COVID-19 VAT cuts for hard-hit sectors Vietnam has announced a range of measures to help businesses still coping with the ongoing COVID pandemic. A Value Added Tax rate subsidy of 30% off the standard rate. The current VAT rate in Vietnam is 10%, with a
