VATupdate

Brussels gives green light to reduced VAT for gas, electricity

Portugal has been given a green light by the European Commission’s VAT Committee to apply a reduced tax rate to the fixed part of the bill for gas and electricity for customers with low power output.
Source: MacauBusiness

GST authorities fail to adhere to timelines

GST refund process is online but claiming input tax credit (ITC) refund in case of SGST still requires manual intervention.
Source: Tribune India

Sources of Government Revenue in the OECD, 2019

In 2017, OECD countries raised one-third of their tax revenue through consumption taxes such as the Value-Added Tax (VAT), making consumption taxes on average the most important revenue source.
Source: TaxFoundation

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