VAT Rates … this was in the news in the week of June 21

Africa

• Kenya: Increase VAT to 18%, if food is exempted

Americas

• Canada: Imposition of New Luxury Sales Tax
• Colombia: Extension of the Health Emergency Declaration and Related Tax Measures for COVID-19

Asia Pacific

• India
  • True Colour Of ‘Take Away Transactions’ – ECJ Ruling and Indian Perspective
  • NAA directs GST Officers to collect evidence against suppliers denying GST Rate Cut benefits to Recipient on COVID-19 essentials
• Indonesia: General VAT raised to 12%, from 10%, while certain items carry 5% to 25% rates depending on the price
• Singapore: GST rate increase should take place “sooner rather than later” during 2022 to 2025
• South Korea: MOF Announces Extension of Reduced Consumption Tax Regime for Automobile Sales
• Thailand: Unless a further extension of the reduced rate is granted, the VAT rate will increase to 10% from 1 October 2021

Europe

• European Union: Ecofin meeting on June 18, 2021 on VAT rates & VAT exemption for imports
• European Union: EU Commission publishes incorrect VAT rates
• Greece: Proposal for a permanent reduction in the VAT rate for five Greek islands
• Italy: New VAT rules for ocean-going vessels, pleasure boats
• Netherlands: Fractional sailing does not qualify for reduced rate
• Norway: Changes relating to the reduced VAT rate
• Portugal: Circular on VAT Rate Change in the Azores Region – Standard VAT rate in the Azores drops to 16% from the 1st of July
• Romania: Reduced VAT rate of 5% for the sale of books, manuals, newspapers, and magazines in electronic format, starting from 2022
• Spain: Spanish Government To Approve 11% Drop In VAT On Electricity Bills
• Turkey: Further Extension of Temporary VAT Rate Reduction for Overnight Accommodation Services
• United Kingdom: 12.5% transitional rate from 1 October 2021 until 31 March 2022

GCC

• None

Overviews by vatupdate.com

• Global VAT rate changes as of June 1, 2021
• Here are the major changes in the VAT/GST world per July 1, 2021 … Be prepared!!!!

 

 

 

 

 

 

 

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