VATupdate - Your daily VAT news

United Arab Emirates

Change in the permitted use of a building

The FTA has recently issued a public clarification under UAE VAT law that discusses the VAT treatment with respect to change in the permitted use of a building. Sale of a building may be zero-rated, standard-rated or exempt from VAT, depending on...

14 hours ago

India

A2ZTaxCorp Weekly GST Communique dated May 25, 2020

Important Notifications, Circular, etc. • CBIC amends rules to disallow transitional credit claims retrospectively • CBIC issued clarification on implementation of Electronic Sealing Deposit in and removal of goods from Customs Bonded Warehouses •...

14 hours ago

European Union Technology

The EU invoice volume and the scalability of our blockchain-based invoice reporting system

Many have emphasised the potential of blockchain technology in the field of taxation and VAT. However, applying blockchain to taxation is often seen as something that is only possible in the long run, mainly because of scalability issues attributed...

14 hours ago

European Union

European Commission wants to introduce a VAT exemption on the sale of zero-emission cars

According to Bloomberg , who was able to view a draft text from the European Commission, “any subsidies should respect youth’s wishes for climate change and healthier living.” The VAT exemption for electric cars is one of the many...

14 hours ago

Belize

Changing GST “zero-rating” on imported goods could help boost Belize’s economy

The Gоvеrnmеnt іѕ lооkіng аt ѕеvеrаl mеаѕurеѕ tо іmрrоvе Веlіzе’ѕ есоnоmіс роѕіtіоn, іnсludіng соѕt-сuttіng mеаѕurеѕ fоr thе рublіс ѕесtоr аnd еаrlу rеореnіng оf thе bоrdеrѕ tо rе-асtіvаtе tоurіѕm. Меаnwhіlе, роtеntіаl ехіѕtѕ fоr grеаtеr rеvеnuе...

14 hours ago