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August, 2009 Global VAT / GST Compliance News.
Just how ugly does a visit from the IMF get? If you are in the Balkans, then pretty bad. Croatia has introduced a sudden 1% increase in VAT this month to keep the lender happy. Serbia may be next.
Contrast this snap-hike with the UK – where a VAT increase towards 20% is being floated again by nervous politicians as a solution to the gaping deficit – and it makes you yearn for the innocence of Taiwan, where a minister has freely stated that they are looking at a 1% VAT increase next year.
August, 2009 Global VAT / GST Compliance News:
- Canada: British Columbia latest province to introduce Harmonised Sales Tax
- Croatia: VAT increased by 1% to 23% under IMF pressure
- Czech: electronic EC Sales Lists to be mandatory from 2010
- EU: radical proposals to change definition on FS outsourced services exemption
- EU: new anti-fraud Directive on importing with onward supply relief
- EU: new plans for European VAT groupings to help combat fraud
- France: insisting on electronic copies of VAT recovery invoices under 2010 reforms
- Hungary: hotel accommodation goes to 18% VAT
- India: reaffirms new State & Federal GST systems launch for April 2010
- Lithuania: parliament agrees to second VAT increase this year (23% from Sept '09)
- Romania: introduces electronic system to speed-up credit repayments
- Spain: rejects proposal to increase VAT in 2009 due to weak economic growth
- Spain: tightens criteria on PE for VAT registrations by non-residents
- Switzerland: further harmonisation with EU on place of supply rules
- Taiwan: government officials admit to reviewing 1% VAT increase to 6%
- Turkey: VAT on 'superior' restaurants increased from 8% to 18%
- UK: Conservative think-tank, CEBR, calls for 20% VAT to solve fiscal deficit
- UK: joins France and Holland in zero rating VAT on carbon credit trading