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Global Taxation Updates

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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
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