Prince Edward Island has announced that it is currently in formal negotiations with the federal government to implement HST in the Province effective 1 April 2013. The combined HST rate will be 14%, merging a provincial rate of 9% with the federal rate of 5%. Several important changes will come ...
ContinueAuthor Archive - Rebekah Lu
Prince Edward Island Proposes to Implement HST in 2013
Indirect Tax, ONESOURCE, Sales and Use Tax, Transaction Tax 0 CommentPosted on April 23, 2012
French Booksellers Nervous Following VAT Rise
Indirect Tax, ONESOURCE, Sales and Use Tax, VAT Tax Rates 0 CommentPosted on April 20, 2012
Small independent booksellers in France are concerned that the recent rise in VAT on books to seven per cent from 5.5 percent may drive them out of business. France is known for its  independent booksellers that offer the best of both worlds -- one-on-one service and a comfortable setting where you can ...
Continue
Finland — VAT Increase Announced
Indirect Tax, ONESOURCE, Sales and Use Tax, Transaction Tax, VAT Tax Rates 0 CommentPosted on March 28, 2012
Following budget deliberations this week Finnish Government Ministers have announced an increase in value added tax (VAT) across the board by one percentage point. Prime Minister Jyrki Katainen has indicated raises in tax rates will take precedence over saving cuts in the government’s budget plans. The planned increase, which will affect ...
Continue
U.K. Announces Changes to VAT Registration Thresholds
Indirect Tax, ONESOURCE, Sales and Use Tax, Transaction Tax 0 CommentPosted on March 26, 2012
In Budget 2012, presented to Parliament by United Kingdom Chancellor, George Osborne on March 21st, several changes to VAT registration thresholds were announced that will be effective from 1 April 2012. Those changes are as follows: the registration threshold will be increased from GBP 73,000 to GBP 77,000; the deregistration threshold will be ...
Continue
Cyprus to Seek EU Approval to Reduce VAT on Electricity
Indirect Tax, ONESOURCE, Sales and Use Tax, Transaction Tax 0 CommentPosted on March 22, 2012
The Cyprus Ministry of Finance, in an apparent change of heart, has announced that the government plans to seek approval from the European Union to reduce VAT on domestic electricity use. The current rate is 17% and the government would like to reduce that to 8%. ‘This would reduce electricity bills ...
Continue
Czech Republic VAT Rate Increase Proposed
Indirect Tax, ONESOURCE, Sales and Use Tax, Transaction Tax, VAT Tax Rates 0 CommentPosted on March 20, 2012
Czech Minister of Finance Miroslav Kalousek has announced new draft tax measures the government plans to introduce as part of a 2012-2014 austerity package. Included is a proposal to replace the standard 20 percent VAT rate and the special 14 percent VAT rate with a flat rate of 17.5 percent, ...
Continue
Netherlands Pondering an Increase to The Reduced VAT Rate
Indirect Tax, ONESOURCE, Sales and Use Tax, Transaction Tax 0 CommentPosted on March 6, 2012
Dutch Junior Finance Minister Frans Weekers is researching the effects of increasing the country's reduced rate of value added tax from the current 6% to 8%. The reduced rate is applied to food, hairdressers, plasterers, newspapers and the floral industry. Minister Weekers proposed a similar increase last year which was met ...
Continue
Kenya – New VAT Bill Could Increase Cost of Living
Indirect Tax, ONESOURCE, Sales and Use Tax, Transaction Tax 0 CommentPosted on March 5, 2012
If the proposed Kenya Value Added Tax (VAT) Bill 2012 becomes law the cost of living for Kenyans could increase significantly. Should the bill pass as proposed many essential goods such as milk, maize and wheat will be removed from the list of exempt goods and would be subject to ...
Continue
Qatar Considering a VAT
Indirect Tax, ONESOURCE, Transaction Tax 0 CommentPosted on February 24, 2012
Qatar is considering introducing a value added tax in the near future. The General Secretariat of Development Planning (GSDP), in its recently released report entitled 'Qatar Economic Outlook 2011-12', said that although Qatar's overall fiscal balance has been in surplus during the past few fiscal years, the balance on the ...
Continue
Kenya Proposes VAT Reforms
Indirect Tax, ONESOURCE, Transaction Tax 0 CommentPosted on February 22, 2012
Kenya has proposed significant reforms to its current VAT law in order to simplify compliance and increase revenues. According to the Treasury, the current compliance rate stands at about 55 per cent due to distortion and tax leakages caused by exemptions and zero rating. "When the proposed Bill becomes law, ...
Continue
Vietnam Extends VAT Exemptions to Financial Services
Indirect Tax, ONESOURCE, Transaction Tax 0 CommentPosted on February 21, 2012
Vietnam has issued a new directive effective March 1, 2012 which expands the definition of VAT exempt supplies to include a number of financial services transactions including foreign exchange trading, the management of securities investment companies, and debt factoring (including the sale of debts). The Directive is available at: http://thuvienphapluat.vn/archive/Nghi-dinh/Nghi-dinh-121-2011-ND-CP-sua-doi-Nghi-dinh-123-2008-ND-CP-huong-dan-Luat-Thue-vb133470t11.aspx
Continue
If a proposed tax on chocolate is passed by the Danish Parliament you can expect to pay a lot more for a chocolate bar or cake in Denmark next year. The Chocolate Tax which is expected to pass this week and go into effect on January 1st would levy an extra six ...
Continue
Japan Considering Increasing VAT Rate by 2015
Indirect Tax, ONESOURCE, Sales and Use Tax, VAT Tax Rates 0 CommentPosted on December 30, 2011
Japan’s JiJi Press reports that the ruling Democratic Party of Japan (DJP) will propose a two-step hike in the national consumption tax to 10% from the present 5% by 2015. At 5%,  Japan's consumption tax is currently one of the lowest in the world well below the European average rate ...
Continue
Indiana’s Super Sales Tax Exemption
Indirect Tax, ONESOURCE, Sales and Use Tax 0 CommentPosted on December 29, 2011
Indiana Tax Dispatch Volume 14 No. 2 (2011) is good news for some Super Bowl participants. As a general rule, the National Football League (NFL) and a specific list of affiliates will be exempted from paying Indiana state taxes related to the Super Bowl. A complete list of eligible affiliates is included ...
Continue
