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 ...
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Prince Edward Island Proposes to Implement HST in 2013
Indirect Tax, ONESOURCE, Sales and Use Tax, Transaction Tax 0 CommentPosted on April 23, 2012
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 ...
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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 ...
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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 ...
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INDIAN UNION BUDGET 2012-2013 ANNOUNCED: NO TIMELINE FOR GST IMPLEMENTATION
Indirect Tax, Transaction Tax 0 CommentPosted on March 20, 2012
The Indian Union Budget 2012-2013 was announced by the Finance Minister Pranab Mukherjee on March 16. Although no timeline was announced for introduction of GST (Goods and Services Tax), a number of proposals were released which are perceived to be preparation for the eventual launch of GST. Such proposals include, ...
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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, ...
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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 ...
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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 ...
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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 ...
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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, ...
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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
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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 ...
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Pennsylvania Unveils New Online Sales Tax Policy
Indirect Tax, ONESOURCE, Sales and Use Tax, Sales Tax Nexus, Transaction Tax 0 CommentPosted on December 7, 2011
The Department of Revenue issued a bulletin on December 1st announcing its reinterpretation of existing law regarding nexus. In announcing the new policy, state Secretary of Revenue Dan Meuser said the bulletin is intended to clarify laws regarding which businesses must collect sales tax for the state. Under the Pennsylvania Tax Reform Code ...
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Bipartisan Senate Support For E-Fairness Tax
Indirect Tax, ONESOURCE, Sales and Use Tax, Transaction Tax 0 CommentPosted on November 14, 2011
A month after drawing bipartisan support in the House, the Senate has also introduced legislation known as The Marketplace Fairness Act, which supporters say evens the playing field between traditional stores and online only retailers such as Amazon. Currently, online retailers such as Amazon are granted the ability to forgo ...
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