Value Added Tax

Read the latest in VAT regulatory updates

  • Brazil Contemplating Tax Reform in 2019

    Brazil Contemplating Tax Reform in 2019

    The Brazilian Congress is once again considering a series of tax reforms aimed at simplifying its complicated indirect tax system. It proposes to replace with a nationwide VAT.

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  • Mexico: New Tax Reform Plans to Re-establish Reduced VAT Rate at the Border

    The Mexican Congress is proposing to re-establish a reduced VAT rate in the border states of Baja California, Baja California Sur, Quintana Roo. The project is being considered at the Mexican Senate.

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  • Mexico Postpones the New CFDI Cancellation Process

    After a meeting with the Confederation of Chambers of Commerce and Tourism, the Mexican Tax Administration (SAT) decided to postpone for two months the new process of Cancellation of the CFDI

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  • UK Contemplates Hard Brexit

    Her Majesty Revenue and Customs (HMRC) nonetheless is drafting rules and guidance which would come into play should the UK exit the EU as of March 29, 2019.

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  • Venezuela Increases the Standard Rate of the VAT

    The congress of Venezuela has enacted Decree 3.584/2018, by which the standard rate of VAT will be increased from 12% to 16%, effective September 1, 2018.

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  • Poland Considers Dropping Periodic VAT Return

    There have been rumblings out of the Polish Ministry of Finance that sometime in 2019 the Government may do away with the time-tested requirement of submitting a monthly VAT return.

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  • Argentina Modifies the Invoicing requirement for Small Taxpayers

    On August 3, 2018, the federal tax administration of Argentina (AFIP) enacted Resolutions 4290, 4291 and 4292

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  • South Africa Proposes Amendment to Change VAT Rate

    South Africa's Minister of Finance has published a draft amendment, which if enacted, would change South Africa's VAT rate back to 14%.

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  • UK Publishes Additional Guidance for Making Tax Digital Initiative

    On Friday, July 13, 2018, HMRC released additional information regarding the Making Tax Digital initiative, which is currently set to go into effect in the United Kingdom on April 1, 2019.

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  • Panama Releases Roadmap for eInvoice

    The Ministry of Finance announced on their Twitter account, a Roadmap for the implementation process of the new eInvoicing regime in Panama.

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  • Hungary Publishes Real Time Reporting Regulation

    On June 1, "Decree No. 2/2018 (1 June) of the Minister of Finance" was published in the Hungarian Gazette regarding the real time reporting regulation. Details follow.

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  • European Council Clears Way for Italy e-Invoicing Requirement

    On April 16, 2018, the European Council approved Italy's derogation request from the EU VAT Directive, bringing Italy one step closer to implementing its mandatory e-Invoicing requirement.

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  • UK-EU Draft Withdrawal Agreement Published

    On March 19, the UK published first draft of a withdrawal agreement, although not finalized, indicates that for value-added and excise taxes, much of the status-quo with the EU will remain until 2021.

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  • UK Finance Act 2018 Finalized

    On March 15, 2018, Finance Act 2018 was granted Royal Assent by the UK Parliament that makes several changes to direct and indirect taxation in the UK.

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  • China to Lower Select VAT Rates on May 1

    At the Executive Meeting of the State Council held on March 28, Premier Li Keqiang announced additional VAT reform measures directed towards easing the overall tax burden for taxpayers.

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  • EU Proposes An Interim Tax On Certain Revenue From Digital Activities

    The European Commission recently proposed new rules to ensure the fair taxation of digital business, placing the EU at the forefront in designing tax laws aimed at the modern digital economy.

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  • EU Report on E-commerce Identifies Challenges and Opportunities

    Report contends that governments must aim to support legitimate trade by making the process as a simple as possible, targeting non-compliant businesses while maintaining reasonable compliance burden.

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  • South Africa VAT Rate to Increase April 1, 2018

    The South African Revenue Service (SARS) has announced that the VAT rate increase from 14% to 15% effective April 1, 2018, is still moving forward.

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  • UK Publishes the Value Added Tax Regulations 2018

    UK VAT-registered businesses will be found non-compliant with VAT reporting obligations after April 1, 2019, if their electronic VAT records are not maintained on functionally compatible software...

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  • UK Publishes VAT Regulations Requirements Pertaining To Digital Record-Keeping

    UK VAT regulation requirements clarify the type of information required to be kept in digital format, the definition of functionally compatible software, and the exemptions available to businesses.

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