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Managing VAT world-wide (changes keep coming) should be combined with FX operation

Value Added Tax is a nightmare as it keeps changing country by country, as governments use it as a method to manage their economies. Meridian, a leading provider of VAT management services, latest VT Magazine lists some of the key developments world-wide: 

  • In Europe
    • Belgium: Advance Payment For Quarter VAT Returns Abolished
    • Czech Republic: VAT On Newspapers Decreased
    • Finland: Finland Supports Simplification Of Cross- Border Ecommerce VAT
    • Greece: Increase Of VAT In Some Aegean Islands
    • Ireland: M50 And Port Tunnel Users Avoid Possible VAT charge
    • Norway: Bitcoin Transactions Declared VAT-Exempt In Norway
    • Spain: Cultural VAT Cut To 10% In Spain
    • UK: VAT Registration Threshold To Increase From 1 April 2017.
  • Rest of world:
    • Argentina: Argentina Removes VAT For Tourists
    • Egypt: VAT Rate Increase
    • Serbia: New E-Service VAT Rules
    • Taiwan: VAT Refund Being Offered By Taiwan Taxation Office To Some Foreign Enterprises Without Fixed Place Of Business
    • Russia: Russia May Raise Standard VAT Rate
    • United Arab Emirates: UAE Ministry Of Finance Announces New Measures Regarding VAT Implementation For 2018.

Managing VAT and FX together

Meridian are partnering with World First, the international currency transfer provider for online e-commerce companies, to manage the “repatriation marketplace earnings at cost effective rates and remain VAT compliant in the process.” Their joint 45 minute webinar explains:

  • how corporates can maximise their foreign exchange earnings from their global marketplace selling
  • the scenarios that could trigger a VAT liability overseas.

CTMfile take: VAT is a global fact of life and the variations are increasing, so knowledge of what transactions will trigger a VAT liability is critical. Maybe it is time to download Meridian’s App from one of the app stores?

This item appears in the following sections:
Accounts Receivable Management
Regular Bill Payments from Businesses
Accounts Payable Management
Paying Suppliers

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