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