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?
2017 VAT changes - are you affected?
Meridian’s report on the EC proposal for VAT exemptions for large transactions by firms
China VAT consolidating filing
China's Ministry of Finance (MOF) and the State of Administration of Taxation (SAT) jointly issued a circular Caishui No. 84, "Provisional Measures for the VAT Calculations and Reporting of Pilot Taxpayers with HQ a