In recent weeks a small collection of countries including Australia, Belarus, Germany, Portugal and Singapore have announced transactions made using cryptocurrency will be exempt from VAT, regardless of transaction size.
Month: July 2019
The Kingdom of Saudi Arabia have amended their VAT laws by removing the requirement for foreign VAT-registered businesses to appoint a local fiscal representative.
Over the past month an increasing number of European countries have announced upcoming VAT reductions applying to a wide range of goods and services.
The French Senate and the National Assembly have approved legislation which now means companies are liable for a 3% digital services tax when their digital revenue exceeds €750 million ($850m; £670m) worldwide and more than €25 million being generated through French revenue.
Ongoing reports suggest around 150,000 construction firms could be hit hard by the upcoming changes to the VAT reverse charge mechanism.
The Japanese government had planned to raise the consumption tax from 8% to 10% as of 1st October 2019, however it is widely believed this could be delayed as a result of the current political uncertainty in the country.
As found in our Reporting Obligations & VAT Guides section, Intrastat reporting is a monthly obligation for companies who move goods across borders in the EU and are subject to varying value thresholds depending on the country involved.