It is Kuwait will not implement a VAT scheme before 2021 at the earliest, but will however continue to phase in ‘excise tax’ following an announcement from the Budget Committee in Kuwait.
Chinese VAT | The Ministry of Finance, State Taxation Administration, and General Administration of Customs have jointly issued a number of new policies on value-added tax in China.
By the end of the month (April 2019), Bahraini businesses will have to submit their first ever VAT return within the country, becoming the third of the six Gulf Cooperation Council (GCC) member states to do so.
The Federal Tax Authority in the United Arab Emirates has introduced a VAT refund scheme for foreign business visitors travelling to the area. In order to successfully claim a VAT refund, you are required to create an e-services account with the FTA’s new system first.
Following a meeting between the Deputy Ruler of Dubai and the Federal Tax Authority (FTA), it was announced more than 300,000 businesses have now registered for VAT in the UAE.
The 16% VAT rate currently applicable to general VAT taxpayers will be reduced to 13%, whilst the 13% VAT will be reduced to 9%. Correspondingly, the VAT export refund rates will be respectively reduced from 16% to 13% and from 13% to 9%.
The government of Costa Rica has confirmed that the existing sales tax system will be replaced by a VAT system, with effect from 1 July 2019. The tax will apply to the majority of goods and services.
Under the existing Korean legislation, non-established businesses who make specified digital supplies to Korean consumers must account for Korean VAT on these supplies, and submit periodic VAT returns.
Following confirmation of the implementation of VAT in Bahrain, the National Bureau of Taxation have announced a staggered approach to registration, with the first registration deadline of 20 December 2018 being set.
Following on from Saudi Arabia and UAE in 2018, the Bahrain parliament has approved the introduction of VAT in the country from 1 January 2019.