The Bulgarian tax authorities are slashing the vat rate on books and restaurants to 9% in an effort to ease costs on these goods and services in light of the Coronavirus pandemic. The temporary reduced 9% VAT rate for books and restaurant services will apply from 1 July 2020 until 31 December 2021. The Bulgarian […]
It’s a constant question for many financial directors over how best to manage VAT compliance for your business. The “VAT compliance” function of a business is the most important tax process for many companies. Especially for businesses who have a presence or trade in multiple jurisdictions. So how best to approach it? Does one manage […]
Indonesia to introduce 10% VAT on Digital Services Indonesia is imposing a 10% VAT rate on digital goods and services from July 1 2020. The VAT will be collected by non-resident entities who are selling digital goods or services to buyers located in Indonesia and will apply to both B2C and B2B services. The new […]
Chile introduces 19% VAT on Digital Services From the 1st June 2020, Chile will impose 19% VAT on digital services sold by non-resident businesses to Chilean nationals. The rollout means that foreign digital service providers will have to register for VAT purposes in Chile and report the relevant VAT to the local authorities if they […]
Germany has reduced its standard VAT rates from 19% to 16% and from 7% to 5% for the period of 1 July to 31 December 2020. Although this provision will cost Germany €20 million Euros, it acts as part of Germany’s €130 billion COVID-19 stimulus package. It is also the largest stimulus package in Europe. […]
The European Commission released a statement on Friday 7th May that it proposes to postpone entry into application of the VAT e-commerce package by 6 months. The EU commission hopes this will ease the pressure off businesses and member states that are facing bigger challenges in the midst of the Coronavirus crisis. The new proposed […]
HMRC has scrapped VAT completely off e-books and e-publications from 20% down to 0%. In an effort to make reading more accessible for the UK public while in self-isolation due to the Coronavirus, HMRC fast-tracked the motion and implemented it seven months ahead of schedule. Chancellor of the Exchequer Rishi Sunak said: ‘We want to […]
April 1 2020, was meant to be the date that HMRC launched phase II of making Tax Digital across the UK. However, due to COVID-19, they have made the decision to postpone the rollout by one year to April 1 2021.
The Covid-19 virus is affecting almost every area of business and the VAT implications of Covid-19 are no different.
Mexico has joined the growing number of companies to implement VAT on eCommerce and digital services that are provided to Mexican residents by non-resident businesses.