10 updates from the world of tax
As the end of the financial year approaches for many, it’s a predictably hectic period in the world of tax.
Here are 10 of the latest updates from around the globe:
1) Monaco introduces 0% VAT rate on Covid-19 vaccines
Monaco has published a new amendment to its VAT laws that allows for the introduction of a temporary 0% rate on Covid-19 vaccines and closely related services and devices.
2) Spain proposes plastic tax
A new plastic tax has been proposed in Spain; it would see a levy imposed on the first delivery or provision of plastic articles made in the country.
3) Oman publishes VAT Executive Regulations
Ahead of Oman implementing a VAT system in April, the Oman Tax Authority has published its Executive Regulations to inform businesses of the exact terms they must adhere to.
4) Hungary to end derogation from EU reverse charge rule
From 1st April, Hungary will no longer allow the current derogation from EU rules that permits staffing firms to apply a reverse charge mechanism on VAT.
5) Egypt to ban paper invoices for VAT refunds
Paper invoices will no longer be accepted for VAT refunds and deductions in Egypt from 1st January 2022, the country’s Minister of Finance, Mohamed Maait has announced.
6) Sweden confirms tax status of vaccination hubs
Venues – such as arenas and exhibition halls – temporarily being rented out to local authorities in Sweden for use as vaccination centres are likely to retain their voluntary tax liability status. However, a small number of exceptions apply, which have been published this week by the nation’s tax authority.
7) Streaming tax announced in Venezuela
Streaming services will be subject to a 2% tax in the Venezuelan province of Buenos Aires from April.
8) Indonesia asked to remove VAT on medicines
The Indonesian Consumer Community has asked the country’s government to remove VAT on medicines in order to “be fair by paying attention to the poor”.
9) Poland plotting VAT reduction for gastronomy
The Polish government is continuing discussions with a view to reducing VAT on gastronomy, with the Ministry of Development, Labor and Technology backing the move to support the nation’s restaurant trade.
10) Afghanistan to delay VAT implementation
The government of Afghanistan has reportedly decided to delay the implementation of VAT in the country until 21st December 2022.