11 new tax rules announced this week
We don’t need to tell tax professionals how difficult it can be to stay up to date with all the latest rules, rates and regulations.
After all, countless new decisions and proposals are announced by tax authorities around the world every single day.
To help you and your tax team, we’ve rounded up 11 of the most significant regulations to be revealed in the last seven days.
A new ruling means sales made by online gaming companies in a virtual room for redeemable play money are subject to VAT.
Online sellers in Portugal have been told they will be required to complete a new form and follow certain instructions for all transactions between themselves and EU final consumers from 1st July 2021. This comes as the country prepares to adopt the EU’s new VAT e-commerce package.
The Department of Ternopil has issued clarification that hotel services will be subject to a 7% tax rate until 1st January 2023.
Digital VAT is coming to Norway, with the country’s tax authority it will implement the levy from 2022. Trials will take place from the third quarter of 2021.
The Indian government has exempted customs duty on medical grade oxygen, oxygen-related equipment and Covid-19 vaccines until 31st July 2021.
Covid-19 vaccines imported into and supplied in Moldova are now exempt from VAT.
Poland has confirmed VAT imposed in Norway is to be treated the same as EU VAT. Polish businesses can not therefore treat it as either income or a cost.
Malta’s Nationalist Party is proposing a reduction in VAT to 7% for all bars and restaurants to support the recovery of the country’s tourism industry.
The state of Massachusetts has imposed a new requirement on certain businesses to complete advance payments on reported sales tax, as well as factors such as room occupancy and meals tax.
Kenya Revenue Authority has announced LPG – also known as cooking gas – will no longer be zero-rated and will instead have a VAT rate of 16% applied to it.
Cafes and restaurants will be supported with a new temporary reduction in VAT to 6%, with the rate remaining in place until the end of September.
Can your existing setup ensure you adhere to all these new rules and the many others we haven’t been able to include in this update? If not, we’d love to talk to you about how automation can deliver the instant compliance you require.