7 VAT rate updates from the last 7 days
The world of tax moves at a rapid pace, which is why we aim to keep your tax team up to date with all the latest rates and rules from across the globe.
In our latest update, we’ve got news of seven important updates from the last seven days…
Restaurants in Bangladesh are celebrating after VAT rates applicable to their sales were lowered. Eateries with air conditioning will benefit from a new rate of 10% (down from 15%), while non-air conditioned establishments will be subject to a new 5% tax (previously 7%).
A ruling by the Tax and Customs Administration means advanced therapy medicinal products – such as cell and gene therapy items – are deemed to be medical and therefore valid for the country’s reduced VAT rate of 9%.
A temporary reduced rate of VAT will apply to catering, cultural events, performance acts and sports-related services from 1st July until 31st December.
Suriname’s tax authority is reportedly considering a move to increase the nation’s sales tax rate to 12%.
Turkey’s Revenue Administration has announced an extension of the temporary 8% VAT rate available for specific goods and services, while the 1% rate for cinemas, theatres and overnight accommodation will also remain until at least 30th September.
Uruguayan tax authorities have confirmed support for the tourism sector – in the shape of a reduced 9% VAT rate – will continue until 30th September.
Amendments have been made to the country’s VAT laws to temporarily reduce the rate on supplies of electricity to final consumers to 5% until 30th June 2022, before it stands at 10% until 30th June 2023 and finally returns to the standard 18% thereafter.