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Here is our round-up of all the hottest tax snippets from December 2024 – featuring news of rate changes, regulatory updates and reclassifications.
Bulgaria
Bulgaria’s Parliament is reviewing a proposal to increase the VAT registration threshold. This is scheduled to take effect from 1 January 2025 and the threshold will rise from the current BGN 100,000 to BGN 166,000.
Canada
Canada’s government announced a GSTGoods and Services Tax/HST holiday from 14 December 2024 to 15 February 2025. No GST/HST will be charged on eligible items like children’s clothing, footwear, printed books, toys for children under 14, and restaurant services
Chile
Chile has abolished the VAT exemption for imported goods valued under USD 41 and established that tangible goods purchased remotely and valued up to USD 500 will be considered located in Chile for tax purposes, making them subject to VAT for non-VAT taxpayers.
Denmark
The Danish Tax Council has confirmed that a fishing vessel operating predominantly beyond Denmark’s territorial waters qualifies as engaging in international shipping, allowing for VAT-exempt fuel purchases.
Ecuador
Ecuadorian President Daniel Noboa issued Executive Decree No. 470 on 4 December 2024, extending the increased VAT rate of 15% into 2025.
Egypt
The Egyptian Tax Authority has updated its VAT policy by removing VAT on certain exported services and cancelled two Circulars from 2019 that imposed VAT on exported services based on the beneficiary’s location in Egypt.
Finland
Finland has approved multiple changes, including an increase in the reduced VAT rate from 10% to 14% and reductions in certain essential items. Changes to come into effect 1st January 2025.
Indonesia
Indonesia will increase its VAT rate from 11% to 12% on January 1, 2025, supported by policy measures like sectoral incentives, social assistance, tax deferrals, and simplified compliance to ease the impact on businesses and vulnerable populations. To find out more, click here.
Kazakhstan
The Ministry of Foreign Affairs of Kazakhstan has developed a draft order to expand the list of goods exempt from VAT on imports under an investment contract.
Malta
From January 1, 2025, the Maltese government will implement a 0% VAT rate on feminine hygiene products and medical accessories used in treating cancers affecting women.
Romania
From January 2025, simplified invoices will be included in Romania’s mandatory e-invoicingElectronic invoicing - widely referred to as e-invoicing - is the exchange of a digital document between a supplier and a buyer. E-invoices are issued, transmitted and received in a structured data format that enabled automatic and electronic processing. They contain data in a machine-readable format so that an AP system can read an invoice without manual data entry, leading to faster and more efficient invoicing. and reporting requirements.
Slovakia
A new special VAT exemption regime for small businesses will be implemented in Slovakia from January 1, 2025, allowing exemptions across EU Member States.
Taiwan
Taiwan has now implemented VAT on commissions received from online game transactions. Business entities involved in online game transactions now must charge VAT on commissions received.
UAE – Dubai
Dubai plans to reintroduce a 30% alcohol sales tax starting January 2025. The tax was initially suspended in 2023 to enhance tourism.
USA – Maine
Maine applies 5.5% Sales Tax to specific tangible property rentals effective January 1st 2025. Previously, the tax was paid by lessors at purchase, not charged to lessees during the rental.
