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USA:
Here is our quickfire round-up of 10 of the headlines you need to know from November so far:
Germany
Germany’s Bundestag has enacted the Annual Tax Act 2024, introducing several VAT changes effective from January 1, 2025. Updates include new invoice requirements for businesses taxed on a receipts basis, reinstatement of the reduced VAT rate for art and collector’s items (excluding rentals), adjustments to small business tax exemptions, and harmonisation of educational service tax exemptions with EU law.
Malta
Malta’s 2025 budget introduces VAT relief measures, including a 0% VAT rate on sanitary products and incentives for property restorations.
Pakistan
Italy
The Italian Revenue Agency has confirmed that an insecticide containing pheromones, classified as a phytosanitary product, qualifies for a reduced VAT rate of 10%. This decision was made in response to a query from a pest control company regarding the tax treatment of their product.
Saudi Arabia
The National Board of Revenue (NBR) has waived excise duty on inbound and outbound airfare for Hajj pilgrims and removed VAT on three types of service charges, aiming to make Hajj more affordable amid rising costs.
Vietnam
Vietnam is proposing amendments to its Value Added Tax (VAT) Law to clarify tax obligations for foreign suppliers engaged in e-commerce and digital platform activities without a permanent establishment in the country. The draft law, expected to be enacted in late 2024 and effective from July 1, 2025, also suggests that tax payment documents from these foreign suppliers may be valid for input VAT deductions.
Switzerland
Switzerland plans to increase its standard VAT rate from 8.1% to 8.8% by 2026 to fund an additional annual pension payment for retirees, as approved by voters. This measure aims to generate approximately CHF 4.2 billion by 2030, ensuring the pension reserve fund’s stability.
Philippines
The Philippines has enacted Republic Act No. 12023, imposing a 12% Value-Added Tax (VAT) on digital services provided by non-resident digital service providers (DSPs). This law, effective from October 2, 2024, requires foreign DSPs exceeding PHP 3 million in annual sales to register for VAT and remit taxes on services consumed in the Philippines, including streaming platforms, online marketplaces, and cloud services.
Latvia
The European Commission has proposed allowing Latvia to extend its simplified VAT deduction limit of 50% for leased passenger cars used for business and private purposes. Under the new proposal, this measure, currently set to expire on December 31, 2024, would be extended to December 31, 2027.
Poland
