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Here is our quickfire round-up of 10 of the headlines you need to know from October so far:
Chile
The Chilean Congress has passed a new tax reform package to modernise its tax system. The changes include revisions to VAT regulations, which may affect businesses operating within the country.
Montenegro
Montenegro plans to introduce a new 15% reduced VAT rate starting in 2025. This reform is part of broader efforts to adjust the country’s tax system, aiming to benefit specific sectors of the economy.
Ecuador
Ecuador has implemented a VAT cut on electric generators in response to the ongoing energy crisis. This measure is aimed at making generators more affordable for businesses and households, helping to alleviate the impact of power shortages.
Philippines
The Philippines has passed legislation imposing VAT on digital services provided by non-resident entities. This new law is designed to level the playing field between local and foreign service providers and increase tax revenues from the digital economy.
Portugal – Madeira
The autonomous region of Madeira has reduced its VAT rate to 4%, effective October 2024. This move aims to stimulate economic activity and lower the cost of living for residents and tourists.
Romania
Starting from January 1, 2025, the government will reduce the VAT rate on bee food. This initiative is part of a broader agricultural support policy, intended to assist beekeepers and promote sustainable agriculture.
Latvia
Latvia is considering new VAT rates as part of its 2025 state budget, with adjustments based on individual income levels. This approach aims to create a more equitable tax system for its citizens.
Slovakia
The Slovak Republic has introduced a new tax on sweetened soft drinks. This measure promotes healthier consumption habits and generates additional tax revenue.
Monaco
Monaco has updated its VAT exemption thresholds and introduced several other VAT-related changes. These adjustments are intended to improve the efficiency and fairness of the tax system for businesses operating in the principality.
Finland
Finland has announced plans to increase the VAT rate on broadcasting services to 14%. This change is part of a broader tax reform aimed at aligning broadcasting with other digital services, ensuring consistency in VAT application.
