Our top 10 tax snippets for May

It’s been another busy month in the tax world, full of rate changes, new legislation and VAT exemptions. Check out the 10 snippets we’ve picked out as ones you can’t afford to miss in May:

1) Bulgaria

A temporary VAT break on heating and bread has been imposed by the government as it seeks to get to grips with inflation that is currently standing at 14.4%. 

2) Vietnam

A proposal has been made to scrap the country’s reduced rate and impose a solitary VAT rate on all goods and services with no exceptions as part of a plan to simplify Vietnamese tax by 2030.

3) Italy

A ruling has been made in Italy this month to clarify that cat litter composed of granules and agglomerates of corn is subject to a reduced VAT rate of 4%.

4) Philippines

A list of 200 medicines that will now be exempt from VAT has been published by the Bureau of Internal Revenue.

5) Netherlands

State Secretary Van Ooijen has confirmed that a mooted reduction of VAT on fruit and vegetables as a short-term measure is impossible.

6) Norway

Norway’s government has announced a revised budget this week in which it has removed the VAT exemption on electric cars costing more than 500,000 kroner from 1^st January 2023.

7) India

The Indian government is considering imposing a reverse charge on the trading of foreign cryptocurrencies. If implemented, it is believed an 18% levy on commission would be due.

8) Switzerland

Switzerland has become the latest country to introduce measures designed to support local TV and film production. A national referendum earlier this month backed proposed legislation that will require streaming services (such as Netflix, Disney+ and Amazon Prime Video) to pay a 4% tax on Swiss income to be used on funding locally produced content.

9) Kenya

A new proposal for an increase of the country’s digital services tax from 1.5% to 3% has been made by the government.

10) USA

Colorado has announced a new levy of $0.27 must be added to all remote and e-commerce sales that are delivered by motor vehicle to an address in the state from 1^st July.