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Following a slew of recent rate changes to GB VAT, the Government has today announced a further temporary rate reduction to 5% for the hospitality sector. This afternoon the UK Chancellor of the Exchequer, Rishi Sunak, has announced that there will be an additional set of temporary cuts for Value
The UK Government’s department responsible for the collection of taxes, has published its preliminary estimate of the VAT Gap for 2018-2019. According to the HMRC, ‘The ‘VAT gap’ is the difference between the VAT theoretical liability, estimated using national accounts data, and actual cash receipts.’ The findings indicate that VAT
As of 1st January 2020, it is likely that Nigeria will see an increase in the Value Added Tax (VAT) they pay as standard. New proposals from the Nigerian government would see VAT rise from 5% to 7.5% in the new year, however this needs to be approved by the
The march to tax sanity in Brazil is still on the way, although a 2030 target date is a long way off! A VAT based design penned as Imposto Único sobre Bens e Serviços, or ‘IBS’ for short, follows the likes of China and India in the simplification of the
The Bahrain Petroleum Company automates its VAT in partnership with Innovate Tax. The regional oil and gas leader consolidates its position as an important contributor to modern Bahrain’s economy as it invests in finance system upgrades in readiness for the country’s VAT regime, which comes into force on 1 January
