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Tag: VAT

UK HMRC Announces Further VAT Cuts for Hospitality Sector

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

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HMRC publishes its preliminary estimate of UK’s VAT Gap for 2018/2019

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

Could VAT Be on the up in Nigeria?

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

Brazil VAT – A Long Way Off but Still in Sight

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