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Adult colouring books ‘could be subject to VAT’

mayo 25, 2016

Currently, both adult and children’s colouring books are exempt from the VAT. However, in future, colouring and dot-to-dot books for adults could be classed as “uncompleted” books, which attract the full 20% rate of VAT. More than three million adult colouring books were sold in the UK in 2015, worth an estimated £20.3m. HMRC confirmed… Más información

Gov’t seeks IMF’s counsel on lowering VAT

mayo 24, 2016

A reduction in the current 16% Value-Added Tax (VAT) rate is not possible before the next budget, according to Finance Minister Winston Jordan, who says that although the Tax Reform Committee (TRC) has made such a recommendation, government has sought guidance from the International Monetary Fund (IMF) to ensure that the right decision is made…. Más información

Sri Lanka Increased VAT Rate To 15 Percent

mayo 10, 2016

On May 2, 2016, Sri Lanka raised its headline rate of value-added tax from 11 percent to 15 percent to shore up the nation’s finances. A day earlier it had controversially expanded the scope of the VAT to cover healthcare services. Some other goods and services have been added to the tax base, to substantially… Más información

English language schools should be VAT exempt – federation

mayo 9, 2016

English language schools should be VAT-exempt to be more competitive in the global market, the Federation of English Language Teaching Organisations said. “More favourable VAT exemptions, as exist in other destinations, on tuition and services as well as simplified and more efficient procedures when it comes to issuing of visas can give the sector a… Más información

New VAT law to fuel living costs

mayo 4, 2016

Prices of many goods and services will soar, while various local industries will face increased competition with imported goods once the new VAT and supplementary duty law comes into effect in July. Framed at the prescription of the International Monetary Fund, the new law envisages a flat 15 percent value-added tax, replacing different rates of… Más información