Latest news

Read all the latest news and articles on VAT

Latest news:

Finance professionals say VAT to increase inflation in the UAE

June 7, 2016

Dubai: Introduction of the proposed value added tax form 2018 is expected to result in a general increase in price levels in the UAE, according to CFA Society Emirates, the association for financial and investment professionals in the UAE. An online survey was conducted from May 1 to 31 among 68 CFA Society Emirates members,… Read more

Council conclusions on the VAT action plan and on VAT fraud

May 30, 2016

The Council of the European Union (ECOFIN):  –       WELCOMES the Commission Communication “Towards a single EU VAT area – Time to decide” (VAT Action Plan) and TAKES NOTE of the Special Report of the Court of Auditors No. 24: “Tackling intra-Community VAT Fraud: More action needed”, as well as of the findings and recommendations set… Read more

Adult colouring books ‘could be subject to VAT’

May 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… Read more

Gov’t seeks IMF’s counsel on lowering VAT

May 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…. Read more

Sri Lanka Increased VAT Rate To 15 Percent

May 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… Read more