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Puerto Rico Cuts Sales Tax to 7%

Puerto Rico Cuts Sales Tax to 7%

The Puerto Rican government has announced on April 2nd new plans to cut its Sales and Use Tax from 11.5% to 7%. The rate for professional services will be reduced to 3% from 4%.  There are also cuts to the corporate and personal income tax rates. No implementation...

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South Africa VAT Zero Rated Items

South Africa VAT Zero Rated Items

            Below is a list of zero-rated items in the South African VAT regime List of current zero-rated food items in South Africa: Brown bread Maize meal Samp Mielie rice Dried mielies Vegetable oil Milk Cultured milk Brown wheaten...

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VAT Invoices and Compliance Requirements

VAT-registered businesses must issue VAT invoices compliant with the local VAT rules. In most cases, there is an obligation to: issue and keep valid invoices - these can be paper or electronic keep copies of all the sales invoices you issue even if you cancel them or...

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Gulf VAT-Oman to Delay implementation

The 6 GCC countries were due to introduce VAT in 2018, but further details are awaited in respect of nations other than UAE and Saudi Arabia. Following the introduction of VAT in UAE and Saudi Arabia from 1 January 2018, the Oman ministry of finance has now declared...

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EU Proposes to Simplify VAT for SME’s

The EU has this week released a two-fold proposal designed to simplify the VAT system, specifically around reduced rating, and to ease the administrative burden and compliance costs of smaller businesses in respect of VAT. Under the current EU VAT directive, reduced...

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Rate Increase for South African-VAT

The change represents the first VAT increase in 25 years, and is effective from 1 April 2018. The South African finance minister has recently announced an increase of 1 percentage point in the value-added tax (VAT) rate in the 2018 budget. As a result, the rate will...

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Bahrain-VAT Coming in 2018

Following the implementation of a VAT system in UAE andSaudi Arabia starting on 1 January 2018, it is now confirmed that Bahrain will be the next GCC state to implement VAT. It is expected that VAT will be introduced staring in January 2019. Oman is currently expected...

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Moving Goods within the European Union (EU)

As part of the implementation of the Single Market in the EU, the Member States agreed to various simplifying measures. Most crucially, all duties and taxes on goods imported/exported between EU states were removed. As such, from a VAT perspective, these are not...

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What is an Intrastat declaration?

In addition to the declarations required by the EU for declaring reverse charge VAT and the transfer of goods, a supplementary filing that reports all EU movements of goods for customs purposes is also required. Intrastat reporting is a monthly obligation for...

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Reverse Charge VAT Explained

When a transaction is subject to Reverse Charge, the recipient of the goods or services reports both their purchase (input VAT) and the supplier’s sale (output VAT) in their VAT return. These two declarations offset each other from a cash payment point of view, but...

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