UK To Require Digital VAT Filing

Posted on January 14th, by Global Tax Weekly in Sales Tax. No Comments

In the UK, HM Revenue and Customs has called on UK VAT-registered businesses to sign up for Making Tax Digital (MTD) for VAT before April 1, 2022.

Since April 2019, businesses with a taxable turnover above GBP85,000 have already been required to follow Making Tax Digital, including keeping digital records and filing VAT returns using MTD-compatible software.

All VAT-registered businesses, including those who have voluntarily registered, must follow MTD rules from April 2022.

For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look


Bahamas Announce VAT Cut

Posted on January 7th, by Global Tax Weekly in Sales Tax. No Comments

In the Bahamas, the VAT rate cut from 12 percent to 10 percent was implemented as of January 1, with the Government issuing guidance on potential complications arising from the change.

The guidance provides that where there is an ongoing service contract, where the initial VAT rate charged was 12 percent, there will be a reduction in the VAT rate to 10 percent for services that have not been rendered by December 31, 2021. The guidelines further explain that where the service has been rendered prior to January 1, 2022, but payment has not been made, the 12 percent rate still applies.

The Bahamian authorities also explained that VAT on goods remains at 12 percent if an order was placed before January 1, 2022, even if the goods arrive after that date. The new rate of 10 percent is required to be … Read More »


Latvia Plans Tax Relief For Self-Employed

Posted on January 1st, by Global Tax Weekly in Individual Taxation. No Comments

Latvia has received approval from the European Commission to offer tax relief to companies and self-employed persons, in response to the COVID-19 pandemic.

The scheme was approved under the State aid Temporary Framework, with the support taking the form of interest-free deferrals of payment of taxes and social security contributions. The aim of the scheme is to enhance the liquidity of the beneficiaries and to help them continue their activities during and after the pandemic.

Latvia must withdraw the relief by no later than June 30, 2022, and the deferral of the taxes and social security contributions must end by June 30, 2023.

For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look





RELATED ARTICLES AND INFORMATION

UK To Require Digital VAT Filing

In the UK, HM Revenue and Customs has called on UK VAT-registered businesses to sign up for Making Tax Digital (MTD) for VAT before...

Bahamas Announce VAT Cut

In the Bahamas, the VAT rate cut from 12 percent to 10 percent was implemented as of January 1, with the Government issuing guidance...

Latvia Plans Tax Relief For Self-Employed

Latvia has received approval from the European Commission to offer tax relief to companies and self-employed persons, in response to the COVID-19 pandemic.

The scheme...