2015 seems to start with book related VAT news in the EU. After the ECJ’s judgment in the K Oy case (C-219/13), the Finnish Supreme Administrative Court (“SAC”) delivered its ruling at the end of December. Continue reading
The Italian Parliament passed the 2015 Finance Law on 22 December, which applies the 4% VAT rate to e-books as of 1 January 2015. According to the legislation any publication that is identified by an ISBN code (International Standard Book Number) and transmitted through any physical or electronic means, should be considered as a book and, as a result, subject to the 4% reduced VAT rate. Continue reading
As of January 2015, the Czech Republic plans to introduce a third VAT rate of 10% in addition to the existing standard VAT rate of 21% and the reduced rate of 15%. The new VAT rate will apply to drugs, books and baby food.
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Portugal considers increasing the standard VAT rate by 0.25%, to 23.25%.
The increase would result in the following standard VAT rate changes with regards to the three different regions: from 23% to 23.25% on the Portuguese mainland, from 22% to 22.25% in Madeira and from 18% to 18.25% in Azores.
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The Malaysian Prime Minister has announced that GST will be implemented in Malaysia on 1 April 2015 at the rate of 6% in his budget speech. The threshold for mandatory registration will be RM 500,000.
Income Tax rate will be reduced between 1 % to 3 %, effective from assessment year 2015. Corporate Tax rate will be reduced by 1% from 25% to 24% (SME rate from 20% to 19%) effective from assessment year 2016. Continue reading
The French tax authorities have reconfirmed in the recent Finance Bill that the VAT rate changes will take effect on 1 January 2014. The standard rate will increase from 19.6% to 20%. The intermediate rate will be increased from 7% to 10%. This rate will apply to various goods and services including restaurants and meals for immediate consumption, passenger transport, hotel accommodation, pharmaceutical products not reimbursed by social security and transfers of copyrights. Continue reading
Montenegro’s Parliament agreed to the increase of the VAT rate from 17% to 19%. This change will take place as from 1 July 2013.