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Latest Finance News related to Value Added Tax

Battle ground image
Source : BBC [Read Article] Sunday 14th of May 2017 01:14:58 AM
Heard the latest Christmas story? It’s about how UK banks pay all their taxes | Prem Sikka image
....4bn figure includes £42. 6bn relating to income tax and national insurance contributions (NIC) paid by employees under the pay as you earn (PAYE) system, and value added tax (VAT) and insurance premium tax collected from customers. ...
Fuel duty frozen for seventh year in row image
Source : BBC [Read Article] Wednesday 23rd of November 2016 01:45:03 PM
....Fuel duty remains the biggest component of the price of diesel and petrol. Motorists also pay 20% value added tax on those fuels. ...
Tanzania levies VAT on tourism and banking sectors image
Source : BBC [Read Article] Sunday 11th of September 2016 11:06:35 PM
. Much to the consternation of the banks and safari operators in Tanzania, the government recently levied VAT (value added tax) on the financial services and tourism industries. ...
French police raid Google's Paris offices over tax fraud and avoidance claims image
....France's financial prosecutor's office confirmed the raid in a statement. It said: "The investigation aims to verify whether Google Ireland Ltd has a permanent base in France and if, by not declaring parts of its activities carried out in France, it failed its fiscal obligations, including on corporate tax and value added tax. ...
Saudi Arabia's attempt to reduce reliance on oil has the world rapt image
.... In simplified terms, Vision 2030 focuses on three major areas, together with efforts to protect the most vulnerable segments of the population. First, the plan seeks to enhance the generation of non-oil revenues, by raising fees and tariffs on public services, gradually expanding the tax base (including through the introduction of a value added tax), and raising more income from a growing number of visitors to the kingdom. ...
EU member states to gain more freedom over VAT image
Source : Guardian [Read Article] Thursday 7th of April 2016 02:54:39 PM
....”. Current rules mean value added tax must be set at a minimum rate of 15%, although there is a long list of exemptions and lower-rates, varying from one EU country to another. ...
Fuel duty frozen for sixth year image
Source : BBC [Read Article] Wednesday 16th of March 2016 02:25:59 PM
....Fuel duty remains the biggest component of the price of diesel and petrol. Motorists also pay 20% value added tax on those fuels. ...
EU plan could call UK VAT exemptions into question image
Source : Guardian [Read Article] Thursday 28th of January 2016 10:37:25 AM
. The European Union executive is planning a review of value added tax across the bloc that might call into question Britain’s right to waive the sales duty on food, medicines and children’s clothing. ...
Saudi Aramco – the $10tn mystery at the heart of the Gulf state image
Source : Guardian [Read Article] Saturday 16th of January 2016 03:59:00 PM
....The Saudi budget deficit rocketed last year to 15% of gross domestic product and more than $100bn of the country’s $650bn of foreign reserves has already been used to fill up gaps left by depleted oil revenues. The 2016 income and expenditure plan has involved a huge rise in the price of petrol, electricity and water along with a pledge to introduce a value added tax of 5%, together with tariffs on sugary drinks and tobacco. ...
2015: a year in small business news and views image
Source : Guardian [Read Article] Tuesday 29th of December 2015 05:10:29 PM
....January brought a threat to the livelihoods of many micro-businesses, with a change in EU tax regulations. Since the start of 2015, sellers of digital products have had to pay value added tax (VAT) in the European country where each product is bought (at that country’s VAT rate), as opposed to where it is sold. ...
US launches trade dispute with China over tax on imported aircraft image
Source : Telegraph [Read Article] Tuesday 8th of December 2015 05:36:30 PM
.... . The US Trade Department has asked the World Trade Organisation (WTO) to intervene, saying Chinese-produced escape a 17pc value added tax that is levied on imported aircraft and parts. ...
Opec to keep pumping out record oil volumes despite growing global glut, sources say image
.... . For Saudi Arabia, low oil prices and the prospects of big fiscal deficits have already prompted officials to float the idea of potentially unpopular reforms, including introducing a value added tax and cutting energy subsidies. ...
Households forced to plug corporate tax gap, says OECD image
Source : Guardian [Read Article] Thursday 3rd of December 2015 10:51:42 AM
....“Corporate taxpayers continue finding ways to pay less, while individuals end up footing the bill,” said Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration. “The great majority of all tax rises since the crisis have fallen on individuals through higher social security contributions, value added taxes and income taxes. ...
VAT loopholes - how to save around the supermarket image
Source : Telegraph [Read Article] Thursday 29th of October 2015 08:02:52 AM
. Since value added tax (VAT) was introduced in 1973, it seems to have caused no end of drama. ...
Greece crisis: banks reopen after three weeks image
Source : Telegraph [Read Article] Monday 20th of July 2015 06:50:10 AM
.... Greek Prime Minister Alexis Tsipras (R) sits next to Finance Minister Euclid Tsakalotos as they attends a parliamentary session in Athens (Reuters). Increases in value added tax agreed under the bail-out terms have also taken effect with VAT on food and public transport jumping to 23 per cent from 13 per cent. ...
Greek bailout talks given go-ahead image
Source : BBC [Read Article] Friday 17th of July 2015 05:10:09 PM
.... . Meanwhile a rise in value added tax (VAT) - one of the reforms required for the bailout talks - will kick in on Monday. ...
Germany approves Greek bailout talks image
Source : BBC [Read Article] Thursday 16th of July 2015 09:37:57 PM
....The announcements from the ECB and the Eurogroup came after Greek MPs passed tough reforms on taxes, pensions and labour rules as part of the new bailout deal. A rise in value added tax (VAT) from 13% to 23% will kick in on Monday, affecting food and drink in restaurants, taxi fares, selected supermarket items, public transport and plane and ferry tickets. ...
Eurozone crisis: Greek austerity plans meet warm but cautious response image
.... We may have to vote on it tomorrow,” he said. Among the extra measures agreed by Tsakalotos and his team to secure a third bailout are a slew of tax increases including a 23% value added tax on restaurants and catering, a reduced 13% tax on basic foodstuffs, energy hotels and water and a so-called “super reduced” rate of 6% on pharmaceuticals, books and theatre. ...
The options for Greece image
Source : BBC [Read Article] Wednesday 17th of June 2015 11:00:15 PM
.... . There are differences over the borrowing targets for the government finances, how to meet them - especially on pension cuts and value added tax increases - and whether Greece should receive debt relief. ...
This is an election fought on the basis of an economic lie image
Source : Telegraph [Read Article] Monday 13th of April 2015 10:12:47 AM
.... He’s already got to find another £12bn of welfare savings to meet his fiscal targets for the next parliament. Increases in all the main forms of taxation – income tax, national insurance, value added tax and corporation tax – have meanwhile been ruled out. ...
Source : Reuters [Read Article] Wednesday 25th of March 2015 12:21:20 PM
. Prime Minister David Cameron used his last debate in parliament before a national election on May 7 to try to push his Conservative Party ahead of opposition Labour in stagnant opinion polls by ruling out a rise in value added tax. ...
Benefits cuts 'cost average family £489 a year' image
Source : BBC [Read Article] Friday 23rd of January 2015 12:19:50 AM
.... . Tax and benefit changes include an increase in the main rate of value added tax (VAT), increases in the rates of National Insurance Contributions (NICs) and significant cuts to benefits. ...
Macy's Black Friday arrives in the UK as American retailer unveils online shopping deals image
....British shoppers can enjoy online Black Friday deals from the iconic New York  department store Macy’s, which is offering a flat-fee £7 shipping to the UK on purchases over £65 until the 18 December. The promo code Gobble gives up to 20 per cent extra off purchases, but remember UK value added tax and customs duties are payable – though there’s a simple option to see what you owe and pay on the checkout rather than when postman arrives. ...
Macedonia and Kiribati have better tax systems than the UK image
Source : Telegraph [Read Article] Friday 21st of November 2014 06:00:20 AM
.... . The report highlighted that medium-sized British businesses took an average of 110 hours - or almost 14 working days - to prepare, file and pay their corporation, labour and value added taxes in 2013, with eight different taxes payable in total. ...
Households pay an extra £1,700 in stealth tax image
Source : Telegraph [Read Article] Thursday 30th of October 2014 12:12:34 AM
.... . Three-quarters of the money came from value added tax (VAT), his analysis found, which has increased from a standard rate of 17. ...
Oil continues slide as supermarkets step up petrol price war image
Source : Telegraph [Read Article] Thursday 2nd of October 2014 07:19:03 PM
....21p and diesel averaging 131. 44p, levels last seen just after value added tax rose to 20pc at the start of 2011. ...
Zipcar co-founder: 'Entrepreneurs should build the world they want to see' image
.... I like a lot the government services that exist in Europe, so I like higher level taxation. To the negative, Europe's value added tax is very regressive. ...
HMRC forced to apologise to MPs after getting its sums wrong image
Source : Guardian [Read Article] Thursday 3rd of July 2014 07:42:05 PM
....The taxes which contributed to this increase were income tax and national insurance, which was 6% higher at £16. 2bn, value added tax, which rose 7% to £7. ...

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