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TMF Global VAT/GST Compliance News - September 2008

• Australia: rules out GST increase to fund Company Income Tax increase
• Bosnia: potential VAT increase to cover costs of customs integration with EU
• Denmark: extension of VAT reverse charge on services from non-resident suppliers
• Estonia: talk of raising reduced VAT rate from 5% to 9%
• EU: threat to import VAT deferment on immediate onward supplies to combat fraud
• Hungary: avoids VAT hike as route to fund deficit
• Malawi: VAT rate cut from 17.5% to 16.5%
• Netherlands: drops plans for Jan 2009 1% VAT rate increase due to recession fears New Zealand: increased VAT registration threshold to $50,000 from April 09
• Poland: simplification on VAT registrations for warehousing of goods
• Poland: improved import VAT set-off scheme for established importers
• Poland: new facility for temporary trading without need to register with National Courts
• Singapore: new GST invoice and receipt requirements
• Spain: switch from quarterly to monthly VAT returns proposed
• UAE: now may delay VAT introduction to 2010

For more details, contact

richard.asquith@tmf-group.com

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