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Germany: Federal Ministry of Finance Publishes Guidance on VAT Treatment of Virtual Currencies

(Mar. 13, 2018) On February 27, 2018, the German Federal Ministry of Finance published guidance on value-added-tax (VAT) treatment of bitcoin and other virtual currencies. It determined that transactions to exchange a traditional currency for bitcoin or other virtual currencies and vice versa constitute the taxable supply of other services for consideration, but fall under […]

Turkey: Law to Increase Tax Revenues Adopted

(Dec. 28, 2017) On December 5, 2017, Turkey’s Law No. 7061 on the Amendment of Some Tax Laws and Some Other Laws, which was adopted on November 28, 2017, was published in the Official Gazette (Resmi Gazete). Aspects of the Law become effective on various dates. (Bazi Vergi Kanunlari ile Diger Bazi Kanunlarda Degisiklik Yapilmasina […]

United Kingdom: $20 Million in Tampon Tax to Be Distributed to Women’s Charities

(Dec. 12, 2017) In the United Kingdom, there has been a long-running campaign to remove value-added tax (VAT) from women’s sanitary products. Since January 1, 2001, the VAT rate charged for sanitary products has been 5%, a 15% discount on the current 20% rate of VAT in the UK and the lowest rate currently permitted […]

United Arab Emirates: New Law Issued Creating Value-Added Tax on Transactions

(Oct. 3, 2017) On August 28, 2017, the United Arab Emirates (UAE) Ministry of Finance announced the issuance of Federal Law No. 8 of 2017 on Value-Added Tax (VAT). (Federal Law No. 8 of 2017 on VAT, UAE Ministry of Finance website (Aug. 28, 2017) (click on the PDF icon to view text of the law).) […]

Hungary: Broad Tax Reforms Adopted

(Nov. 28, 2016) The Hungarian Parliament adopted a number of tax reforms on November 22, 2016. The tax package is aimed at enhancing the competitiveness of small and medium enterprises by giving them more incentives, cutting bureaucracy, and combatting the black market.  (Parliament Adopts Tax Package Designed to Cut Red Tape and Provide SME Incentives, […]

Cambodia: Draft Financial Management Law Considered

(Nov. 18, 2016) It was reported on November 15, 2016, that a draft Law on Financial Management 2017 is being discussed in the Cambodian National Assembly, with the expectation that legislators will pass the draft document in December and that it will enter into force in January 2017.   (Janice Loke, Cambodia: Draft 2017 Law on […]

Belarus: Further Amendments to Tax Rules

(Nov. 14, 2016) On October 26, 2016, Belarus published amendments to its Tax Code that had been adopted on October 18, 2016, as Law No. 432-Z. (Viktar Strachuk, Belarus: Tax Code Amendments for 2017 – Additional Details, TAX NEWS SERVICE (Nov. 7, 2016), International Bureau of Fiscal Documentation online subscription database (IBFD); Tax Code of […]

Taiwan: VAT on Cross-Border Sale of Digital Services

(Nov. 9, 2016) On September 22, 2016, Taiwan’s Executive Yuan (Cabinet) approved draft legislation to amend the Value-Added Tax Act with regard to cross-border sales of digital services. (You Kang Jin, Taiwan: Draft Bill Passed to Amend VAT Act on Cross-Border Sale of Digital Services, TAX NEWS SERVICE (Sept. 26, 2016), International Bureau of Fiscal […]

Vietnam: Tax Law Amendments Aimed at Improving Conditions for Businesses

(Sept. 12, 2016) In July 2016, the Vietnamese government issued Decree No. 100/2016/ND-CP that revises several tax-related policies. It is designed to help with the implementation of the Amended Tax Law of April 2016, which came into force on July 1. The Decree has a goal of improving conditions for businesses. (New Decree Revises a […]

Georgia: New Legislation Simplifies Tax Code

(Sept. 2, 2016) On May 13, 2016, the Parliament of Georgia unanimously approved amendments to the country’s Tax Code. (Law of Georgia No. 5092 on Amendments to the Tax Code of Georgia, MATSNE.GOV.GE (June 1, 2016) (official publication) (in Georgian).) The amendments mainly address corporate income taxation of profit-sharing companies, aligning the national tax system […]