VAT News July 2010

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China : international transport exempted from Business Tax
Czech : reduced VAT rate may increase in 2011
EU : pan-Euro VAT fraud police (Eurofisc) takes a step closer to launch
EU : 2009 VAT recovery deadline may be moved from 30 Sep 2010 to Mar 2011
Japan : a 5% consumption tax rise looks likely
Moldova : introduces VAT recovery process for non-resident companies
Netherlands : quarterly filing economic crisis option to extend for further year
Pakistan : VAT implementation delayed; GST to rise to 17% instead
Panama : VAT increase from 5% to 7% on 1st July
Romania : VAT increases from 19% to 24% on 1st July to help unlock IMF funding
Slovakia : new reduced rate of 6% introduced
Sweden : may force non-resident importers to register to help eliminate fraud
UK : standard VAT rate to rise 2.5% to 20% on 4 Jan 2011 to service debt
Ukraine : new requirements on VAT returns and invoice reporting
Ukraine : potential VAT increase in 2011
US : New Mexico sales tax increases from 5% to 5.125%
 
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