News

Taxware research department publishes 2003 summary of major VAT changes

Friday 7 May 2004 05:43 CET | News

Taxware LP has published a summary of the major changes to Value Added Tax (VAT) systems worldwide effective between January 1, 2003 and January 1, 2004.

In 2003, VAT system reform gained momentum in China, Czech Republic, Hong Kong, Hungary and Slovakia, often resulting in increased tax rates. For example, in China, the State Administration of Taxation introduced new VAT export refund rates, effective January 1, 2004, of 17 percent, 13 percent, 11 percent, eight percent, five percent and zero percent for different custom categories. In addition, in the Czech Republic, services currently charged at five percent VAT will now charge a 22 percent rate, and in Hungary, the zero rate was replaced by a five percent levy. The need to increase national revenue by increasing VAT appears to be the primary motive behind changes in Jamaica, Malta and Sri Lanka. Smaller changes also took place in Argentina, Chile, Peru and Singapore, sometimes as part of a wider economic strategy to improve the local economy. In Kenya and Russia, the VAT rate was reduced to attract inward investment. Worldwide there are more than 27,000 taxing jurisdictions worldwide with more than 8,000 in Canada and the United States alone. Enterprises seeking more information on Taxware’s summary can visit www.taxware.com or call 1-877-TAXWARE (877-829-9273).


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce