Tax & Accounting Blog

December 2013 International Indirect Tax Updates

Blog, Indirect Tax, ONESOURCE, Transaction Tax, VAT Tax Rates November 27, 2013

The following VAT changes came recently into effect:
India Tripura
On November 20th, 2013 the Official Gazette of India Tripura published the Notification No. F-I-11(17)-TAX/2007, in which the current standard VAT rate of 13.5% is being        increased to 14.5%. The change became effective from the date of its publication, from November 20th, 2013.

The expected VAT change in Puerto Rico can be delayed until 2014:
Puerto Rico
In July 2013, the Law 40-2013 was approved to decrease the sales and use tax by 0.5% as of December 1st, 2013. As the law included a provision enabling to postpone the effective date of the change, the Cámara de Representantes and Senado has approved the draft bill Proyecto de la Cámara 1568, which delays the implementation of the 0.5% reduction of the sales and use tax until 1 February 2014. Currently, the bill awaits the Governor’s signature.

As a result of economic factors the following changes will not be implemented in the upcoming months:
According to the Belarusian Deputy Prime Minister Piotr Prokopovich newest statement, the current VAT rates will remain unchanged for the year 2014. Earlier this year, the Government announced a plan to increase the standard VAT rate to 22% in 2014.
The budget for 2014 as registered in Verkhovna Rada of Ukraine foresees no changes in 2014 for the VAT rate of 20%. The current tax code that came into effect 1 January 2011 originally provided for a VAT decrease from 20% to 17% effective 1 January 2014. This change could be suspended or delayed.