Tax & Accounting Blog

Iceland Plans to Raise VAT on Accomodations in 2013

Iceland Plans to Raise VAT on Accomodations in 2013

The government of Iceland has announced plans to increase the VAT rate on tourist accommodations from 7%  to 25.5% beginning May 2013. The increase will make VAT on accommodations in Iceland the highest in Europe. The plan has received harsh criticism from the Icelandic tourism industry. Source: http://www.icelandreview.com/icelandreview/daily_news/Higher_Taxes_on_Aviation_and_Accommodation_0_392624.news.aspxRead More

A Study Questions the True Benefit of Sales Tax Holidays

A Study Questions the True Benefit of Sales Tax Holidays

Sales tax holidays are normally viewed as a boom for retailers, but even industry advocates are conceding that this year’s tax holidays may be the toughest yet for small store owners. Some economists and tax policy experts agree that sales tax holidays do not significantly increase consumer purchasing. Instead, the highly-publicized events just mean customers postpone … Read More

Japan Ratifies First Sales-Tax Increase Since 1997

Japan Ratifies First Sales-Tax Increase Since 1997

On august 9th Japan’s opposition-controlled upper house ratified Prime Minister Noda’s  bill to raise the country’s sales tax for the first time in 15 years. Under this legislation the current 5% rate will be increased to 10% by 2015. The lower house passed the bill in June. A clause in the bill allows for implementation to be canceled … Read More

Maryland’s Sales Tax Holiday is Back

Maryland’s Sales Tax Holiday is Back

Beginning 12 August 2012, select items of clothing and pairs of shoes costing $100 or less will be exempt from Maryland’s 6 percent sales tax. The items will remain exempt through 18 August 2012.  The 3-year-old measure is intended to coincide with back to school shoppers preparing for next school year.   http://www.somdnews.com/article/20120810/NEWS/708109703/1075/sales-tax-holiday-returns-next-week&template=southernMarylandRead More

District of Columbia Enacts A Cogeneration Equipment Exemption

District of Columbia Enacts A Cogeneration Equipment Exemption

The District of Columbia has enacted the “Cogeneration Equipment Personal Property Tax Exemption Emergency Act of 2012.” Cogeneration equipment, which is defined as equipment that produces both electric energy and useful heat or steam energy, is exempt when it serves developments of more than 1 million square feet and when the fuel used to generate … Read More