Tax & Accounting Blog

Alabama Governor Offers Another Sales Tax Holiday

Alabama Governor Offers Another Sales Tax Holiday

Governor Bailey, of Alabama, has proposed a possible sales tax holiday similar to Louisiana’s “Hurricane Preparedness” holiday, during which time supplies such as weather radios, flashlights, generators, and other weather disaster related supplies are exempt from sales tax.  This holiday would work much like the annual August Back-to-School holiday in Alabama, in which the state … Read More

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Qatar Considering a VAT

Qatar is considering introducing a value added tax in the near future. The General Secretariat of Development Planning (GSDP), in its recently released report entitled ‘Qatar Economic Outlook 2011-12’, said that although Qatar’s overall fiscal balance has been in surplus during the past few fiscal years, the balance on the  non-hydrocarbon account has been in … Read More

Kenya Proposes VAT Reforms

Kenya Proposes VAT Reforms

Kenya has proposed significant reforms to its current VAT law in order to simplify compliance and increase revenues. According to the Treasury, the current compliance rate stands at about 55 per cent due to distortion and tax leakages caused by exemptions and zero rating. “When the proposed Bill becomes law, we hope to achieve 80 … Read More

Vietnam Extends VAT Exemptions to Financial Services

Vietnam Extends VAT Exemptions to Financial Services

Vietnam has issued a new directive effective March 1, 2012 which expands the definition of VAT exempt supplies to include a number of financial services transactions including foreign exchange trading, the management of securities investment companies, and debt factoring (including the sale of debts). The Directive is available at: http://thuvienphapluat.vn/archive/Nghi-dinh/Nghi-dinh-121-2011-ND-CP-sua-doi-Nghi-dinh-123-2008-ND-CP-huong-dan-Luat-Thue-vb133470t11.aspxRead More