Tax & Accounting Blog

New Brunswick: Possible Referendum to Increase HST

New Brunswick: Possible Referendum to Increase HST

Following a recent announcement that the government won’t be able to meet a promise to balance the provincial budget by next year, Premier David Alward has publicly stated that a referendum to increase the HST is possible before the next election in 2014.   The current rate of HST in the province is 13%. It has not been announced yet … Read More

Thomson Reuters Report: Number of Global Indirect Tax Changes Increases 62 Percent in Q3

Thomson Reuters Report: Number of Global Indirect Tax Changes Increases 62 Percent in Q3

New York, November 14, 2012 – Worldwide, there were 62 percent more indirect tax changes in the third quarter of 2012 than there were during the same period in 2011, according to the latest ONESOURCE Indirect Tax rate report from Thomson Reuters. There were 525 tax code changes in Q3 2012, compared with 324 in … Read More

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