Tax & Accounting Blog

Venezuela Value Added Tax Increase

Last Friday, the Venezuelan National Assembly approved the “Enabling Law” (Ley Habilitante), which gives President Hugo Chavez dictatorial and legislative powers for 18 months. Chavez has announced that his government is currently revising the VAT law and due to the state of emergency in Venezuela a Value Added Tax increase is expected. Venezuela has one … Read More

Illinois to Offer Amnesty to Christmas Shoppers

Illinois to Offer Amnesty to Christmas Shoppers

Have you been nice and paid your sales taxes on the gifts you’ve purchased on-line this holiday season? If you’ve been naughty the State of Illinois has a gift of its own for you. Amnesty. Illinois will offer a sales/use tax amnesty program from January through October 15, 2011. Under legislation passed last year shoppers who purchased goods on-line, through the … Read More

Barbados Increases VAT

In order to correct the fiscal imbalance Barbados needs revenue enhancement. That is how the Ministry of Finance began his VAT Budget proposal, which followed by a Value Added Tax increase from 15% to 17.5%, effective December 1st 2010. The VAT increase is intended as a temporary measure for the next eighteen months and is … Read More