Tax & Accounting Blog

Q4 2014 International Indirect Tax Highlights

Blog, Indirect Tax, ONESOURCE, Reuters Tax & Accounting News January 15, 2015

COUNTRY LEVEL RATES CHANGES IN Q4 2014

Argentina
In accordance with 192/2014/TD and effective 1 October 2014, new reduced rates of 5% and 2.5% for some publishing and editorial products.

Bahamas
In accordance with the 2014 VAT Act and effective 1 January 2015, Bahamas implemented a Value Added Tax with a standard rate of 7.5%.

Czech Republic
In accordance with 235/2004 Art. 47, Annex 3 and effective 1 January 2015, a new reduced rate of 10% was added.

Dominican Republic
In accordance with Ley No. 253-12 and effective 1 January 2015, the standard rate decreased from 18% to 16%, and the Reduced Rate increased from 11% to 13%.

Sri Lanka
In accordance with the 2015 Budget and effective 1 January 2015, the standard rate decreased from 12% to 11%.

STATE LEVEL RATES CHANGES IN Q4 2014

India Andhra Pradesh
In accordance with Notification No G.O.MS.No. 319, and with effect from 18 September 2014, a 1% rate was added for jet fuel.

India Chandigarh
In accordance with Notification No. E&T/ETO(Ref)-2014/4410, and with effect from 11 November 2014, an 8% rate on declared goods was added for uninterrupted power supply and plastic granules, plastic powder and master batches.

India Haryana
In accordance with Notification No 94/H.A.6/2003/S.59/2014, and with effect from 26 August 2014, a 2% rate was added.

India Kerala
In accordance with Notification No. 192/2014/TD, and with effect from 19 November 2014, a 28.72% rate on gasoline and a 22.07% rate on diesel fuel were added.