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VAT

Albanian Minister of Economy, “No price increase, no cost for entrepreneurship”

in ECONOMY/EUROPE by

Minister of Finance and Economy, Arben Ahmetaj said today that the inclusion in the VAT filing scheme for business running over 2 million Lek a year is not a new tax. During a media interview with the media in the process of informing small businesses included in the VAT filing scheme, Ahmetaj emphasized that by the end of December 2018 there will be no penalties for those businesses who have erroneously fulfilled the VAT declaration agency.

The Minister said that surveys were conducted all over Albania and the cost for business has been modest since the application of this scheme, so price increases are unjustified. He announced that there are 9900 small enterprises included in the declaration scheme, while 60 thousand businesses that make $ 2 million a year do not have the obligation to declare VAT.

Saudi VAT will impact the prices and this will push consumers to find ways to save money

in MIDLE EAST/PRESS RELEASE/REGIONS by

The introduction of value-added tax (VAT) next year will directly impact the prices of commodities and services, analysts said. Al-Zaidi, a Financial ablyst, said “The price increase will reduce the demand for goods, and this will have a negative effect on companies, most of which will likely take several measures to keep their business”. He hoped the price rise would not affect the quality of goods and services. “If it happened, it is a negative indication. However, the price hike will push consumers to find ways to save money”, he said. Businesses must register for VAT by the deadline of Dec. 20, and the official introduction starts on Jan 1. He anticipated that companies will be keen to improve their services at competitive prices, especially with the opening of international markets through e-commerce. He stressed that the best service-providers with the lowest costs will succeed in the market, while other businesses will fail. Al-Zaidi, who is also the director of the Jeddah-based Al-Zaidi Financial Education Center, said that it is possible that the government will impose additional taxes on other products or increase VAT from 5 percent. Al-Zaidi anticipated that small and medium-sized companies will find it difficult to adapt to VAT, making it difficult to significantly reduce their expenses to survive. As for imposing VAT on private education, Al-Zaidi said that investors in this sector would reduce fees to retain their market share. “Otherwise, their investment would be severely affected”, he said.

Big Ue relaunch web tax, change current tax revenue

in EUROPE/PRESS RELEASE/REGIONS by

Italy, French, Germany and Spain have a signed a common initiative to profoundly review the actual taxation system to assure a more efficient, fair and clear tax system. The four countries signed this common initiative 4 days before the meeting that will take place in Talllin. They propose to ensure that all the goods and service are subject to the same VAT wheter they are digital or physical, they also added that there shouldn’t be double standards because it can weaken competition. About the web tax the document reaffirmed the Ecofin’s approach, that implement the principle of a taxation based on where the revenues are generated, but that means that we should quit the idea of a permanent establishment of companies that collides with the new era of a digital business.

 

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