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As of the 1st of November 2016 the VAT rate in Sri Lanka has risen from 11% to 15%. There has been a lot of confusion over the last few years as to what changes the Government were going to make, as they have announced several proposals previously that have fallen though at the eleventh hour see our previous post here – Will Sri Lanka implement an increased VAT rate?. This is one reason why it is essential to have an adaptable and manageable indirect tax solution.
With this standard VAT increase there have also been several other VAT changes implemented. A range of 81 basic foodstuffs and other products are now Zero-rated. These changes fall inline with the monetary programme set out by the IMF.
The Croatian Prime Minister has announced plans to reform the tax system. The main changes are being made to Income Tax, Corporate Tax and VAT with smaller changes in the real estate sales taxes, excise duties, and a number of other tax-related laws. These changes are being implemented in order to ‘establish a stable, sustainable and predictable tax system’.
With regards to the changes to the VAT system. The standard rate will be reduced from 25% to 24%, but they will also be combining the two current reduced rates of 13% and 5% to a single reduced rate of 12%. These are expected to be implemented on the 1st of January 2018.
Businesses will need to make sure that they are ready for these changes to ensure that they are charging the correct VAT especially if they deal with any reduced rate goods or services.
Egypt’s President Abdel Fattah el-Sisi has approved the VAT law completing the ratification procedures needed to bring in the introduction of VAT.
Egypt have been talking about making this change for a while now so for many it is a surprise that is has finally been ratified. This change to a VAT system from their current Sales Tax system will be a big change for Egypt, the bylaws for the new legislation will be issued within 30 days. The rate will come in at 13% for 2016/17 fiscal year then rise 1% to 14% the following year.
One of the governments aims with this VAT law is to increase VAT compliance and decrease Tax evasion. The VAT scheme will be implemented as a traditional VAT scheme where VAT is gathered at every stage of the production chain rather than just as a one-off at the end of the chain as is implemented now. There will still be a list of exempted goods/services.
Fusion provide two options when configuring Withholding Tax.
The simple configuration uses Withholding Tax Group code on the Invoice to generate the withholding tax
The Withholding Tax Group is defaulted from the supplier or supplier site. This indicates if the supplier or supplier site is registered for Withholding Tax
with regards to
I have checked patch on MOS. It is available for EBS 12.1 and there is no superseded info available in patch search which means that patch is not superseded. If it would be then in patch search window you would see that and link to new patch.
Not sure how relevant it is but please check:
What is the Latest E-Business Tax (eBTax) Rule Engine Patch? (Doc ID 1301356.1)
The world is changing and more tax needs to be generated. For this reason, there are several new countries that are introducing VAT or GST in the next couple of years.
The countries listed below are all adopting VAT or GST;
As the leading experts for Oracle Indirect Tax configuration, we are in the best position to offer you a fully automated solution for all of these countries and whats more, we are fix pricing the cost of this solution now before we know how complex the requirements will be, thats how confident we are at being able to deliver.
So Oracle R12 or Oracle Cloud (Fusion), get in touch to find out more.
The United Arab Emirates (UAE) has announced plans to introduce a VAT regime and increase excise taxes, a move that has been welcomed by the International Monetary Fund (IMF).
The UAE Finance Minister has announced that Value Added Tax (VAT) will be introduced at an expected rate of 5% with around 100% items expected to be exempt. The UAE and the other Gulf Cooperation Council (GCC) members have been negotiating a proposed pan-GCC VAT for more than a decade and finally settled on a draft plan last year.
eBiz Answers are proud to announce that we have been shortlisted for Innovative Service Partner of the Year at the UKOUG Partner of the Year Awards 2016.
These awards provide recognition to Oracle Partners for the contributions they make by providing their services to Oracle users. This year’s UKOUG Partner of the Year Awards will be presented on the 13th October 2016 at the new style Café de Paris, London.
After great success winning the Innovator of the Year Award at the International Tax Review’s European Tax Awards we hope to continue the winning run with the support of our clients and customers.
To Vote for eBiz Answers Ltd go to http://www.ukoug.org/2016-events/partner-of-the-year-awards/voting/
Voting Closes on the 12th September 2016
For further details of the Awards, including shortlists visit http://www.ukoug.org/2016-events/partner-of-the-year-awards/