November 2013

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INDIA: is developing their new GST (VAT) and had to change their laws for that. It is a mix of Federal GST on the PRODUCTION of goods and the PROVISION of services with the States adding a sales tax on some services and the sale of goods. Especially in the transition period you may want to review A/P and A/R, Invoices contracts with suppliers and clients

ITALY: has finally adjusted there Standard VAT (IVA) rate from 21 % to 22 % effective October 1, 2013.

RUSSIA: For the upcoming OLYMPICS and PARALYMPICS in Sochi the 18 % VAT is subject to some relief rules for non-resident organizers , sponsors etc.


 


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