Indirect tax increases on the rise
21 November 2012
Salman Shaheen - ITR
With little sign of economic recovery, governments are increasingly turning to VAT. But there are signs things could change.
A Thompson Reuters
report has revealed that globally the number of indirect
tax changes in the third quarter of 2012 increased 62% from the
same period last year.
"We are seeing an increase in
both the number of taxes and the complexity of tax laws outside
of the US, which is making it more difficult for global
companies to keep up with changing tax rates and regulations,"
said Carla Yrjanson, vice president of tax research and content
at Thomson Reuters. "As a result, many global companies are
putting best practices and technology in place to ensure they
achieve compliance in a cost effective manner."
The leading trend from these
changes fits the pattern of the last few years: more countries
are establishing VAT/GST systems and those with established
systems are increasing rates.
The third quarter of 2012 has seen the Canary Islands
increase its standard VAT rate from 5%...
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