News and Analysis

• IMF forces Latvia to increase VAT rate

  December 15, 2008

  Latvia's standard and reduced rates of VAT are to increase to 21% and 10% respectively. The increase of the standard rate amounts to three percentage points and the reduced rate has been doubled from 5%. The move comes after pressure from the IMF. The VAT increases will be effective from January 1 2009.

• East African states seek harmonisation of VAT

  June 10, 2008

  Budget speeches on Thursday of this week in Nairobi, Kampala and Dar Es Salaam are expected to point to proposals to harmonise value-added tax (VAT) in the states of the East African Community (EAC