Switzerland has joined the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters. However Rudolf Elmer, the Swiss whistleblower, doubts it will significantly increase the tax haven’s transparency.
At the 11th hour, Italy pressed ahead with increasing the VAT rate. The last minute decision has left companies facing large penalties if they are not fully compliant.
Prime Minister Shinzo Abe has confirmed that the Japanese consumption tax (JCT) rate will increase next year. Companies have accepted the move, but there are more VAT rises to come.
Thousands of pubs and restaurants, which have struggled since the UK government hiked VAT to 20% in January 2011, dropped their prices by 7.5% for one day last month to show the benefits of a VAT cut.
