In summer 2021, the European Commission published the results of its public consultation on the VAT rules in the financial and insurance services industries. The answers and comments that were received provide some interesting insights that are worth exploring.
Bahrain may increase the standard rate of VAT from 5% to 10% with effect as from 1 January 2022. Although the National Bureau for Revenue has not yet made an official announcement, taxpayers should start measuring the potential impact of an increased VAT rate.
The Ministry of Economy and Finance has issued guidance setting out the rules and procedures for the implementation of VAT in relation to certain e-commerce activities by nonresidents that do not have a permanent establishment in Cambodia.
The General Customs Administration has announced new customs credit management measures for enterprises which revise and replace the current rules on the customs credit rating system. The new measures will come into effect on 1 November 2021.
On 1 January 2022, a new electronic VAT return will be launched, affecting all types of VAT returns and sharing a common information structure and set of rules. The general industry and primary industry returns will be launched first (on 1 January 2022).
A regulation and notification were issued setting forth the rules, procedures, and conditions for VAT registration that will apply for certain business operators providing electronic services from abroad and electronic platform operators located abroad.