What's happening in the world of VAT? Our Global Managing
Editor gives her daily round-up.
UK
A new VAT fuel scale charge is applicable for May accounting
periods onwards. The
UK HMRC's VAT fuel scale charges should be used by any SME
business that supplies free fuel to its company car drivers and
then recovers the VAT on the fuel. The scale charges are then
applied so HMRC can recover the private VAT element of the fuel.
They are based on CO2 emissions, banded in 5g/km steps from 120g/km
or less to 225g/km or more, and can be accounted for in monthly,
quarterly or annual periods. Source. Read more on the HMRC website.
Ukraine
A law signed by President Petro Proshenko last month exempts
some drugs and medical products from taxation. The amendments to
the Tax Code approved by the law foresee temporary exemption of VAT
for transactions on imports of registered drugs and medical
products to the customs territory of
Ukraine and their first supply, provided the
