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Mitigation Measures Mounted

Kitty Miv, Editor
02 March, 2022

Well, there's certainly been a lot going on in the world this week. However, the tax globe continues to spin, with governments attempting via tax and other policy measures to mitigate the impacts of various international events and trends on their taxpayers.

In New Zealand, for example, the Government has announced that the Inland Revenue Department has been empowered to grant taxpayers more flexibility regarding payment of their goods and services tax and provisional tax dues.

The relief was announced alongside the launch of a new targeted COVID Support Payment, of up to NZD4,000 per business plus NZD400 per full-time employee, capped at 50 FTEs or NZD24,000, for businesses whose turnover has been impacted by new COVID-19 restrictions.

New Zealand's Revenue Minister, David Parker, explained that the Government has extended "the Commissioner of Inland Revenue's ability to apply flexibility for tax payment dates and terms to assist firms with cashflow pressures."

Meanwhile in Belgium, a Royal Decree has been enacted to temporarily lower the rate of value-added tax on supplies of electricity to households.

The decision was published in the Official Gazette on February 28, 2022, in response to rising energy prices.

The measure, which applies to supplies to natural persons without a business number only, will reduce the VAT on supplies of electricity from 21 percent to six percent in the period March 1, 2022, to June 30, 2022, inclusive.

Uzbekistan has also pulled the VAT lever, with the State Tax Committee recently announcing an extension to a value-added tax exemption for certain basic foodstuffs.

The exemption, which had expired at the end of 2021, will now be extended until April 30, 2022. It covers imported vegetable oil, sunflower and flax seeds, and soybeans. It also covers domestic supplies and imports of live animals and meat, potatoes, and frozen fish.

Until next week!


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About the Author


Kitty Miv, Editor

Kitty was born in Argentina in 1960 to a Scottish cattle rancher and his Argentine wife. Educated in Edinburgh and at Princeton, Kitty worked for the World Bank as an economist, where she met and married an emigre Iranian banker. During her time with the Bank, Kitty worked in a number of emerging markets, including a spell in the ex-USSR as a Transition Economies Team Leader. Kitty is now a consultant in Brussels and has free-lance writing relationships with a number of prominent economic publications. kitty@lowtax.net

 

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