30 April 2018
From 1 January 2019, Iceland’s Ministry of Finance and Economic Affairs will reclassify electronic books as zero-rated for Value Added Tax.
E-books are currently subject to the reduced VAT rate of 11% in Iceland, however as Iceland is not a member of the European Union (EU) they can decide their own VAT rates which has allowed them to scrap this VAT charge altogether.
EU countries do not have this privilege and are currently obliged to charge the full standard VAT rate on e-books, this is despite printed books of the same matter enjoying the right to a reduced or zero rate of VAT.
LATEST NEWS
Emergency VAT measures to combat the financial impact...
Due to the negative financial impact that the coronavirus pandemic is having on businesses all over the world, a number of tax authorities have implemented...
SEE MORE
LATEST NEWS
UK cuts hospitality and tourism VAT to 5% until...
From 15 July 2020 to 12 January 2021, the UK will cut the VAT rate applicable on hospitality services from the standard rate of 20% to the reduced rate of...
SEE MORE
LATEST NEWS
Canada extends the sales tax return submission...
The Province of Manitoba has extended the sales tax return submission deadlines to 20 October 2020 for small and medium sized businesses. This covers all...
SEE MORE