CTAX Blog: VAT news for international associations holding events abroad.
To often, associations view the requirement to register for a local sales tax regime as an added burden. In reality, registering allows you to claim back most or all of the sales taxes paid out in the host country in connection with your event. This can positively affect your budget in a significant way.
The Italian government has announced plans to increase the standard VAT rate from 22% to 24% in January 2017. A further increase to 25% is also planed for January 2018. These increases aren't set in stone yet. As with previous planed increases, the Italian government will evaluate the performance of the Italian economy to judge if the VAT rate changes are required. Expect a final decision in early 2017.
Announced last Saturday, Oman will introduce a VAT as it seeks to diversify its revenues following a plunge in oil prices, directly affecting state budgets. The expected rate is 5%.
Its unclear at this point how this will affect non established entities holding events in Oman. More details will be available during 2017.
