On March 20, 2020 UK Chancellor of the Exchequer Rishi Sunak announced about large aid for UK business and employees.
This is video with full announcement:
Here are some important citation from this announcement:
“<..>Today I can announce it for the first time in our history the government is going to step in and help to pay people’s wages. We’re setting a new coronavirus job retention scheme. Any employer in the country. Small or large, charitable or non-profit will be eligible for the scheme. Employers will be able to contact HMRC for a grant to cover most of the wages of people who are not working but are furlough and kept on payroll rather than being laid off. Government grants will cover 80% of the salary of retained workers up to a total of 2,500 pounds a month. <..> Scheme will cover the cost of wages back dated to March 1st and will be open initially for at least three months<..>”
“<..>I can announce today that the coronavirus business interruption loan scheme will be interest-free for 12 months<..>”
“<..>I am also announcing today further cash flow support through the cash tax system to help businesses pay people and keep them in work I am deferring the next quarter of VAT payments. That means no business will pay no VAT from now until the end of June. And you’ll have until the end of the financial year to repay those bills<..>”
“<..>That is a direct injection of over 30 billion pounds of cash to businesses equivalent to 1.5% of GDP<..>”
In majority countries sales tax is called Value-Added Tax (VAT). The second most popular name is Goods and Services Tax (GST). But there are 10s other different names. Here is a list how sales taxes are named in different countries around the world.
From 1st of October, 2019 Japan increased Consumption Tax from 8% to 10%. It was long delayed tax rise and was postponed couple times already.
The new Consumption Tax applied for most goods and services. But there are some exemptions like food and regular newspapers. Reduced consumption tax of 8 percent will be used for exempt goods and services.
Current VAT rate in Slovakia is 20% for most goods and services. There is reduced VAT rate (9%) for some goods and services. Use this online Slovak VAT Calculator to calculate inclusive and exclusive VAT rate in Slovakia.
This is table of value-added tax (VAT), goods and services tax (GST) and sales tax rates by country in 2019. Almost any country has reduced or different sales tax rates for some services and goods. Check each country individually for more detailed tax rates. Here are listed only standard sales tax rates.