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.
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.
After last week’s UK referendum a lot of people are worrying that will happen with VAT system in UK and EU. Because of so many trades between UK and continental Europe it can be mess. At the moment UK VAT rates are regulated by EU laws and VAT rate can not be less then 15%. There are other VAT requirements which UK is obligated to comply as EU state.
It will take some time until changes will be done and it will depend on the deal UK will manage to make with EU. But it definitely will impact UK import/export as goods won’t be able to be transported as free as it is done up to date.
What can be done right now? Nothing. We just need to sit and wait until UK and EU parliaments will make some decisions.