Based on the Investment Law no. 8 of 1997 there is a system of free trade zones in Egypt which allows to store imported goods without tax consequences within the free zone (no GST or custom duty will be due on sales within the free trade zone). Egypt has a general sales tax system which works similar as known VAT systems in Europe. When the goods are imported from the free zone into the country GST and custom will apply. Importation for trade purposes into Egypt is only allowed for companies which are 100% owned by Egyptian shareholders. Egyptian free zone companies are not subject to corporate income tax on the activities approved and licensed by the General Authority for Investment (“GAFI”). These companies are also exempt from GST for this type of activities.
Author: Michaela Merz
When trees break like matches
This summer Zurich has been haunted by countless thunderstorms. It began on a Thursday in June with wind speeds of 130km per hour. The sun blinds were turn off and the tomato house blown away.
A friend of mine asked me to look after her flat. I took the car to check whether everything is okay at her place. After half a kilometre a large fallen fir tree blocked the road. A bus was standing there indecisively.Read More »
Wenn Bäume wie Streichhölzer brechen
Diesen Sommer wurde Zürich von unzähligen Unwettern heimgesucht. Angefangen hat es an einem Donnerstag im Juni mit Windgeschwindigkeiten von 130 km per Stunde. Die Sonnenstore wurden abgerissen, das Tomatenhaus weggeweht.
Eine Kollegin hatte mich gebeten, auf ihre Wohnung aufzupassen. Ich setzte mich ins Auto um nachzuschauen, ob bei ihr alles in Ordnung ist.
Hungary – new obligations as from 1 of January 2013 with purpose to detect and avoid tax fraud
Based on bill.no T/7028 taxpayers will have to submit a domestic recapitulative statement (comparable to EC Sales and Purchase Lists) together with their VAT returns for all transactions where the VAT amount is equal/greater than HUF 2’000’000 as of 1 of January 2013. This obligation does not apply to reverse-charge transactions.Read More »
Spain – changes in spanish interpretation of the VAT permanent establishment
The Spanish VAT authorities have recently published some public rulings concerning different questions related to the interpretation of the criteria for creating a permanent establishment for VAT purposes (hereinafter: ‘‘p/e’’) in Spain. The new interpretation seems to be a complete change from the previous Spanish legal position.
Link to the article:
Changes in Spain of VAT permanent establishment
The phenomenon of the empty deckchairs
My holidays are active and I only spend little time in the hotel in order to sleep there. Thus I am only to a very limited extent interested in its inner life and the group dynamics developing on these sites.
Now I am on holidays with my youngest one (5). I chose a family hotel at the sea with swimming pool and numerous other children, so that my youngest one finds friends. Read More »
Das Phänomen der leeren Liegenstühle
Meine Ferien sind aktiv und im Hotel verbringe ich nur kurze Zeit zu schlafen. Darum interessieren mich das Innenleben und die Gruppendynamik, die sich in diesen Anlagen entwickelt, nur sehr begrenzt.
Jetzt bin ich mit meinem Jüngsten (5) in den Ferien. Gewählt habe ich ein Familienhotel am Meer mit Schwimmbecken und einer Unmenge anderer Kinder, damit mein Jüngster Anschluss findet.Read More »
Belgium – changes as of 1 of October 2012 in connection with ET 14000 licence
Section 5, §3 of Belgian Royal Decree no. 7 provides the opportunity that the payment of VAT due on importation of goods can be shifted to the periodic VAT return. Instead of payment of the VAT to the Customs Authorities only declaration is done. Read More »
VAT Warehouse in Italy – DEPOSITI IVA IN ITALIA – Changes in 2012
The VAT warehouse is a simplification regime provided for by art. 50-bis of Law Decree n. 331/1993, implementing art. 157 to 160 of Directive 2006/112/EC. In order to benefit from the VAT warehousing simplification regime, goods have to be physically introduced into the warehouse, a “virtual” storage of goods is not allowed Read More »
Why Roger Federer won his 7th title in Wimbledon
It is summer. Finally. At least according to the calendar. With regard to temperatures, this year’s summer is rather miserly in Europe. It is not raining occasionally but too much and way too often. It is cold and anyway, a proper summer looks different.
Since 2005 we have every year a neighbourhood party. In our cul-de-sac road benches, Read More »
Michaela Merz 