Michaela Merz

Category Archives: Tax Knowledge


by 1 Comment

POLAND: Planned changes in the scope of VAT rates as of 1 April 2019


The system of VAT rates in Poland is complicated causing difficulties in running a business, due to the need for the taxpayer to correctly assign goods or services to the appropriate grouping of the Polish Statistical Classification of Goods and Services (PKWiU). Sometimes even a small detail may impact the level of the VAT rate (e.g. yogurts with grains 8%, regular yogurt 5% VAT).

The Ministry of Finance has published another draft amendment to the VAT Act (of 8 November 2018), which concerns the proposal to change the VAT rates system in Poland . Some changes are expected to take effect from 1 April 2019 (e.g. lower, 5% VAT rate on e-publications) and some from 1 January 2020 (majority). Continue reading →


by Leave a comment

GREECE: E – Invoicing and E – Bookkeeping as from 1 of January 2020


As previously reported, earlier this year, the tax authority (Independent Authority of Public Revenue) published a proposal to introduce mandatory e-invoicing and e-bookkeeping, as part of which a pilot implementation was due to start for a significant number of companies as of 1 January 2019. Aiming at mandatory implementation by all companies from 1 January 2020.

However, no formal documents are available yet, nor has any draft legislation been published in this respect. In addition, the filing mechanism, the format of the digital sales invoices, and the mandatory reporting information have yet to officially announced, therefore it appears likely that the pilot programme will be pushed back to later in 2019. Continue reading →


by Leave a comment

NORWAY: SAF-T implementation as of 1 January 2020


SAF-T will most likely be mandatory from 1 January 2020 in Norway. According to the SAF-T rules, the Tax Authorities may ask for the general ledger and the customer and supplier specifications (sub ledgers) to be provided in a specific xml format.

The required documentation shall be delivered through www.altinn.no (public portal for exchange of information). Continue reading →


by Leave a comment

MIDDLE EAST: Bahrain Executive Regulations have been released


Following the publication of the Value Added Tax Law (“VAT Law”) in October 2018, the Bahrain Ministry of Finance (“MoF”) has now released the VAT Executive Regulations. The Regulations provide further details on the application of the VAT Law that will take effect from 1 January 2019 including compliance matters, and the scope of the zero rating and exemptions described at a high-level in the VAT Law.

With very little time until the introduction of VAT, businesses must act now to comply with VAT from 1 January 2019.

Read here in-depth the analysis on key areas of the Regulations and what issues businesses need to consider now.

 

Bildquelle: unsplash.com


by Leave a comment

EU: Agreement on new rules to tax digital companies’ revenues


EU ministers agreed on the need to establish a common corporate tax base in July 2013. The European Commission presented two directives: a directive establishing a common corporate tax base (CCTB), and a directive on a common consolidated corporate tax base (CCCTB). Both draft directives are still awaiting Council’s agreement. In its resolutions, the European Parliament strongly supported this major reform of corporate taxation and introduced the notion of “digital presence” that would enable member states to tax digital companies. Continue reading →


by Leave a comment

INDIA: News on Trade and Taxes


Trade war reaches Indian shores

USA recently partially revoked concessional tariffs offered under the Generalised System of Preferences (GSP) to less developed and developing countries. GSP, described as USA’s oldest and largest trade preference program (of which India was the largest beneficiary), revoked concessional customs duties offered on approximately 90 items. Continue reading →


by Leave a comment

EU: VAT – Council adopts short-term fixes to current EU system


The EU VAT quick fixes seem to be closer. On 4 December 2018, the Council adopted three short legislative acts for their implementation on 1 January 2020.

The Council adopted three short legislative acts aimed at adjusting some of the EU’s VAT rules in order to fix four specific issues pending the introduction of a new VAT system. Continue reading →