The EU Commission has published fact sheets in relation to the new rules, please find the links below, they are very useful.
As the first month of 2021 has passed, it’s becoming clear that the roll-out of vaccines and large scale testing will play a significant role in governments’ responses to the ongoing global pandemic. In support, the EU Council last year green-lighted a proposal to allow Member States to apply a temporary zero rate to COVID-19 vaccines and test kits.
The Indian Finance Minister presented Budget 2021 resting on 6 pillars with focus on providing impetus to Infrastructure, Manufacturing, Financial Sector and generation of Employment. On the tax proposals, the proposals convey a holistic approach to accelerate India’s revival and growth. Please find below summarised points of interest:
According to the Registered Exporter (REX) Guidance Document only companies established in the EU are allowed to become registered exporters. Please find below an extract from the Guidance Document (https://ec.europa.eu/taxation_customs/sites/taxation/files/registered_exporter_system_rex_-_guidance_document_v1_en.pdf).
On 9 November 2020, the Inland Revenue Authority (IRAS) released a new tax guide for TP adjustments in Singapore and this includes the introduction of an administrative concession to reduce the compliance cost and administrative burden on businesses.
Yesterday, a Dutch court case was published regarding indirect rebates. In essence, the court of first instance granted a refund to a pharmaceutical company based on the CJEU Boehringer case (C-462/16) although the pharmaceutical company was not obliged to grant the rebates under national law.
Businesses established in Northern Ireland who incur VAT on goods in the EU, and EU businesses who incur VAT on goods in Northern Ireland, will be able to recover this VAT through the electronic cross-border refund system. This enables a business to recover that VAT directly from that country (the UK or EU member state of refund) provided that it is not established in the country of refund and makes no supplies there.
According to the latest information issued on Intrastat requirements by HMRC, one have to differentiate between the following flows where Intrastat declarations will still be required for UK resident business and foreign businesses with a UK VAT registration:
As you know, the EU and UK reached a Brexit deal on the 24th of December 2020.
This deal does not mean “business as usual”. UK is no longer a part of the EU customs union which means that customs declarations needs to be filed when importing and exporting goods both in UK as well as the EU.
In a decree dated 22 December 2020, the German Federal Ministry of Finance (Bundesministerium der Finanzen, or BMF) has published the forms for the 2021 preliminary VAT returns (Umsatzsteuer-Voranmeldung, UStVA).