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).Read More »
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.
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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.Read More »
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.Read More »
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.Read More »
The “German Annual Tax Act 2018” was passed by the Bundesrat on 23.11.2018. The law changes will come into force 01. January 2019!
The following changes apply to VAT:
Recording obligations and liability for electronic marketplaces are introduced
Going forward the owner of an electronic marketplace has to make the following (additional) recordings:Read More »
Following to the approval of the Financial Law 2018, starting from 1 January 2019, a mandatory electronic invoicing obligation will be in place for the supplies of goods or services carried out between subjects that are resident, established or VAT registered in Italy.
The e-invoicing obligation is aimed, on one hand, to spread the digital culture among the companies and, on the other hand, to prevent the tax evasion and VAT fraud.Read More »
Due to the change in legislation, non-established sellers of “low-value” goods into Switzerland will be obliged to register for VAT if they generate more than CHF 100,000 (approx. USD 100,000) of sales of low-value goods per year.
Low-value goods are defined as imports where the VAT charge does not exceed CHF 5. At the currently applicable Swiss VAT rates these are shipments of CHF 65 at the standard VAT rate of 7.7%, or CHF 200 at the reduced VAT rate of 2.5%. Import VAT and customs duties are not levied upon the importation of goods if the amount of import VAT does not exceed CHF 5.Read More »
As of 1 January 2019 the reduced rate for VAT is to be increased from 6% to 9%. This change in rate will mean extra costs for some businesses and an additional administrative burden for almost all of them. A business applying the reduced VAT rate on supplies of goods and services will have to prepare for the change. The rate change will require internal changes (the administrative system) and external adjustments (for example the pricing of services and products).
The German Federal Ministry of Finance (MoF) has published a decree (dated October 4, 2018) with respect to the VAT treatments of mandatory rebates.
Within this decree, the MoF states that mandatory rebates according to the drug discount law (“Arzneimittelrabattgesetz”) do entitle the taxpayer to reduce the relevant tax base for VAT purposes. Read More »
PwC Switzerland ITX
Michaela Merz 