About this consultation
Consultation period 13 June 2018 – 20 September 2018
Topics Taxation
Departments Taxation and Customs Union
Category: Tax Knowledge
Hungary – 11 days to go with real time reporting
Did you know that in just 11 days time Hungarian Real Time Invoice Reporting goes live?
From 1 July 2018 VAT registered businesses in Hungary will be required to immediately report any B2B domestic sales invoices they raise of at least 100,000 HUF (300 EUR) to the tax authorities. Read More »
EU – Are you ready to monitor cross-border tax arrangements? You better be – less than 10 days to go
The EU’s new comprehensive reporting regime will go live on 25 June 2018. The EU’s directive (commonly referred to as DAC6) has been officially adopted by the EU and has been published in the Official Journal of the EU on June 5.Read More »
EU and the rest of the world – full transparency becoming the new reality
The EU’s new reporting regime (commonly referred to as DAC6) is a real game changer. Tax planning becomes full transparent. But this is not just another reporting regime, this has also a strategic impact on companies and individuals, also in Switzerland. Time to think about this is now. So what is DAC6 all about?Read More »
EU – Fair Taxation: Commission proposes final technical measures to create a future fraud-proof EU VAT system
The Commission has proposed the detailed technical amendments to EU rules on VAT that supplement recent proposed overhaul of the system to make it more fraud-resilient.
This package of measures substantially modifies the rules relating to VAT and should make life easier for companies across the EU, putting an end to 25 years of a ‘transitional’ VAT regime in the Single Market. Read More »
India – CBIC issues clarification on mechanics of charging IGST on goods supplied from customs bonded warehouse
Central Board of Indirect Taxes and Customs (CBIC) has issued circular no. 3/1/2018-IGST dated 25 May, 2018 clarifying certain aspects regarding levy of IGST on goods supplied from the customs bonded warehouse (CBW). The clarification is summarised below:Read More »
EU – Corporate tax avoidance: Transparency rules adopted for tax
On 25 May 2018, the Council adopted rules aimed at boosting transparency to prevent aggressive cross-border tax planning.
The directive targets intermediaries such as tax advisors, accountants and lawyers that design and/or promote tax planning schemes. It will require them to report schemes that are potentially aggressive.
The information received will be automatically exchanged through a centralised database. Penalties will be imposed on intermediaries that do not comply.
“The new rules are a key part of our strategy to combat corporate tax avoidance “, said Vladislav Goranov, minister for finance of Bulgaria, which currently holds the Council presidency. “With greater transparency, risks will be detected at an earlier stage and measures taken to close down loopholes before revenue is lost.”
The directive was adopted at a meeting of the Economic and Financial Affairs Council, without discussion. Member States will have until 31 December 2019 to transpose it into national laws and regulations.
What does it mean
All tax arrangements as from June 2018 will need to be identified however the information to the tax authority will have to be provided only as from 2020.
Find more details here:
EU – Possible additional duties on products of US origin
The US has announced safeguard measures in the form of additional duties on imports of certain steel and aluminum products into the US. At the moment the implementation of these additional duties for products from the EU is postponed until June 1st 2018. As a counter measure, last week the EU published a commission implementing regulation: (EU) 2018/724. Read More »
Malaysia – Further update on GST
The GST framework remains in place until further notice, but the standard rate of GST will be reduced from 6% to 0% from 1 June 2018. This is distinct from a ‘normal’ zero-rated supply as this:
Germany – The German Federal Fiscal Court doubts the constitutionality of additional payment interest
The German Federal Fiscal Court (Bundesfinanzhof – BFH) doubts the constitutionality of supplementary payment interest of 1.5% for interest periods from 2015, and has therefore granted a suspension of execution in a summary procedure.Read More »
Michaela Merz 