I would like to share with you the paper with the opinion of the EU Commission VAT Expert Group issued on 18 April 2018 on possible VAT implications of Transfer Pricing.
The paper contains also interesting examples which could be of interest for you.Read More »
Category: Tax Knowledge
France – Audit trail documentation – Non established company VAT registered – new obligation
As you may know, the French tax law and doctrine requires that any taxpayers in France provide with a specific VAT audit trail documentation in case of tax audit.
From now, such requests were usually applied by the FTA to the French based companies.Read More »
South Korea – Internal control over financial reporting
I read shortly changes in South Korea about audit in financial reporting. I was fascinated about the increasing responsibilities and surprisingly penalties in case companies should not behave in line with the law. Whether or not we are getting step closer to full transparency and absolut correctness of reporting the future will show. Read More »
Spain – Intrastat System
Please be informed that Order HFP / 36/2018, of January 18, establishing certain provisions related to the Intrastat System in order to unify and adapt the national Intrastat to the EU’s regulations, entered into force on March 1, 2018.Read More »
Italy – Tax authorities may assess under-declared VAT by extrapolation
The Advocate General (AG) has opined that the principles of EU law do not preclude national legislation from assessing a taxpayer, who is presumed to have under-declared VAT, for unpaid VAT by means of estimating that taxpayer’s likely revenues based on studies of comparable taxpayers within the same economic sector. However, the national courts must ensure that principles of law, such as the right to challenge the basis of assessment, are respected (Fontana (C-649/16)).Read More »
South African electronically supplied services – Webcast recording now available
South Africa has proposed extensive reforms for electronic services supplies (“ESS”) which were announced in the draft electronic services Regulation on 21 February 2018. A recorded version of the Webcast is now available on our Webcast page.Read More »
OECD and EC release disparate recommendations on tax and the digitalisation of the economy
The OECD Inclusive Framework on BEPS (‘IF’, a group of 113 countries) issued its paper Tax Challenges Arising from Digitalisation – Interim Report 2018 (the ‘Report’) on 16 March, and held a public webcast to discuss its findings. This was followed by the European Commission’s (EC’s) recommendations for EU-wide adoption on similar topics, which were published on 21 March. Read More »
UAE – GIBAN – paying via fund transfer
– A GIBAN is a unique IBAN number that is given to every taxable person.
– A taxable person can make a fund transfer from certain UAE financial institutions using the GIBAN provided by the FTA.
– This payment method can be used for settling any outstanding VAT and Excise Tax amounts payable including tax and penalties.
– This option should not be used for other payments such as Miscellaneous Payments.
for more details please click HERE.
Bildquelle: Makrodepecher / pixelio.de
China – reduction of the VAT rate as from 1 of May 2018
The following was announced by Premier Li, during State Council meeting yesterday, Mar 28.:
Reduction in VAT rate – Manufacturing, etc. VAT rate reduce from 17% to 16%. Transportation, construction, basis telecom, etc, VAT rate reduce from 11% to 10%.Read More »
India: Procedural amendments in GST
In brief
The Government has issued notifications no. 14-16/2018-Central Tax dated 23 March, 2018, making a few procedural amendments in GST.
In detail
The amendments are summarised below:Read More »
Michaela Merz 