The indian Government is confident of 01 July as the roll out date. It finalises rules relating to return and transition provisions and approves the rate structure on goods and services which were not decided earlier.Read More »
Category: Tax Knowledge
Data Analytics for Indirect Tax (ITX): Your Journey to Advanced Analytics
Are YOU ready to face the ongoing changes within the European Indirect Tax (ITX) landscape?
What are the pitfalls you should watch out for?
In our most recent Webcast, we covered a number of topics around European ITX. Read More »
Saudi Arabia – VAT framework (Unified Agreement for VAT) GCC published
Another milestone towards the implementation of VAT across the Gulf Cooperation Council (GCC), the Unified Agreement for VAT has been published in the Official Gazette of one of the GCC member states, Saudi Arabia. The Unified Agreement provides the framework for the operation of VAT across the GCC, and each GCC member state will implement the framework through local legislation and other instruments. Read More »
Blockchain will change the VAT world like no other technology before – what do you need to know
Blockchains are transparent and decentralised way of recording lists of transactions. Their best-known use is for digital currencies such as Bitcoin. The value of Bitcoin increased remarkably since it was launched and ceiling has not been achieved yet. There are many different ways of using blockchains to create new currencies. Hundreds of such currencies have been created in the past and new coming regulary into the market. Read More »
India – Government issues draft rules for accounts and records, appeals and revision, and advance ruling
The Central Government has issued draft rules for accounts and records, appeals and revision, and advance ruling. This is in addition to rules issued earlier for comments from the stakeholder. With this, the Government has issued most of the rules for the Goods and Services Tax regime.
Please click HERE to read the full News Alert.
Bildquelle: Rosel Eckstein / pixelio.de
UK – HMRC publish internal guidance on VAT recovery by Holding Companies
I wanted to alert you to the final published guidance issued by HMRC on the VAT recovery of holding companies. The final internal guidance has confirmed when VAT recovery on acquisition costs should be possible, which is in line with the previous transaction cost VAT advice provided by PwC.Read More »
Poland: new road transport monitoring obligation
Act from 9th March 2017
The new Polish Act regarding the road transport monitoring was announced in the Polish Journal of Laws on 3rd April 2017, however the effective date of the abovementioned Act is 1st May 2017. The Act is primarily designed to seal the VAT system, thus marginalizing the financial benefits of the “grey area”. Read More »
Australia – Introduction of Diverted Profit Tax legislation as from 1 of July 2017
The Australian Diverted Profits Tax (DPT) has now been legislated. It is the most expansive cross-border tax change in Australia for many generations. The new tax is broadly written and there are very limited exemptions.
It was originally announced that the DPT would be based on the second limb of the UK DPT. However, the final Australian DPT now diverges significantly from the UK DPT. Read More »
Turkey: changes in relation to the Electronic Record Keeping Requirements and e-invoicing
Electronic Record Keeping Requirements
The Turkish Revenue Administration (TRA) has introduced the Electronic Record Keeping Obligations by issuing the Tax Procedural Law General Communique no. 431 on 29 December 2013. As a result, since 1 January 2015 certain Turkish taxpayers (from petroleum and tobacco products market) are obliged to create and keep their records in one of the certain formats (xls, xlsx, txt, csv or xml). Read More »
OECD: Possible VAT implications of Transfer Pricing
The Commission services wish to discuss with the VAT Committee the possible VAT implications of transfer pricing rules laid down for the purposes of direct taxation. Such rules are aimed at ensuring that the conditions of the transactions within a multinational enterprise group (“MNE group”), including the price, match comparable market conditions and that profits are fairly divided between the jurisdictions in which a multinational enterprise (“MNE”) operates1.Read More »
Michaela Merz 