As you know the European Commission published three VAT-related consultations at the end of last year to prepare its work for the upcoming year. Each of the three consultations relates to a specific set of reforms already announced in the European Commission’s VAT Action Plan earlier this year. The three consultations relate to:Read More »
Category: Tax Knowledge
Norway – SAF-T as form 1 of January 2018
The next country who requires provision of data in standardised way is Norway: based on the initial suggestion made by the Norwegian Ministry of Finance, companies must be ready to send accounting information in the SAF-T Format to the tax authorities upon their request (e.g. in case of a tax audit). Read More »
Hungary – changes in 2017
There is number of changes which you need to know in case you are registered for VAT purposes in Hungary.
I.) VAT ID of the customer on the invoice
The new regulation of the Hungarian VAT Act, effective from 1 January 2017, obliges taxpayers to indicate the first 8 digits of HU VAT ID of the customer on their domestic sales invoices as well, if the VAT of the invoice reaches or exceeds HUF 100,000 (approx. EUR 320), and if the taxpayer providing the services/selling the goods is established in Hungary. Read More »
Europe knows all about your VAT transactions – Do You?
There are headlines most weeks, if not days, telling us all about the different European jurisdictions where submission of transactional VAT data is mandatory. What frustrates me is that these stories tend to recycle the number of EU states who have mandatory regimes, without explaining which countries they are talking about, or which regulatory submission.Read More »
EU: Commission publishes updated version of MOSS report
This report provides information on national rules applied in Member States for the use of the mini one-stop shop (MOSS).Read More »
Belgium – VAT quarterly advance payments to be abolished as from 1 April 2017
In the context of a simplification of the Belgian VAT compliance, the Belgian Finance Minister has announced the abolishment of the mandatory monthly advance payments on VAT for quarterly VAT declarants.
The Royal Decree will be published shortly and should take effect as from 1 April 2017. Read More »
Italy – changes in the use of VAT warehouse as from 1 of April 2017
With effective date April 1st, 2017, significant changes will be introduced in relation to the use of the VAT warehouse and the way to account for VAT following the withdrawal of the goods.
In particular, art. 50-bis of Law Decree no. 331/1993 (the provision regulating VAT warehouse simplification in Italy) has been amended as follows:Read More »
Invoice correction may have a retroactive effect, German Supreme Tax Court says
In Brief
The German Supreme Tax Court (Bundesfinanzhof, BFH) has joined the European Court of Justice’s (ECJ) position in terms of the retroactive correction of invoices and has accordingly changed its jurisdiction. At least an invoice correction with a correction document has retroactive effect to the date of initial issuing of the invoice. Read More »
PwC India Indirect Tax News Flash – Seventh and Eighth meetings of the GST Council
Significant progress has been made on the Goods and Services Tax (GST) front in the last two meetings of the GST Council (held on 22 and 23 December 2016, and 03 and 04 January 2017).
The draft Central GST, State GST and Integrated GST laws have been mostly finalised (except a few open areas) and have been sent to the Ministry of Law for review. Read More »
India – electronic services – new place of supply as from 1 of December 2016
Background
The Central Government of India amended the service tax law in relation to the provision of electronic services to include services that are provided by a service provider located outside India to a service recipient located in India. Place of supply of electronic services has changes as from 1 of December 2017. The ‘place of provision’ of electronic services has changed from ‘location of service provider’ to ‘location of service recipient’. Read More »
Michaela Merz 