Starting from 2017, new quarterly communications of data of invoices issued and received and VAT balances will be mandatory.
Articles 4 and 5 of Law Decree dated October 22, 2016, no. 193 has introduced important changes in relation to VAT in order to strengthen the fight against evasion.Read More »
Italy is to offer a voluntary e-invoice/e-reporting regime to tax payers from 1 January 2017 also for B2B and B2C transactions (indeed, a similar system is already in place for B2G transaction). The measure is designed to reduce VAT fraud and simplify reporting. According to the Legislative Decree no. 127/2015, new rules related to business-to-business e-invoicing and e-Submission will apply. Read More »
28 of September HM revenue and Customs (HMRC) published consultation about new penalties regime for participation in VAT fraud. If the government decides to proceed it will be included in Finance Bill 2017. Based on HMRCHMR experience the vast majority of customers meet their obligations. Penalties are only applied to a small minority of taxpayers. The penalty regime has to encourage compliance and prevent non-compliance. There is no objective to raise revenue with penalties. Penalties should be proportionate to the offence and may take into account past behaviour however consistent and standardised approach has to be applied. Penalties are designed in the way that compliant customers are in a better position than the non-compliant customers therefore penalties have to be a real threat.Read More »
In order to claim the input VAT deduction on purchases, a tax payer has to prove authenticity and integrity of the document in question, irrespective of whether it was received on paper or electronically. In the past, for electronic invoices, this required the use of an advanced electronic signature. This applied despite the free consideration of evidence, which was introduced into the VAT legislation in 2010 and states that input VAT can be deducted if the taxable person can prove that he paid the VAT. Read More »
The Circular 781 was published by the Tax Authorities week ago. The Circular confirms that directors’ services will be taxable in Luxembourg in case when:
The director is established in Luxembourg and supplies services to companies established in Luxembourg and / or to non-VAT taxable companies established outside Luxembourg;
The director is established abroad and supplies services to VAT taxable companies established in Luxembourg, regardless of the VAT obligations of the director in his country of establishment, in which case VAT has to be self assessed in Luxembourg by the recipients of the services under the reverse charge mechanism.
http://www.aed.public.lu/actualites/2016/09/Circ-781/Administrateurs-FAQ/index.html
A number of questions remains open.
Please contact Marie-Isabelle Richardin at +352 49 48 48 3009
or by mail marie-isabelle.richardin@lu.pwc.com, for further details.
There is an upcoming webcast regarding Mexican customs valuation and NAFTA origin, which I think might be of interest to you.
PwC’s live webcast on hot topics in topics in the are of Mexican customs – Customs valuation and NAFTA Origin (11 October)
For tax periods starting from 1 October 2016, companies and branches of foreign companies will be obliged to submit to the Lithuanian Tax Authority‘s system “i.SAF” data on VAT invoices issued and received under its Lithuanian VAT number in a standard file (“the i.SAF file”) in XML format on the monthly basis (by the 20th day of the following month). Read More »
Tax authorities across the Organisation for Economic Cooperation and Development (“OECD”) increasingly expect organisations to be able to confirm that tax risks are appropriately managed. Various measures are being introduced by tax authorities that aim to encourage good tax governance and the implementation of strong tax control frameworks. Read More »
The newsletters cover and explain important judicial and legislative developments under the Service Tax, Central Excise, VAT/ CST and Customs Acts, Foreign Trade Policy & WTO provisions.
Please click here to read the full “Indirect Tax Newsletter”.
PwC Indirect Tax Newsletter – July 2016
Please click here to read the full “Customs, FTP & WTO Newsletter”.
From 1 October 2016 if you’re a non-resident business supplying remote services (including online services) you may be required to register for New Zealand GST, and charge GST on services provided to customers resident in New Zealand.
You need to register for GST when:
you exceed the GST threshold, that is your sales exceed NZD $60,000 in the last 12 months, or
are expected to be more than NZD $60,000 in the next 12 months.
your customer is resident in New Zealand, and
you supply a qualifying remote service.
PwC Switzerland ITX
Michaela Merz 