Category: Tax Knowledge

Greece – increase of VAT rate as per 1 of June 2016 approved by parliament

Michaela Merz1 Comment

747723_web_R_K_B_by_lunad_pixelio.deThe proposed increase in the standard VAT rate from 23% to 24% was approved by the Greek Parliament yesterday (22 May) and will take effect from 1 June 2016. The Bill introducing the VAT rate increase also provides for the abolition of the special 30% reduced VAT rates in the islands of Syros, Thasos, Andros, Tinos, Karpathos, Milos, Skyros, Alonnisos, Kea, Antiparos and Sifnos, where the new 24% standard rate will apply from 1 June.

Please contact Natalia Skoulidou for further details:
natalia.skoulidou@gr.pwc.com

Image source: lunad / pixelio.de

 

New Zealand – special report on NZ GST and remote services

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PwC_farbigNew Zealand IR has today released the special report on NZ GST and remote services.
It’s a pretty good document but doesn’t cover every scenario/issue.

This is a short insight into the systematics:Read More »

SAF – T Standard Audit File for Tax

Michaela Merz2 Comments

OECD Logo FBSAF – T

The objective of a tax audit is to confirm or deny that the business has paid the correct amount of tax at the right time in line with domestic law. The days when an audit was carried out based on spot checks are over, we have already entered the age of computer-assisted audit some years ago. The future will be based on checking complete data based on comprehensive software tests. One of the steps in this direction is the obligation of providing complete data in certain format known as SAF-T.

The Standard Audit File for Tax Schemas have been designed as an international standard of best practice by the OECD. It defines the minimum necessary to extract meaningful information from a business accounting system. SAF-T is a standard of exporting accurate tax accounting data in a format that can be easily read by tax authorities.Read More »

Puerto Rico – Potential Repeal of VAT and R&D Credits

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PwC_fl_30mmh_cThe Puerto Rico Treasury Department (PRTD) is preparing to transition to a Value Added Tax (VAT) System whose effective date has been postponed until June 1, 2016. Notwithstanding the above, the Puerto Rico House of Representatives (the House) recently proposed several bills, specifically HB 2032, HB 2838, HB 2839, and HB 2840, to eliminate the VAT System from the Puerto Rico Internal Revenue Code of 2011 (the Code), among other items. Read More »

New Zealand – GST on electronis services as from 1 of October 2016

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629036_web_R_K_by_Dieter Schütz_pixelio.deThe Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill imposing GST on digital products and other remote services sold online by offshore sellers to New Zealand consumers has passed its final reading in Parliament, and is expected to receive Royal Assent shortly. The new law will require offshore sellers of remote services to New Zealand customers to register and pay GST from 1 October 2016.

With less than five months before the new rules start, businesses should already have undertaken an assessment to determine whether they will need to comply with the new rules and register. Separate Special Report is expected to be released by Inland Revenue later this month. This report will outline how Inland Revenue expect the new rules to operate in practice.Read More »

B2V Reform (I) China – Opportunities and Challenges to the Real Estate and Construction Sectors

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612434_web_R_B_by_Rolf Handke_pixelio.deOpportunities and Challenges to the Real Estate and Construction Sectors

In brief

On 24 March 2016, the Ministry of Finance (MoF) and the State Administration of Taxation (SAT) jointly released Caishui [2016] No. 36 on the Comprehensive Roll-out of the B2V Transformation Pilot Program (“Circular 36”), under which the real estate and the construction industry will be transformed from business tax (BT) to value-added tax (VAT) (“B2V Reform”) starting on May 1st 2016 (“expansion date”).Read More »

Alternative ways of receiving Italian VAT refunds

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PwC_PC_Italy_Venice_MB_059.jpg People and pigeons in a courtyardItalian VAT law provides for a number of simplifications, which might be used in order to avoid being charged with VAT or recover the input VAT incurred in a faster way compared to the refund, in particular:

 

 

 

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Indirect Tax Newsletter & Customs, FTP, WTO Newsletter – INDIA – April 2016

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Indirect Tax Newsletter India

 

 

 

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 – April 2016

Please click here to read the full “Customs, FTP & WTO Newsletter”.

PwC Customs, FTP & WTO Newsletter – April 2016

Webcast “Swiss-specific topics of the Union Customs Code” on May 10th

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PwC_fl_30mmh_cWe are pleased to invite you to our Webcast on “Swiss-specific topics of the Union Customs Code”
which will be held on 10 May 2016. Read More »

Job opportunity for experienced VAT specialist – Budapest

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ESAB Job offerThe main role purpose would be focused on supporting the VAT team with respect to maintaining the effectiveness of the controls and operating procedures, coaching and supporting other team members actively and supporting the management reporting activities.
Reporting to: Financial Accounting Manager
Job type: permanent, based in Budapest Read More »