Japan – PwC Webcast on ‘Qualified Invoice Retention System’

July 15, 2021July 16, 2021 Michaela MerzLeave a comment

As previously reported, Japan will introduce a new qualified invoice regime for Japanese Consumption Tax (JCT) with effect from 1 October 2023. The new system will align the JCT regime more closely with European-style VAT regimes, and in order to claim input tax credit, the purchaser will be required to retain ‘qualified invoices’ issued by ‘qualified invoice issuers’. This change will greatly impact not only companies conducting their business physically within Japan, but also foreign companies providing digital services to customers in Japan.

Please see below for further details of the new system, along with a link to a short webcast which highlights some key points that taxpayers should be particularly mindful of. The webcast (available from 12 July 2021 to 11 July 2022) also identifies certain practical issues that may arise, and is a starting point for taxpayers looking to plan their transition to the new invoice system.

UK – recovery of VAT for the period 1 of July 2019 to 30 of June 2020

July 4, 2021July 5, 2021 Michaela MerzLeave a comment

HMRC has published a Revenue and Customs brief on 1^st July confirming that businesses have been given a further 6 months to submit a valid certificate of status for the prescribed year 1 July 2019 to 30 June 2020.

Germany – VAT record keeping and joint and several liability for operators of electronic interfaces as of 1 July 2021

June 8, 2021June 22, 2021 Michaela MerzLeave a comment

Publication by PwC Germany

With effect from 1 July 2021, the second stage of the so-called “e-commerce package” will be implemented throughout the EU, necessitating far-reaching adjustments to the EU VAT system, particularly with regard to supplies of goods and services to private individuals.

Russia: Custom value of imported goods – increase number of audits

June 4, 2021June 7, 2021 Michaela MerzLeave a comment

The Russian customs authorities have recently started challenging royalty/license fee agreements of number of companies.

Public country-by-country reporting by big multinationals: EU co-legislators reach political agreement

June 3, 2021June 4, 2021 Michaela MerzLeave a comment

EU Council reached a provisional political agreement with the European Parliament’s negotiating team on the proposed public CbCR Directive this week.

Further details will be shared in the coming days but for now, please find the link of the press release from the EU Council.

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Webinar: E- COMMERCE – DO WHAT YOU DO BEST AND OUTSOURCE THE REST! on Thursday, 10th June 2021 13:00-14:00 CET

June 2, 2021June 2, 2021 Michaela MerzLeave a comment

Covid lockdown brought us shopping over internet only, extensive growth number of retail eshops for various kind of product and services. The share of e-shops in retail sales is currently 13,5%. Customers expectations of quality and speed of deliveries are increasing, the complexity of the logistic, order fulfilment etc is becoming more and more demanding.

The company internally created e-shop becomes a complicated project and needs to be managed well. Outsourcing can be a valuable solution.

CJEU – Poland – Penalties for inaccurate tax settlement must be proportional to the infringement

April 16, 2021April 16, 2021 Michaela MerzLeave a comment

On April 15, 2021 the Court of Justice of the European Union (CJEU) issued a judgment in favor of the taxpayers (no. C-935/19). CJEU stated that Polish regulations concerning the possibility of imposing additional VAT sanctions in the amount of 20% by tax authorities are inconsistent with the provisions of the VAT Directive to the extent to which those provisions are applicable, regardless of the circumstances under which the irregularities were detected.

Hungary – VAT obligations of foreign businesses

April 13, 2021April 13, 2021 Michaela MerzLeave a comment

The Hungarian National Tax and Customs Administration issued a guide on the VAT liability of foreign companies in Hungary. Please see below the extract.

Deutschland: Umsatzsteuerliche Behandlung von Sachspenden in Zeiten Corona

April 8, 2021April 9, 2021 Michaela MerzLeave a comment

Publication by PwC Germany

Das Bundesministerium der Finanzen (BMF) hat zur Frage der Sachspenden von Unternehmern an Hilfsorganisationen und andere Abnehmer an einem Tag zwei Schreiben veröffentlicht: ein Schreiben, das sich in allgemeiner Weise mit Sachspenden befasst und mit dem der Umsatzsteuer-Anwendungserlass (UStAE) ergänzt wird (im Weiteren „erstes Schreiben“), sowie ein zeitlich in seiner Wirkung begrenztes Schreiben zu Sachspenden von Einzelhändlern an steuerbegünstigte Organisationen während des Zeitraums vom 1. März 2020 bis zum 31. Dezember 2021 („zweites Schreiben“).