Consumption Tax Trends 2014
Tax landscape is shifting away from taxes on labour and corporate income towards more ‘growth friendly’ sources of revenue, like consumption taxes and property taxes. VAT is an important source of revenue for OECD countries, representing on average approximately 20% of total tax revenues. Read More »
Category: Tax Knowledge
USA – are looking to hold off bitcoin regulations for 5 years
A proposal has been made by one of one of the US Representatives to introduce a 5-year moratorium period on digital currency regulation in the US. As per the bill submitted by to the Congress, any statutory restrictions or regulations on digital currency should be hold off for five years starting 15th June 2015 in order to use the above period to fully access and examine the potential economic benefits of digital currencies.Read More »
Italy – changes as from 13 December 2014
As from 13 of December following changes will be applied concerning VAT Law:Read More »
Germany – Extension of transition period for application of reverse charge mechanism for certain metals, selenium and cermet until 30.06.2015
The German Ministry of Finance extended the transition period for the application of the reverse charge mechanism for certain metals, selenium and cermet pursuant to § 13 b para. 2 no. 11 German VAT law (with exception of e.g. supplies of gold and scrap metals, which were already subject to the reverse charge mechanism prior to 1 October 2014) from 31 December 2014 to 30 June 2015. Read More »
Egypt plans to introduce VAT in 2015
In a recent statement, the Egyptian Minister of Finance announced that the legislation introducing a VAT system might be published in early 2015 (January or February). The proposed time of implementation would be at around the middle of the year to allow taxpayers to prepare their accounts, software and systems to apply the new tax. Read More »
Mexico: Publication of e-filing rules for temporary imports
With effect from 1 January 2015, companies which have obtained VAT and Excise Tax Certification or which will guarantee the fiscal interest, will be obliged to electronically transmit monthly discharge reports relating to temporary import declarations on withdrawals from bonded warehouses, returns, regime changes, and virtual transactions (among others).
Czech Republic – Local reverse charge mechanism as from 1 of January 2015 – updated list published
The list of commodities where reverse charge will be newly applicable was amended. Of interest are especially the exceptions. Exceptions in case of “raw or semi-processed metals” listed under the Customs Tariff nomenclature codes – Chapter 71 and Section XV should include (i.e. the local reverse-charge mechanism will not apply to) the following items: Read More »
USA: Texas comptroller finds software licensed to Texas customers created nexus for sales and use tax purposes
The Texas Comptroller of Public Accounts determined that electronically downloaded software licensed by a Utah corporation to Texas customers constituted physical presence in Texas sufficient to establish sales and use tax nexus. According to the decision, nexus was established because the software was characterized as tangible personal property and the Utah corporation retained all property rights in the software, which was physically present and generating revenue in Texas.Read More »
Schweiz – Änderung Saldosteuersätze per 1. Januar 2015
Switzerland underlines efforts to cooperate in exchange of financial account information in tax matters
On 19 November, Switzerland signed the Multilateral Competent Authority Agreement in Tax Matters as 52nd jurisdiction. This is a further step in the country’s plan to activate automatic exchange of financial account information in tax matters with other countries.Read More »
Michaela Merz 