The Indian Finance Minister presented Budget 2021 resting on 6 pillars with focus on providing impetus to Infrastructure, Manufacturing, Financial Sector and generation of Employment. On the tax proposals, the proposals convey a holistic approach to accelerate India’s revival and growth. Please find below summarised points of interest:
Founded in 1948, Ameropa is a Swiss, privately owned international agri-business. We produce, originate and market fertilizers and grains. Our headquarters are in Binningen, Switzerland, near the city of Basel. We have regional offices on all five continents and invest globally in assets supporting our business activities.
According to the Registered Exporter (REX) Guidance Document only companies established in the EU are allowed to become registered exporters. Please find below an extract from the Guidance Document (https://ec.europa.eu/taxation_customs/sites/taxation/files/registered_exporter_system_rex_-_guidance_document_v1_en.pdf).
On 9 November 2020, the Inland Revenue Authority (IRAS) released a new tax guide for TP adjustments in Singapore and this includes the introduction of an administrative concession to reduce the compliance cost and administrative burden on businesses.
The UK EU Trade and Cooperation Agreement (TCA) eliminates all customs duties on goods which originate in the UK or EU – representing the most extensive trade agreement on tariffs the EU has ever made.
The Brexit transition period ended on 31 December 2020 and there is finally a deal between the United Kingdom and the European Union. However, many relevant practical questions for businesses remain open and still need to be resolved.
Yesterday, a Dutch court case was published regarding indirect rebates. In essence, the court of first instance granted a refund to a pharmaceutical company based on the CJEU Boehringer case (C-462/16) although the pharmaceutical company was not obliged to grant the rebates under national law.
Businesses established in Northern Ireland who incur VAT on goods in the EU, and EU businesses who incur VAT on goods in Northern Ireland, will be able to recover this VAT through the electronic cross-border refund system. This enables a business to recover that VAT directly from that country (the UK or EU member state of refund) provided that it is not established in the country of refund and makes no supplies there.
According to the latest information issued on Intrastat requirements by HMRC, one have to differentiate between the following flows where Intrastat declarations will still be required for UK resident business and foreign businesses with a UK VAT registration:
As you know, the EU and UK reached a Brexit deal on the 24th of December 2020.
This deal does not mean “business as usual”. UK is no longer a part of the EU customs union which means that customs declarations needs to be filed when importing and exporting goods both in UK as well as the EU.
PwC Switzerland ITX
