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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The Commission of the VAT Expert Group has now launched the public consultation on “Improving the Situation of EU Citizens as Taxpayers for Direct and Indirect Tax”, available in 23 languages:
The EU Commission has published fact sheets in relation to the new rules, please find the links below, they are very useful.
As the first month of 2021 has passed, it’s becoming clear that the roll-out of vaccines and large scale testing will play a significant role in governments’ responses to the ongoing global pandemic. In support, the EU Council last year green-lighted a proposal to allow Member States to apply a temporary zero rate to COVID-19 vaccines and test kits.
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.
I would like to briefly draw your attention to the EU Exit Transition: Switzerland webpage, which the British administration has launched on the government site. It bundles information relevant for Switzerland and links to a number of topics.
General content on the end of the transition period can be found here: Brexit transition: time is running out.
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On 17 of June the EU Parliament voted – the last procedural hurdle for formal adoption by the ECOFIN Council in the next few days – regarding an option for E.U. Member States (including UK for these purposes) to defer the reporting deadlines for DAC6 by up to six months. The relevant details are as follows:
“The extension of the MOSS and the special provisions concerning the obligations of electronic interfaces will enter into force on 1 July 2021 as IT systems need to be adapted or developed.
PwC Switzerland ITX
Michaela Merz 