Free Trade Agreement between China and Switzerland as from 1 of July 2014

The bilateral Free Trade Agreement concluded in 2013 between China and Switzerland comes into force on 1 July 2014. Switzerland will abolish all customs duties on imports of Chinese industrial goods. China is abolishing or reducing the large majority of its customs duties on imported Swiss industrial goods, in whole or in part, Read More »

Italy – Web Tax legislation as from 1 of July 2014

The Italian Parliament approved on December 23, 2013, the Finance Law for 2014 (so called “Legge di Stabilità” – no. 147/2013). Such a law has provided for the set up of the so called “web tax”.

At a first stage, the web tax should have been both for VAT and corporation income tax perspectives. The VAT aspects of the web tax has now been repealed (please see below). Read More »

Portugal – new administrative obligation for transportation of goods as from 1 of July 2013

All goods transported within the Portuguese territory to taxpayers must be accompanied by transport documents issued in accordance with the Portuguese legislation. As from the 1 of July 2013 there is a new obligation to submit the information of the transport documents to the Tax Authority prior to the beginning of the transport. Read More »

Italy – VAT rate increase to 22% postponed to 1 of October 2013

The Italian government decided to postpone the planned VAT rate increase from 21% to 22% from 1 July 2013 to 1 October 2013.

Montenegro – VAT rate increase to 19%

Montenegro’s Parliament agreed to the increase of the VAT rate from 17% to 19%. This change will take place as from 1 July 2013.

Slovenia – increase of the VAT rate as per 1 of July 2013

The Slovene Parliament has approved an increase of the VAT rate as from 1 of July 2013. The standard VAT rate will increase from 20% to 22% and the reduced rate will increase from 8.5% to 9.5%. The approval of the National Council is still pending, but is expected in June.

Croatia joins EU on the 1st of July 2013 – What does it mean for vessels?

From the 1st of July 2013 onwards, EU resident owners of vessels, which have been temporarily admitted to Croatia and do not have the customs status of Community goods anymore, have to file a customs declaration, pay customs duties and VAT in order to turn their vessels into EU goods.Read More »