India – RBI issues guidelines to regulate payment aggregators and payment gateways

Recently, the Reserve Bank of India (RBI) released guidelines to regulate payment aggregators (PAs) and payment gateways (PGs). The guidelines mandate PAs to obtain authorisation from the RBI, obligate settlement of payment to merchant in a defined transaction time, segregate e-commerce marketplaces from the PA entities and prescribe minimum net worth requirements of INR 250m. Existing PAs are required to apply for authorisation by 30 June 2021.

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Denmark: Reaction to current situation – deadline postponed for submission and payment

In Denmark it has been proposed to extend the deadline for reporting and paying VAT and employee taxes with 3 months.

It is supposed to have effect immediately and the first deadline that will be affected is the monthly VAT reporting for February 2020 which is due on the 25th. of March.

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Romania – abolishment of VAT split payment mechanism as of 1 February 2020

First introduced in October 2017, the VAT split payment mechanism was supposed to tackle VAT fraud and increase the Romanian state revenues. Debated by many taxpayers that it will not achieve the desired outcomes, the VAT split payment mechanism received also the criticism of the European Commission in November 2018.

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Germany – changes in customs law

Starting situation

The German customs authorities tightened the conditions for Swiss based companies to apply for a payment deferral account. In the past it was possible to apply for such an account without having to found an independent subsidiary in Germany.Read More »

Belgium – VAT quarterly advance payments to be abolished as from 1 April 2017

20527_web_r_by_richard_pixelio-deIn the context of a simplification of the Belgian VAT compliance, the Belgian Finance Minister has announced the abolishment of the mandatory monthly advance payments on VAT for quarterly VAT declarants.

The Royal Decree will be published shortly and should take effect as from 1 April 2017.   Read More »

CJEU ruled Bitcoin exchange services to be VAT exempt

The CJEU has delivered today its judgment in the long-awaited case on whether Bitcoin exchange services are considered to be VAT exempt services. The court has followed the earlier opinion of the Advocate Generale and confirmed that the exchange of Bitcoins into conventional currencies and vice versa in return for a exchange commission falls within the VAT exemption for transactions concerning currency, bank notes and coins used as legal tender provided by the European VAT Directive. Read More »

South Korea – change in the law for the supply of e-services as from 1 of July 2015

234936_web_R_K_by_Jasper J. Carton_pixelio.deThe amended VAT law for the supply of e-services from overseas has been effective since July 1st, 2015.  Foreign service providers shall apply for the simplified business registration by July 20th, 2015. The Korean tax authorities (National Tax Service (“NTS”) open the website for the application of simplified business registration.

You can reach out to the website via the LINK.

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Belgium – Bitcoin Trading Exempt from VAT … for now

In a recent decision issued for an online Bitcoin trading platform, the Belgian tax authorities have confirmed that the trading of Bitcoins and other virtual currencies is similar to the activity of an intermediary and should therefore fall under the exemption included in the Belgium VAT Code for “negotiation concerning deposits, current accounts, debts, cheques and other negotiable instruments but excluding debt collection” . As a result, the activities should be at this moment treated as exempt from VAT. Read More »