The EU’s new reporting regime (commonly referred to as DAC6) is a real game changer. Tax planning becomes full transparent. But this is not just another reporting regime, this has also a strategic impact on companies and individuals, also in Switzerland. Time to think about this is now. So what is DAC6 all about?Read More »
Italy – Tax authorities may assess under-declared VAT by extrapolation
The Advocate General (AG) has opined that the principles of EU law do not preclude national legislation from assessing a taxpayer, who is presumed to have under-declared VAT, for unpaid VAT by means of estimating that taxpayer’s likely revenues based on studies of comparable taxpayers within the same economic sector. However, the national courts must ensure that principles of law, such as the right to challenge the basis of assessment, are respected (Fontana (C-649/16)).Read More »
UK – Making tax digital as from 1 of April 2019 – The end of TAX Return
HMRC starting to transform the tax system, so that it is more effective, more efficient and easier for taxpayers as well as for the controls done by HMRC themselves.
VAT has been online since 2010 and over 98% of VAT registered businesses already file electronic returns. Read More »
India – Trade discounts are permissible deductions from total turnover and cannot be disallowed as original tax invoice issued did not indicate discount
The tax authorities have always disputed the claim of post-sale trade discounts (cash or quantity discounts) claimed by the taxpayers on the ground that the said discounts were not linked to any sale invoices. Hence, claim of deduction towards such discounts from the sales turnover were disallowed. Read More »
Romania – It’s very difficult to get registered for VAT purposes
Romania has a very high fraud in the VAT field and this is why the authorities had put in place a VAT registration process for resident entities, which is far more demanding compared to similar processes in other EU countries. Read More »
Breaking news von Sandra Ragaz: Pharmaceutical rebates – opportunity for VAT savings
The ECJ AG in the case of Boehringer Ingelheim has been handed down on 11 July 2017 (please find he CJEU case C-462/16 here: Link).
In that regard we have excellent breaking news and a VAT saving opportunity on (mandatory) rebates that companies have to render for the supply of pharmaceuticals.Read More »
China – Compliance
Chinese tax authorities is using technology to improve the efficiency of VAT collection and management – Are you ready for this?
China managed VAT by invoice, therefore VAT invoice management is a key point, and the Chinese tax authorities have been using information technology on VAT collection and management. Read More »
Poland – split payment of VAT to avoid fraud as from 1 of January 2018
What will change?
On 12 May 2017 Polish Ministry of Development and Finance presented a draft amendment to the VAT Act which main purpose is to ensure greater stability of VAT incomes as well as preventing tax avoidance. To achieve these goals, it is decided to introduce a split payment mechanism within VAT taxation.Read More »
EU – Welmory case – next round
The Supreme Administrative Court in Poland ruled on the Welmory case. Even though the case went through Court of Justice of the European Union (CJEU, C-605/12) back to the final instance in Poland – nothing seems certain whatsoever. Many would have expected the court following CJEU argumentation and probably confirming existence of fixed establishment in Poland. This, however, turned out not to be the case.Read More »
India – 1 July 2017 seems the possible date for GST implementation
Eleventh meeting of GST Council – GST Council clears CGST and IGST law
In a constructive meeting of the GST Council, various important aspects have been finalised. The CGST and IGST laws have been formally approved by the GST Council.Read More »