According to the wording of the draft bill version the new VAT compliance system will be compulsory as from January 1st 2017.
The main features of this new VAT compliance system, according to the wording of the existing draft legislation, are as follows:
It is a new VAT compliance system that consists of bookkeeping of the VAT ledgers through the electronic site of the Spanish Tax Authorities –STA- (“Agencia Estatal de Administración Tributaria”).Read More »
Romania decided to decrease the standard VAT rate from 24% to 20% with effect from 1 January 2016 and to 19% with effect from 1 January 2017. Also, the 9% reduced VAT rate previously applied will decrease to 5% VAT for the supply of school manuals, books, newspapers and some magazines, as well as for the supply of services consisting in the allowance of access to castles, museums, cinemas. The reduced rate of 5% VAT will also be applied for access to sportive events.
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The UAE Ministry of Finance has conducted feasibility studies on the implementation of a VAT draft law. These studies on taxation and its social and economic implications were conducted for the following years: 2008, 2010, 2012 and 2014. The studies analysed the impact of taxes on the growth of the regional economy and on the UAE’s global competitiveness. Read More »
In our initial post on the South Korean VAT rule changes regarding the supply of electronic services by non-established service providers (effective from 1 July 2015), that the legislation subjected both B2B and B2C supplies to VAT under the new rules. There has been controversy whether the legislation really intended to apply the same treatment to B2B supplies, as to B2C.Read More »
The Court of Justice of the European Union (CJEU) released yesterday its decision on the joint cases, Beteiligungsgesellschaft Larentia+Minerva GmbH & Co. KG (C-108/14) (Larentia+Minerva) and Marenave Schiffahrts AG (C-109/14) (Marenave).
The questions referred to the CJEU concern two significant issues:
I would like to invite you to our Pharma & Life Science event to discuss diverse VAT aspects within the fields of VAT, Pharma & Life Science together with other specialist in the industry and international experts of PwC in this area, who are dedicated to the pharmaceutical industry.
Dates:
Piere Gramegna, Finance Minister of Luxembourg and ECOFIN Council President, outlined his priorities for the coming six months. For the tax people especially two of them are of particular interest step up the fight against fraud and work towards fairer corporate taxation. Mr Gramegna said “given the budgetary constraints in Member states, fair taxation and the fight against fraud are absolute priorities”. Read More »
On 13 July 2015, the European Commission (EC) published a study entitled “Implementing the ‘destination principle’ to intra-EU B2B supplies of goods” (the Study) on its website.
The Study focuses on two issues involving the current VAT model: first, additional compliance costs borne by taxable persons (especially small and medium-sized enterprises) conducting cross-border trading compared to taxable persons only trading domestically; and second, the level of VAT fraud existing within the European Union. Read More »
The 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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For the many businesses which have been involved in negotiations with their tax authorities concerning VAT recovery by holding companies, the ECJ’s judgment in Larentia + Minerva mbH & Co. KG (C-108/14) will be eagerly awaited. The ECJ diary indicates that the judgment will be published on Thursday 16 July 2015. What will it mean for your business? Will you be in a position to benefit and need to protect your position on time limits?Read More »
PwC Switzerland ITX
Michaela Merz 