The Puerto Rican government is considering implementing a comprehensive tax reform package between January and March 2015, which would replace the current sales and use tax system enacted in 2006.Read More »
Tag: VAT
Finland – Supreme Administrative Court decision on the VAT treatment of non-printed books after ECJ decision (K Oy – C-219/13)
2015 seems to start with book related VAT news in the EU. After the ECJ’s judgment in the K Oy case (C-219/13), the Finnish Supreme Administrative Court (“SAC”) delivered its ruling at the end of December. Read More »
European Commission publishes study on application and impact of optional reverse charge mechanism within EU VAT system
On 23 December 2014, the European Commission has published online a study entitled “Assessment of the application and impact of the optional ‘Reverse Charge Mechanism’ within the EU VAT system” (the Study).
EU VAT Rates as from 1 of January 2015
Italy: reduced VAT rate of 4% on e-books from 1 January 2015
The Italian Parliament passed the 2015 Finance Law on 22 December, which applies the 4% VAT rate to e-books as of 1 January 2015. According to the legislation any publication that is identified by an ISBN code (International Standard Book Number) and transmitted through any physical or electronic means, should be considered as a book and, as a result, subject to the 4% reduced VAT rate.Read More »
OECD – Consumption Tax Trends 2014 and The Distributional Effects of Consumption Taxes in OECD countries – reports published
Consumption Tax Trends 2014
Tax landscape is shifting away from taxes on labour and corporate income towards more ‘growth friendly’ sources of revenue, like consumption taxes and property taxes. VAT is an important source of revenue for OECD countries, representing on average approximately 20% of total tax revenues. Read More »
Egypt plans to introduce VAT in 2015
In a recent statement, the Egyptian Minister of Finance announced that the legislation introducing a VAT system might be published in early 2015 (January or February). The proposed time of implementation would be at around the middle of the year to allow taxpayers to prepare their accounts, software and systems to apply the new tax. Read More »
Mexico: Publication of e-filing rules for temporary imports
With effect from 1 January 2015, companies which have obtained VAT and Excise Tax Certification or which will guarantee the fiscal interest, will be obliged to electronically transmit monthly discharge reports relating to temporary import declarations on withdrawals from bonded warehouses, returns, regime changes, and virtual transactions (among others).
CJEU is going to rule on the VAT treatment of bitcoins
On 2 June 2014, the Supreme Administrative Court of Sweden submitted a request for a preliminary ruling to the Court of Justice of the European Union (“CJEU”) asking the CJEU to rule on whether the exchange of bitcoins for “fiat” currencies and vice versa is to be considered as a supply of service and if so, whether the exchange transactions of bitcoins fall within the scope of the exemptions for financial services.Read More »
Switzerland – new liabilities for foreign companies as from 1 January 2015
The Federal Council defines new VAT liability for foreign companies carrying out construction work in Switzerland. The Federal Council approved two amendments to the Value Added Tax Ordinance, which are valid as from 1 January 2015. The aim of the new rule is to reduce the competitive disadvantages for domestic companies in comparison to foreign companies who are not obliged to register for VAT purposes.Read More »
Michaela Merz 