The aim of the turnover reconciliation is to reconcile a business’s annual revenue and input VAT as declared in the four quarterly VAT returns to the financial statements (P&L) of the same year.
Pursuant to article 72 of the new VAT Law there is a possibility (but also an obligation) to correct errors in the VAT declaration within 180 days of the end of a tax period. This “finalisation” gives the VAT payer the opportunityRead More »
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 The VAT aspects of the web tax has now been repealed (please see below).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 »
On 21 October 2013, Portugal and Spain signed agreements regarding the strengthening of mutual assistance and automatic exchange of information on tax matters. These aim at fighting tax fraud and evasion and the parallel economy. The signed agreements refer to several potential fraudulent situations, including:Read More »
The mini One Stop Shop comes into force on 1 January 2015 and will allow taxable persons supplying telecommunication services, television and radio broadcasting services and electronically supplied services to non-taxable persons in Member States in which they do not have an establishment to account for the VAT due on those supplies via internet in the Member State in which they are identified. Read More »
Under the Italian VAT refund procedure, a non-established taxpayer requesting a VAT refund via its Italian VAT return must submit a bank or insurance guarantee covering the full amount of the VAT refund. The guarantee must be submitted for each VAT refund request and must be maintained for Read More »
Time limit for issuing invoices
Based on current rules, invoices must be issued within seven days of the date of delivery of the goods/rendering of the service. According to the new rules, suppliers are obliged to issue invoices until the 15th calendar day of the month following the supply. Certain exceptions to this rule allow for a deadline of thirty, Read More »
We are looking for a new international VAT Manager @PwC Zurich.
Your job:
A new standard VAT return, which can cut costs for EU businesses by up to €15 billion a year, has been proposed by the Commission on 23 October. The proposal still needs to be adopted by the Member States, and if everything goes well will go live on 1 January 2017.Read More »
The French tax authorities have reconfirmed in the recent Finance Bill that the VAT rate changes will take effect on 1 January 2014. The standard rate will increase from 19.6% to 20%. The intermediate rate will be increased from 7% to 10%. This rate will apply to various goods and services including restaurants and meals for immediate consumption, passenger transport, hotel accommodation, pharmaceutical products not reimbursed by social security and transfers of copyrights. Read More »
The international VAT forum
World Wide VAT – the international VAT forum @PwC – was launched four years ago as a venue that offers you the opportunity to meet and speak with international business people dealing with indirect tax issues. It is a platform for sharing experiences and providing more insight on trends in this area.Read More »
PwC Switzerland ITX
Michaela Merz 