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Summary of the latest VAT changes in Cyprus

The main VAT changes in Cyprus over the last few months concern the implosion of VAT at 19% on the leasing/rental of immovable properties and undeveloped building land, as provided for in the amending VAT Law No. 157(I)/2017 of 13 November 2017. Read more

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Prohibition of Abusive Practices in Ireland

The decision of the Court of Justice of The European Union (CJEU) in the case of Edward Cussens & Others v T.G. Brosnan C-251/16 was published on 22/11/2017. The case concerned the recovery of VAT in relation to property sales. Questions relating to the application of the principle on the prohibition of abusive practices in Ireland were referred to the CJEU. Read more

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Latvia VAT updates for 2018

Significant amendments to a number of tax-regulatory acts are enacted from 1 January 2018 including VAT. The amendments envisage a lower threshold for mandatory registration in the Register of VAT Payers and extend the business areas eligible to special VAT payment regime, the so-called reverse VAT.
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The Greek Golden Visa Program: Residence Permit by Investment

The most attractive sectors for investments in Greece include the sectors in which Greece has competitive advantages under international standards. Taking into consideration the current financial situation and traditional strengths of the Greek economy, one could mention among others: tourism and real estate, food and agriculture, renewable energy sources, technology and ICT, environmental management, export oriented manufacturing and life sciences.
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VAT Developments in Malta: Council implementing decision (EU) 2018/279

On 20 February 2018 the Council of the European Union has decided to authorise Malta by way of a derogation to Article 287 of the EU VAT Directive (2006/112) to increase to Eur 20,000 in the annual turnover threshold exempting persons whose economic activity consists mainly in the supply of services with a high element of value added.
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Implementation of the Czech VAT Act for services directly linked to the import and export of goods

In view of the judgment of the Court of Justice of the European Union of June 29th, 2017 C-288/16 L, the Ministry of Finance of the Czech Republic issued information on the interpretation of the Article 69 of the VAT Act, concerning the exemption of services directly linked to the export of goods. Nevertheless, it also refers to applicable exemptions in case of imports.
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Deduction coefficient of VAT on gasoline from 2018

Article 31 of the Finance Act for 2017 (Law No. 2016-1917 of 29 December 2016), modified the deduction coefficient of French VAT on gasoline consumed for business purpose to 20% for 2018 including for commercial vehicles and other vehicles eligible for VAT recovery, whereas no VAT deduction on gasoline was possible for these vehicles until now. Read more

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Credit/Debit Notes Alert

 

I. BACKGROUND

Intertax has noticed that many sellers in case of small and not important adjustments on the sales invoice such as wrong address, dates, invoice number, etc., often issue a credit note and then rise a new invoice that includes all proper data. Such procedure may result in huge negative consequences as the credit notes that decrease the output VAT may be declared in the VAT return only after meeting all obligatory requirements for credit notes. In case meeting those requirements fails, this procedure may lead to temporary double VAT taxation of the transaction. Read more