Revenue have produced new guidance setting out the VAT treatment of food supplements and certain other substances for human consumption. Read more
Under LN162 of 2018 – Single Taxable Person Regulations 2018, it is possible certain qualifying entities to form or join a VAT Group and be recognised by the VAT Department as a Single Taxable Person. Read more
On July 1, 2019 the “tornado” of the Italian Tax Authorities comes.
In fact, next July 1st will be a red-dot day in the Country. On the fiscal front, everything changes: here are the news for tax payers. Read more
Portuguese VAT rules are based on regulations drawn up by the EU, of which Portugal was a founding member. The standard Portuguese VAT rate is currently 23%. As member state of the EU, Portugal is obliged to implement the VAT Directives, which provide guidance on VAT. Where there is a conflict, the European Directive takes precedence. Read more
This newsletter briefly outlines both shortly expected and recently adopted VAT changes in Cyprus, starting with the changes triggered by amendments in the main EU VAT Directive, which Member States are required to implement, then followed by specific local amendments in the VAT law or the practice of the Tax Department, as well as recently issued clarifications on certain topics. Read more
In October 2016, the Commission proposed to re-launch the Common Consolidated Corporate Tax Base.
What is the Common Consolidated Corporate Tax Base (CCCTB)?
The Common Consolidated Corporate Tax Base (CCCTB) is a single set of rules to calculate companies’ taxable profits in the EU.
With the CCCTB, cross-border companies will only have to comply with one, single EU system for computing their taxable income, rather than many different national rulebooks.
Companies can file one tax return for all of their EU activities, and offset losses in one Member State against profits in another.
The consolidated taxable profits will be shared between the Member States in which the group is active, using an apportionment formula. Each Member State will then tax its share of the profits at its own national tax rate. Read more
On 28 January 2016 the Commission presented its proposal for an Anti-Tax Avoidance Directive as part of the Anti-Tax Avoidance Package. On 20 June 2016 the Council adopted the Directive (EU) 2016/1164 laying down rules against tax avoidance practices that directly affect the functioning of the internal market.
In accordance with the Cyprus Income Tax legislation, a Cyprus company and/or an individual person who is tax resident in Cyprus, has to pay its second income tax installment (provisional tax) by 31 December 2018 to the Department of Tax. Such amount is payable only via the website of JCC (www.jccsmart.com). Read more
On Budget Day, the Dutch government introduced the 2019 Tax Plan to the House of Representatives. Most recently, the House of Representatives adopted the bills included in the 2019 Tax Plan package. Below, please find the highlights of said package, briefly outlining some of the VAT and consumption tax measures (indirect taxes) that may impact international businesses. Read more
Federal Court of Finance (BFH) simplifies input tax deduction of invoices for companies
The Federal Court of Finance abandoned its previous jurisdiction with judgements from 21 June 2018 VR25/15 and VR28/16 and decided that it is no longer necessary for invoices to state a place where the entrepreneur carries out his business activity. Therefore, for input tax deduction, an invoice must only include an address where the company providing the service can be contacted by post. Read more