The UK will opt for a mechanism similar to the One Stop Shop (OSS) coming in on mainland Europe from 1 July 2021, but in the case of the UK this will be introduced when transition period for the UK to exit the European Union ends. Read more
Irish VAT rate change to become effective on September 1st
The Irish Government has announced a change to Irish VAT rate under the July Jobs Stimulus Package, a set of measures designed to support businesses.
As part of these measures, there will be a six-month reduction in the standard rate of VAT from 23% to 21%, from 1 September 2020 to 28 February 2021.
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RECENT VAT CHANGES IN CYPRUS
Since the beginning of 2020, some important VAT changes enacted in Cyprus. The main ones are following.
COVID-19 VAT RELATED MEASURES
Yacht charter services: calculation of the taxable base
About yacht charters, the ordinary Italian VAT rate for the rent is 22%, but the effective rate is lower due to the particular calculation of the taxable base. Yacht charter services carried out in the territory of the European Union are totally subject to VAT (at the rate of 22%).
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VAT updates from Ireland
Revenue have produced new guidance setting out the VAT treatment of food supplements and certain other substances for human consumption. Read more
Malta – VAT Grouping
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
Important tax updates from Italy
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
Portugal VAT
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
Summary of the recent VAT changes in Cyprus
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
Common Consolidated Corporate Tax Base (CCCTB)
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