darren No Comments

EFS Seminar at Erasmus University Rotterdam – “Action Plan on VAT: Towards a Single VAT Area?”

On 22 February 2018 European Fiscal Studies (EFS/Erasmus University Rotterdam (EUR)) held its annual indirect tax-related seminar, this year focusing on the recent proposals of the European Commission on its Action Plan for a Single VAT Area under the title ‘Action Plan on VAT: Towards a Single VAT Area?’. Speakers/ Panel Members included the chairman Prof. Walter de Wit (EFS, Erasmus School of Law, EY), Prof. Gert-Jan van Norden (Tilburg University, KPMG Meijburg & Co), Prof. Marie Lamensch (Vrije Universiteit Brussel, KU Leuven and UCLouvain), Allard van Nes (Royal Friesland Campina) and Marcel Neggers (Dutch Tax and Customs Administration). Prof. Ben Terra (University of Lund, Sweden, Universidade Catholica Lisbon, Portugal) joined the panel during the plenary discussion.
Read more

Share This:
darren No Comments

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.
Read more

Share This:
darren No Comments

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.
Read more

Share This:
darren No Comments

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.
Read more

Share This:
Tra Alliance No Comments

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

Share This:
Tra Alliance No Comments

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

Share This:
darren No Comments

Spain – Travel Agent’s VAT special regime turns to be applicable to Internet platforms rendering transport of people services

According  to the Spanish binding consultation DGT CV 28-12-17 the services of “transport of people” with driver offered online,  must receive the same treatment as a travel agent’s by being obliged to use  their  special regime.

When a Company puts together car owners who render transport services with clients who need transport, using for this purposes a website, and invoicing  directly the final client while hiring the transport services,  the complex service is qualified in the same way a travel agent’s activity would.

The key for the Spanish Tax authorities is the fact that the transport services are rendered under own name but with alien means .

Travel Agents do exactly the same. Subcontracting  a third party but assuming the service as own.

The special regime of travel agents in Spain obliges operators to charge a 21% out of their gross margin. The gross margin is the difference between the amount collected from the client (without VAT) and the amount of the expenses incurred by the travel agent´s to be used in the composition of the client´s order, including taxes.

Whatsoever, the input VAT afforded by the travel agent’s shall be 10%.

We must remind at this point, that the special regime for travel agent’s has the aim to allow the Companies obliged to keep the secrecy on their markups, avoiding unfair competition.

Share This: