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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

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Brexit and EORI numbers applications made in Germany

As it stands, the date on which Great Britain leaves the EU has been put back to 31 October 2019. Should the British parliament agree to the deal negotiated with the EU, an earlier exit is possible. However, if this is not the case Great Britain will leave the EU without a deal and the consequences of a “no deal” Brexit will come into effect on 1 November 2019. Read more

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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

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New EU laws – on digital content and on the sales of goods to be approved

New rules to better protect consumers whether they buy a product over the internet, in a local store or download music or games were approved by Parliament on Tuesday.

The new EU laws – on digital content and on the sales of goods – harmonise key contractual rights, such as the remedies available to consumers and the ways to use those remedies. They are part of the Digital Single Market strategy, which aims to ensure better access for consumers and businesses to online goods and services across Europe.

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TRA joins EMOTA as a Supplier Member

We are glad to announce that our Alliance has recently joined EMOTA as a Supplier Member. EMOTA is the European level umbrella federation representing online and omnichannel trade across Europe. The main mission of EMOTA is to promote ecommerce and help policy makers remove any barriers to trade. Read more

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Patent Box Portugal

The EU Application The new patent box regime model has been introduced in many EU member countries to be able to compete with similar precautions. The revenue derived from the intellectual property rights like patents, complementary protection certificates and royalties on patents will be taxed separately with a lower rate of tax than the other income of the country. Read more

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The Applicability of Quick Fixes in Spain

On January the 1st 2020 a new VAT measure package will come into force proposed by the European Commission and ratified by the European Council. Quick Fixes is a proposal of provisional measures focussed to establish a definitive VAT system, and harmonize it within the intra-community trade. Read more

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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