OECD issues the single global standard for the automatic exchange of information
On February 13, 2014 the OECD released the Common Reporting Standard (CRS), which seeks to establish automatic exchange of tax information as the new global standard for governments. The approach is at the heart of the fight against tax evasion, but
See MoreEU Seeks to resume talks on a Deep and Comprehensive Free Trade Agreement with Egypt
The EU remains willing to re-launch talks with Egypt on concluding a Deep and Comprehensive Free Trade Agreement (FTA). The EU ambassador confirmed that the European Union aims to begin negotiations with Egypt on widening the free trade agreement
See MoreEU – Court Rules on Hungarian Retail Tax
The European Court of Justice (ECJ) has ruled that Hungary's retail tax, which imposes a rate based on "consolidated turnover," is disadvantageous to companies that are part of a group of "linked" businesses and discriminatory if in practice applies
See MoreEuropean Commission reports on administrative cooperation and combating fraud in the field of VAT
On 12 February 2014, the European Commission adopted two reports related to fighting Value Added Tax (VAT) fraud within the EU. The reports outline possible ways of improving procedures for dealing with this problem. The first report looks at VAT
See MoreEU: European Commission proposes stronger cooperation on VAT
Recently, the European Commission began consultations with Russia and Norway on administrative cooperation agreements in the area of Value Added Tax (VAT). The aim of the agreements is "to establish a framework of mutual assistance in combatting
See MoreArgentina reduces Tobacco Tax rate for the year 2014
Under Decree No 111/2014 of January 29, 2014, Argentina is keeping cigarillo excise duties at 7 percent, instead of the usual 21 percent rate. The reduced rate is applicable with retroactive effect from January 1, 2014, and is scheduled to expire on
See MoreGermany and EU Redesigning Energy Tax Rebate
The Federation of German Industry has said a quick resolution is expected in talks between Germany and the European Union concerning Germany's renewable energy tax rebate on offer to energy-intensive companies in Germany. The Commission is
See MorePhilippines Business Requests Elimination of Aviation Fuel Tax
The Joint Foreign Chambers of the Philippines (JFC) have requested that the Government cuts the excise tax on aviation fuel for international carriers, after a Supreme Court (SC) decision to cancel refunds had effectively imposed higher taxation. In
See MoreECJ: Deduction of input VAT on pension fund management costs
In a Revenue and Customs Brief HMRC has set out its position on VAT on pension fund management costs. This follows decision of the European Court of Justice (ECJ) in the case of Fiscale Eenheid PPG Holdings BV regarding an employer's entitlement to
See MoreRomania: Foreign energy traders are now permitted to reclaim input VAT
The European Court of Justice has ruled that foreign energy traders in Romania are now permitted to reclaim input VAT incurred through the EU’s 8th Directive. This follows Romania’s withdrawal of the requirement for VAT registrations on
See MoreEuropean Parliament Urged To Outlaw Anonymous Shell Companies
The European Parliament has been urged to support the creation of public registries of corporate ownership. This suggestion has been made by a Washington DC-based research and advocacy organization. Global Financial Integrity (GIF) studies and
See MoreCzech Republic joins Convention and protocol on Mutual Administrative Assistance in Tax Matters
The multilateral Convention on Mutual Administrative Assistance in Tax Matters, as amended by the 2010 protocol, entered into force in respect of the Czech Republic on 1 February 2014. The Convention and the amending protocol generally apply in the
See MoreCroatia-Bill Ratifying Multilateral Tax Convention
The government of Croatia has sent a bill to parliament to ratify the Convention on Mutual Administrative Assistance in Tax Matters. This move forms part of the country's aims to fulfill its tax obligations on an international level. Croatia signed
See MoreOECD Reports Higher Consumption Taxes for Latin America
The Organization for Economic Cooperation and Development (OECD) has released the latest version of its Revenue Statistics in Latin America. This report shows that the average tax revenue to gross domestic product (GDP) ratio in the 18 Latin
See MoreEU: Digital economy taxation expert group
The high-level expert group on digital taxation of the EC met for the second time on 14 to 15 January 2014. The meeting focused on the interaction of the group’s work with the OECD, understanding business models in the digital economy, VAT issues
See MoreEU: VAT pilot project on international SME transactions
The European Commission has announced a one year extension of the pilot project that seeks to improve certainty for small and medium enterprises (SMEs) in cross border VAT transactions. 14 EU Member States (Belgium, Estonia, Spain, France, Cyprus,
See MoreEU: VAT rates changes for 2014
The European Commission has issued the report on value added tax (VAT) rates applicable in EU Member States for 2014: Member States Super Reduced Rate Reduced Rate Standard Rate Parking Rate Belgium - 6 / 12 21 12 Bulgaria - 9 20 - Czech
See MoreChina: VAT refunds on e-commerce
Clarification has been issued of Chinese VAT refund processes for Chinese online retailers selling outside China. This guidance covers enterprises selling via their own website or through external platforms such as Amazon. The new guidance came
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