Belgium reduces VAT on Electricity
Recent VAT changes in Belgium include the latest change in VAT rate for supplies of electricity. The rate will change from 21% to 6% and will take effect from1 April 2014 until 31 December 2015 with an option to extend the rate into 2016 and
See MoreTurkish electronic VAT invoices delayed until April 2014
The introduction of Turkish electronic VAT invoices has been delayed until 1 April 2014 due to continuing teething problems. Until this date, tax registered persons may continue to use paper-based VAT invoices. The original edict (Tax Procedural
See MoreEU: Parliament Backs Standard VAT Return
The EU Commissioner for Taxation has welcomed the European Parliament's strong support, expressed on February 26, 2014, for a Standard VAT Return. The Standard VAT Return is one of the Commission's key proposals to reduce the burden of compliance
See MoreCanada: Insurance companies, banks, and security dealers face new indirect tax challenges
Many insurance and financial institutions have a high compliance burden from indirect taxes, owing to the need to distinguish between taxable and exempt supplies and the restriction that many face in reclaiming all the VAT paid on their inputs.
See MoreBelgium requires foreign public transporters to register for VAT
Belgium is to require foreign public transport companies to register for VAT, and charge a proportion of Belgian VAT on the price of their tickets. From 1 January, non-Belgian coach and taxi drivers transporting paying passengers across Belgium
See MoreNamibia: Budget for 2014/15
The 2014-15 Budget was presented by the Minister of Finance on 19 February 2014, and includes the following measures: Corporate taxation: The non-mining corporate income tax rate will be reduced from 33% to 32%. VAT: The VAT registration
See MoreBelgium enforces electronic VAT return
The tax office of Belgium has confirmed that it is to require all taxable persons to file electronic VAT filings over the next year. Corporations will have to submit their monthly or quarterly VAT returns through the online portal of the Ministry
See MoreBelgium increases quarterly VAT return threshold
The normal rule is that VAT returns are submitted on a monthly basis in Belgium. There is however a quarterly filing option for smaller businesses whose turnover is below a certain threshold. The annual turnover threshold for companies
See MoreVietnam – Tax forms and VAT methods
According to Decree No. 156/2013/TT-BTC, in effect from 1 January 2014, new tax forms are to be used by organizations and entities in Vietnam. Enterprises are to pay trade union dues at a rate of 2% of total salary amounts used to compute social
See MoreSpain – VAT changes effective in 2014
Spain’s value added tax law Changes which made by Law 14/2013, Royal Decree 828/2013, Order 2214/2013, Royal Decree 1042/2013, and Law 22/2013—generally were effective beginning 1 January 2014. In general, the principle change concerns a new VAT
See MoreRomania: Modify compulsory VAT cash accounting scheme to voluntary
The Romanian tax office is planning to change its controversial obligatory VAT cash accounting rule to a purely voluntary scheme. The present obligatory scheme was initiated at the early of 2013. This system, progressively common in other EU
See MoreDenmark: Changes VAT return filings for small companies
The Danish Budget 2014 changes the VAT compliance regime for small companies therefore if the businesses with sales less than DKK 5 million, the time limit for filing VAT returns will be extended to 60 days from the current 40
See MoreNorway and EFTA- changes in respect of customs credit for EEA businesses registered in Norway for VAT purposes
It was published on 26 December 2013 that, due to a reasoned opinion from the EFTA Surveillance Authority dated 19 September 2012, the Norwegian VAT representative scheme has already been changed. The changes relate to the removal of the requirement
See MoreItaly: Extension of 2012 VAT returns submission
A further extension has been made to the deadline for filing of the annual 2012 Italian VAT filing. The new filing date is 31 January 2014. Italian VAT registered companies will be able to file these returns through the Entratel or Finconline
See MoreAustralia: GST fraud in gold industry is in target
The Australian Tax Office (ATO) on 30 October 2013 announced that it is investigating companies within the gold bullion sector for a total of AU$65 million ($61.5 million) of alleged goods and services tax (GST) fraud. The investigation is a part
See MoreLithuania – Regulation for VAT on credit, debit documents
An observation has been issued concerning provisions under Lithuania’s value added tax (VAT) law regarding credit notes and debit documents. The guidance describes as when: a condition to issue a credit VAT letter or a debit certificate
See MoreFrance: Mandatory Online Tax Reporting Threshold
The French Finance Ministry announced on 17 October 2013 a reduction in the threshold for application of the mandatory on-line reporting obligations, for companies in France not subject to corporation tax (IS) in 2013-2014. From October 1, 2013,
See MoreBelgium: Transition regime related to VAT
A transition regime in relation to VAT is being extended by the Belgian authorities during 2014. The regime permits taxpayer an opportunity to apply new rules for deciding the point in time when VAT is chargeable on invoices issued in advance of
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