UK Explains VAT Changes Following the Skandia Decision
The UK has issued Revenue and Customs Brief 18 (2005) explaining VAT grouping rules and the Skandia judgment. The VAT changes in the UK effective from 1 January 2016 result from the Skandia decision of the European Court of Justice (ECJ). The
See MoreUK: Two year plan to increase SME awareness of R&D tax relief
Following a consultation on research and development tax relief the UK government has announced a two-year plan to make it easier for small and medium enterprises (SMEs) conducting research and development (R&D) to claim the tax relief. The
See MoreWorld Customs Organization Discusses the Future of Customs
The Permanent Technical Committee of the World Customs Organization (WCO) discussed the Future of Customs at its meeting of 14 to 16 October 2015. The meeting considered issues put forward by the WCO Virtual Working Group on the Future of Customs.
See MoreKenya submits Memorandum of Economic and Financial Policies to the IMF
A Memorandum of Economic and Financial Policies prepared by Kenya on 31 August 2015 in connection with a request for financial support from the IMF was published on the IMF website on 22 October 2015. The Memorandum notes that the Kenyan economy
See MoreNamibia-Increased VAT registration threshold
In Namibia the VAT registration threshold will be increased from 1 November 2016. The threshold will increase from NA$200,000 to
See MoreUK: Consultation on draft Regulations on country by country reporting
On 5 October 2015 the UK issued draft Regulations in relation to country by country reporting, along the lines of the recommendations made in the OECD action plan on base erosion and profit shifting (BEPS). The aim is to require multinational groups
See MoreAFRITAC discusses prevention of tax fraud
From 28 September to 2 October 2015 the IMF’s regional Technical Assistance Centers (AFRITAC) for central and southern Africa are holding a seminar on prevention of tax fraud. The seminar held in Mauritius in collaboration with the African
See MoreNamibia-Proposed VAT and Income Tax Amendments
The Namibian Minister of Finance submitted the Value-Added Tax (VAT) Amendment Bill and the Income Tax Amendment Bill to the National Assembly on 22 September 2015. The changes to the VAT Act will become effective from the first day of the month
See MoreUK: Summary of responses to penalties discussion document
On 17 September 2015 HMRC issued a summary of responses to a discussion document on penalties. The original discussion document published on 2 February 2015 put forward five principles that should be the basis for any tax penalty regime. These are
See MoreUK: Research Report on Effect of the Annual Tax on Enveloped Dwellings
Although most residential property in the UK is owned directly by individuals in some cases the property is owned by a company or other corporate structure. The property can then be said to be enveloped in a corporate wrapper. Until 1 April 2013
See MoreUK: Research into company investment decisions
A research report on profit distribution and investment patterns of unlisted companies was published on the HMRC website on 17 September 2015. The quantitative and qualitative research looks at the reasons for company behaviour including tax
See MoreIreland explains approach to VAT and portfolio management services
Following the European Court of Justice (ECJ) decision in the Deutsche Bank case concerning the value added tax (VAT) treatment of portfolio management services the Irish Revenue issued an eBrief on 4 September 2015 to explain its approach to the
See MoreUK: HMRC Publishes Results of Large Business Panel Survey 2014
The results of the Large Business Panel Survey for 2014 have been published on HMRC’s website. The survey of large businesses was performed in late 2014 and early 2015. The aim was to track and assess the views of businesses on the services
See MoreECJ: decision on time of supply of services for VAT purposes
On 3 September 2015 the European Court of Justice (ECJ) issued a decision in the case of Asparuhovo Lake Investment Company. The case had been referred to the ECJ by the Administrativen sad in Bulgaria and concerned the time of the chargeable event
See MoreECJ: decision in Groupe Steria case on freedom of establishment
On 3 September 2015 the European Court of Justice (ECJ) issued a decision in the Groupe Steria case which concerned the application of the principle of freedom of establishment under EU law. In the relevant years the parent company of the group was
See MoreUK: HMRC issues updated guidance on accelerated payments
On 20 August 2015 the UK tax authority HMRC published on its website a fact sheet containing updated information on the requirement to make accelerated payments in connection with tax avoidance schemes. A tax avoidance scheme is defined for this
See MoreArgentina-Deadline for issuance of VAT electronic invoices and records
The tax administration of Argentina published General Resolution No. 3,793 in the Official Gazette on 10 August 2015. According to the resolution 31 March 2016 is the deadline for the electronic issuance and storage of VAT receipts by taxpayers
See MoreUK: Capital gains tax treatment of carried interest
Legislation was included in the Summer Finance Bill 2015 published on 15 July 2015 to make technical changes to the capital gains tax treatment of carried interest. A summary of the changes was issued by the UK tax authority HMRC on 20 July
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