Summary 164 posts

OECD Publishes International VAT Guidelines

At its meeting held in Tokyo, Japan on 17-18 April 2014 and attended by the representatives of more than 100 countries and international organisations, the Organization for Economic Coordination and Development (OECD) discussed and approved the Guidelines on certain issues of the VAT treatment of international transactions.

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How to file foreign tax returns from Hungary? Part II

Taxpayers will be able to meet registration, tax return filing and tax payment obligations efficiently through the One Stop Shop VAT system selectable from 2015 in which the relevant obligations can be fulfilled through one registration, filing only one tax return per period and making only one transfer.

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How to file foreign tax returns from Hungary? Part I

From the coming year, the service providers providing telecommunication, broadcasting and electronic services (hereinafter: “TBE services”) to individuals will have to fulfil their VAT obligations in each member state in which the individuals using their services have their permanent address or place of stay, perhaps in each of the 28 member states of the EU. Registration, tax return filing and tax payment obligations can be fulfilled efficiently from 2015 in the One Stop Shop system taxpayers can choose to apply for this purpose. The main point of the One Stop Shop system is that the relevant obligations can be fulfilled through one registration, filing only one tax return per period and making only one transfer.

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Am I supposed to raise a VAT invoice every time my app is downloaded?

A single article, Article 9a of the Implementing Regulation 1042/2013 defines which member of a supply chain, providing electronic or telephone services through the internet, will have to raise a VAT invoice to consumers who are non-taxable entities – the explanatory notes issued on 3 April include an additional 22-page explanation to Article 9a. Our below summary intends to provide a short and practical summary of the most important aspects of the rule becoming effective from next January.

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What is the rate of VAT on cable TV in Luxembourg? You will have to know next year!

The rules of the place of supply of telecommunication, broadcasting and electronically provided services supplied to individuals will change substantially from 2015: in line with the amendment of the EU VAT Directive, VAT will be payable on these services in the state in which the recipient’s permanent address or place of stay is located. Considering the availability and mobility of these types of services, the service provider may easily incur tax liability in all of the 28 member states.

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The Hervis affair: not over yet!

As any decision of the Court of Justice of the European Union concerning Hungary, the case of Hervis Sport- és Divatkereskedelmi Kft. (C-385/12) also received much attention, but this matter was not resolved with last week’s decision. The ball is on the Hungarian court again as it is now up to the Hungarian court to decide whether the special retail tax is actually detrimental to foreign company groups.

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Global standardization of transfer pricing documentation rules

Since the initial introduction of transfer pricing documentation rules, there has been spectacular expansion in global intra-group trading and the number of states prescribing the preparation of transfer pricing documents has increased also. The sometimes large differences of the transfer pricing documentation rules of individual countries and the enhanced scrutiny of tax authorities in this regard, however, present a never before seen challenge for the multinational companies concerned.

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Impact of ‘new UK GAAP’ on corporation tax charges

It will apply to accounting periods beginning on or after 1 January 2015 and will apply to all UK companies who do not report under IFRS, FRS 101 or who do not qualify as a small entity. In some areas the new standard represents a significant change from existing GAAP. It is expected that the changes will impact both the current and deferred tax calculations with larger entities expected to be most affected.

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