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May 22, 2013
As EU leaders prepare to meet later today to discuss the financial transaction tax (FTT) and improving the efficiency of tax collection, progress must be made on agreeing the scope of the FTT. Even if a consensus emerges, the original timetable for implementation may be delayed to January 2015.
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May 22, 2013
The OECD has recommended broadening the Mexican VAT base – including abolishing the special maquiladora tax regime – to boost revenue.
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May 22, 2013
Taxpayers need to prepare for a VAT rise in Slovenia, which is part of a package of measures the government hopes will help the country avoid seeking international aid. However advisers say it is unlikely the increase will help reduce the country’s deficit.
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May 15, 2013
The French government has issued guidance on VAT invoicing procedures in line with the EU Directive.
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May 15, 2013
Croatian taxpayers will no longer have to pay customs duties on imports from EU countries when the country joins the EU on July 1 this year.
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May 15, 2013
Retailers Against VAT Avoidance Schemes (RAVAS) will send a position paper to David Gauke, the UK’s tax minister, urging him to crack down on the incorrect application of low value consignment relief (LVCR).
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May 08, 2013
The OECD says Japan is “poised for expansion” but that a number of tax policies must be installed or tweaked to ensure this remains the case.
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May 08, 2013
The US Senate has passed a Bill that would allow states to require online merchants to collect and remit sales and use taxes on goods and services they sell, even when they have no physical presence in the state. If made law, the Bill could enable states to force foreign-domiciled sellers with only an economic presence in a state to also collect sales tax.
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May 01, 2013
Top holdings can be included in a VAT group in the Netherlands after the European Court of Justice (ECJ) ruled in favour of the Dutch government. The ruling could lead to other non-taxable persons being included in the VAT group.
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May 01, 2013
The OECD has urged Switzerland to shift taxation from direct to indirect taxes to boost economic growth and reduce distortions in the VAT system. However the Swiss National Council has voted against the most recent proposals to simplify the VAT system.
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May 01, 2013
KPMG’s first Green Tax Index sees the US ranked first for its extensive use of incentives.
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April 24, 2013
The Indian Empowered Committee of State Finance Ministers has confirmed the GST will be nationwide when implemented and states will not be allowed to opt out of the system.
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April 24, 2013
The Polish government has implemented a raft of measures amending the country’s VAT regime in line with EU law.
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April 17, 2013
The European Parliament has rejected plans to reduce the number of CO2 emissions allowances available within the EU emissions trading scheme (ETS). The decision comes as both critics and supporters of the plan argue for structural reform of the system.
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April 17, 2013
The European Commission has proposed amendments to the EU’s trade defence mechanisms, aimed at making the system simpler and easier to enforce. However advisers say the proposals need to go further to protect EU importers.
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April 15, 2013
The opposition Labour member of Parliament said it would be “lunacy” for the UK to unilaterally adopt a financial transaction tax (FTT).
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April 11, 2013
China will roll out a pilot programme to replace business tax with VAT on August 1.
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April 10, 2013
The European Court of Justice (ECJ) yesterday ruled that non-taxable entities such as holding companies are permitted to join VAT groups, dismissing an action brought by the European Commission against Ireland and confirming a solution to BAA’s (now Heathrow Airport Holdings) England and Wales Court of Appeal defeat in the process.
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April 10, 2013
The Singapore tax authorities have issued additional guidance on the documentation requirements for the zero-rating of exported goods subject to GST. The guidelines are intended to reduce abuses in the application of the zero rate of GST to exports.
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April 09, 2013
Indian indirect tax collection for the last fiscal year has exceeded its target, according to Revenue Secretary Sumit Bose. However taxpayers must prepare to face more complex audits and rigorous enforcement procedures being employed by the revenue authorities.
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April 09, 2013
The Romanian government is considering a VAT cut next year, but advisers believe bringing the rate down by five percentage points that quickly is unlikely.
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April 07, 2013
The South African National Treasury has released the final discussion paper detailing proposals for the country’s carbon tax. However advisers say a more thorough analysis of the indirect impact of the carbon tax on businesses is needed.
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April 03, 2013
More Canadian companies are being told that they may owe GST plus penalty interest on reinsurance premiums paid to non-resident related-parties dating back eight years. This is a result of increased auditing activity around reinsurance by the Canada Revenue Agency (CRA).
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April 03, 2013
Financial transaction taxes (FTT) have not met Hungary or France’s revenue projections, but supporters argue they have been a success because they were intended to constrain risky transactions.
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April 03, 2013
The German government has proposed a new law amending the VAT invoicing requirements for the supply of goods between EU member states in line with a decision of the European Court of Justice (ECJ). If approved, it may increase administrative costs for businesses.
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March 27, 2013
Supplies of services made between EU companies and branches established in Bulgaria will now be outside the scope of VAT. The change brings Bulgarian legislation in line with a ruling by the European Court of Justice (ECJ).
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March 27, 2013
Talk of introducing VAT in the Gulf Cooperation Council (GCC) countries has been around for a while. Could Kuwait be the first to do so?
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March 26, 2013
The OECD has given its backing to the introduction of a Chinese carbon tax in its Economic Survey of China 2013. However the government may already be pushing forward with environmental tax reform.
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March 20, 2013
The lack of certainty on the VAT status of bundled supplies is causing problems for taxpayers across Europe, according to advisers at Baker & McKenzie’s ITEM conference in London.
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March 20, 2013
Oregon has expressed interest in British Columbia’s carbon tax, but a European-style carbon market for North America is not on the cards, say advisers.
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March 20, 2013
The OECD’s work on base erosion and profit shifting (BEPS) could impact how an establishment for VAT purposes is defined by governments, according to Baker & McKenzie’s head of VAT in the UK at the firm’s ITEM conference in London.
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March 20, 2013
The question of VAT recovery by holding companies is something UK tax authorities raise on a regular basis. Recently it has come to the fore again, says KPMG's Gary Harley
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March 13, 2013
Some non-Canadian resident businesses may be entitled to refunds for GST/HST paid in error on purchases from Canadian suppliers, says John Bain of KPMG.
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March 13, 2013
The UK Supreme Court has today dismissed an appeal by HM Revenue & Customs (HMRC) in a case against Aimia Coalition Loyalty, formerly known as Loyalty Management UK (LMUK), upholding the right of third parties to recover VAT in loyalty scheme arrangements. The ruling reinforces the neutrality principle of VAT on businesses.
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March 13, 2013
The First Tier Tax Tribunal in the UK ruled that organisers of broker clubs, which help member brokers gain access to better terms with larger insurers, must charge full UK VAT at 20%.
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March 12, 2013
Foreign businesses shipping goods into Greece for distribution to third countries will no longer have to pay import VAT at the customs office, under a new law passed by the Greek Parliament. The measure should greatly boost foreign investment into the country.
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March 08, 2013
It is fair to say the Indian budget this month left corporate investors disappointed. Expectation was high for business-friendly tax measures but few appeared, save for an announcement that safe harbour rules and guidance are imminent.
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March 06, 2013
The European Council for Economic and Financial Affairs (Ecofin) will push ahead with gaining agreement on the implementation of the quick reaction mechanism (QRM) to combat VAT fraud. However businesses are still concerned about the effect of an additional compliance burden.
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March 06, 2013
Since 2008, Customs has initiated proceedings against various assessees for alleged wrongful availment of the exemption from customs duties on imports of aircraft, explain Ranjeet Mahtani and Divya Jeswant of ELP.
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March 06, 2013
The Swiss Federal Tax Administration (SFTA) recently announced a major change of its practice with regard to the notion of entrepreneurial activity, explains Patrick Conrady of KPMG
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March 05, 2013
The UK government has been one of the staunchest opponents of the financial transaction tax (FTT). But the opposition Labour party is warming up to the idea, and with the party substantially ahead in the polls, it could put the UK on course to support the FTT after the 2015 general election.
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March 01, 2013
Multinationals supplying digitals goods and services will now have to register for VAT in South Africa under the budget 2013, announced on Wednesday. The measure is to reduce the loss of revenue resulting from VAT non-compliance.
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March 01, 2013
South Africa will introduce a carbon tax under the budget 2013. However advisers fear the tax may deter foreign investment in the country.
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February 28, 2013
Taxpayers affected by the European Commission's financial transaction tax (FTT) and member states outside of the FTT zone should consider mounting challenges over the legality of the tax, advisers say.
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February 27, 2013
The Court of Appeal has delivered bad news for the UK airports operator, which will not be able to recover VAT on professional fees for advice in connection with the acquisition of BAA by a holding company.
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February 27, 2013
The European Commission will take the UK to court over its refusal to scrap the reduced rate of VAT on the supply and installation of energy saving products for the home.
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February 27, 2013
Alexei Matveev of Ernst & Young looks at ambiguity in Russian VAT law concerning granting retroactive bonuses.
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February 26, 2013
Who are the leading indirect tax advisers around the world? Nominate now.
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February 25, 2013
The Chinese government may introduce a tax on carbon dioxide emissions that will reward taxpayers who invest in projects that enhance environmental protection. However the timing of the implementation of the tax may depend on balancing the interests of the tax and environment authorities.
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February 20, 2013
The EU and US have launched negotiations for a free trade agreement that could eliminate all duties and duty-quotas on items traded between the regions. The deal is a response to a lack of progress in trade liberalisation at a multilateral level.
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February 19, 2013
A proposal for a domestic financial transaction tax (FTT) is due to be reintroduced in Congress in the coming weeks. However some tax professionals believe it is unlikely that it will succeed.
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February 14, 2013
The European Commission’s financial transaction tax (FTT) has been on the horizon for more than a year, but the details have finally emerged.
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February 13, 2013
Internal recharges for supplies made between entities within the same group could become subject to VAT for the first time under EU law if member states adopt guidelines put forward by the OECD. The proposal may make the need for a specific anti-abuse measure less necessary.
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February 13, 2013
Australia’s mining tax, the minerals resource rent tax (MRRT), continues to come under fire for the lack of revenue it is bringing in, leading to the possibility of the tax being redesigned.
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February 13, 2013
More than 10 provinces want to join China’s VAT pilot in a sign of its success.
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February 13, 2013
The need for taxpayers to exercise diligence when sourcing supplies has been reinforced by the victory of mobile phone companies Unistar Group and Unistar Trading over withheld VAT payments. The case is a symptomatic of HMRC’s attempt to defeat missing trader fraud.
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February 06, 2013
The Indian government is unlikely to increase the rate of indirect taxes in its forthcoming budget despite a shortfall in the Revenue’s collection target.
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February 06, 2013
The OECD has released draft guidelines for VAT and GST clarifying the tax location for services and intangibles purchased for use by multiple entities within a group.
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February 06, 2013
The US is irregular among developed economies in that it lacks a VAT. But companies are becoming increasingly worried that one might be introduced.
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January 30, 2013
Carbon emissions in the electricity sector have fallen 8.6% in the six months since the carbon tax was introduced and the government is taking this as a sign that its policy is working.
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January 30, 2013
UK business directors have renewed calls for the government to cut VAT as the economy continues to slump, according to a new survey. However a reduction in VAT may not be enough to increase consumer spending and kickstart economic growth.
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January 28, 2013
International Tax Review provides taxpayers with in-depth analysis of developments in Brazil, Russia, India, China and South Africa (BRICS), along with the rest of the world.
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January 28, 2013
Spain will change its VAT law after the European Court of Justice (ECJ) found that it applied its reduced rate of VAT too widely.
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January 23, 2013
Exports from four African countries – Zimbabwe, Seychelles, Mauritius and Madagascar – into the EU are now exempt from import duty after ratification by the European Parliament. The agreement should attract greater investment into the Eastern and Southern African region.
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January 23, 2013
Eleven EU member states now have the go-ahead to start negotiating the terms of the financial transactions tax (FTT) after EU finance ministers approved the implementation of the tax.
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January 23, 2013
A South African Treasury official said the department is seeking additional revenue sources, and VAT is one of many options on the table.
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January 16, 2013
The UK government is showing no signs of backing down in the face of the European Commission’s infringement proceedings against the reduced rate of VAT on energy saving products.
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January 14, 2013
The Vietnamese government will cement VAT exemptions for health and personal insurance into law, bringing VAT legislation into line with the law on insurance. But the move will increase costs for insurance companies.
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January 10, 2013
Online retailer Play.com has shut down its once profitable Jersey business, which thrived because of the low value consignment relief (LVCR) VAT loophole. The move is a blow to the Channel Islands’ economy, but has been welcomed by UK businesses undercut by their offshore rivals.
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January 09, 2013
Chris Lenon was the global head of tax at Rio Tinto and chaired the Tax Committee of the Business and Industry Advisory Committee to the OECD. He chairs the Green Tax Group at Business Europe and has just launched a new website providing a rare business view on two of the more hotly debated issues in global taxation: green taxes and tax transparency. Lenon talks to Salman Shaheen about the need for tax directors to engage in such a crucial discussion.
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January 09, 2013
Richard Cowley and Ana Roldao of KPMG look at the European Commission’s review of VAT on vouchers.
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January 09, 2013
The Indian Revenue Service is renewing its efforts to cut the revenue deficit, issuing a warning to taxpayers who have evaded indirect taxes.
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January 07, 2013
The Croatian government has abolished the zero rate of VAT in line with its strategy to promote tourism in the country.