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Indirect Tax

Indirect Tax archive
  • FTT proposal to be finalised by the end of the year

    September 17, 2014

    At last week’s informal ECOFIN meeting in Milan, European finance ministers discussed the future of the EU financial transaction tax (FTT), but are still reluctant to divulge any substantial information about the controversial proposal.

  • Landmark ECJ ruling sees financial institutions’ VAT bill increase

    September 17, 2014

    Banks, insurers and other financial institutions across Europe will see their VAT costs soar into the hundreds of millions, following a decision by the European Court of Justice, which makes services supplied between a financial services group’s headquarters and subsidiaries subject to VAT.

  • Holding Companies Focus 2014 now available

    September 16, 2014

    Leading advisers from Eurofast in Cyprus, Grant Thornton in Ireland, KPMG in Malta and KPMG in Switzerland explain what each of their jurisdictions is doing to strengthen their appeal as holding company locations.

  • The tax market reacts to the BEPS 2014 deliverables: Do you agree?

    September 16, 2014

    The OECD today unveiled its 2014 deliverables at the halfway stage of the multilateral organisation’s ambitious base erosion and profit shifting project, commissioned by the G20, which represents the biggest ever review of international tax rules.

  • ECJ rules in favour of GMAC in VAT bad debt relief claim

    September 11, 2014

    The GMAC decision in the European Court of Justice (CJEU) should give taxpayers the courage to look for benefits from inconsistencies in member states’ VAT legislation, advisers believe.

  • Luxembourg looks to expand VAT free zone regime

    September 10, 2014

    A Bill was submitted to the Luxembourg Parliament this month that will extend the VAT free zone regime in a bid to increase the country’s competitiveness in the logistics sector, enhance its profile as a storage site for high value goods, and to help align its national VAT system with that of other EU member states.

  • Chile pursues biggest tax code overhaul in 30 years

    September 05, 2014

    Chile is undertaking the most thorough review and reform of its tax system in three decades, but is not conforming to the most common reform trends being seen elsewhere around the world. Worryingly for taxpayers, the proposals would raise the effective tax rate for some foreign investors to more than 44%, and introduce general anti-avoidance rules and a carbon tax.

  • Argentine Supreme Court: Must grossing-up be considered for VAT purposes?

    September 04, 2014

    In re Puentes del Litoral the Argentine Supreme Court analysed whether, in a cross-border transaction agreed with grossing-up, the amount of the income tax assumed by the local party has to be considered for value added tax (VAT).

  • India: Central and state governments struggle to reach consensus over GST

    September 03, 2014

    Arun Jaitley, Indian Finance Minister, has stressed that too many products cannot be excluded from the goods and services tax, as state governments push to keep products such as petrol, tobacco and alcohol outside the scope of the tax.

  • Germany: Local tax authorities note access to electronic publications is separate, not ancillary, to print

    September 02, 2014

    Eveline Beer, of Küffner, Maunz, Langer, Zugmaier, explains the reasoning behind the notification of the Bavarian tax authorities that the provision of access to e-papers or e-books and the subscription to a printed version of the same product should be treated as separate services.

  • Werner Schuster of Philip Morris: Why in-house is better than private practice

    September 02, 2014

    In an exclusive interview with International Tax Review, Werner Schuster, vice-president – head of tax at Philip Morris International (PMI), outlines the benefits of working in an in-house tax team, points out how technology is only as good as the data you input and explains why PMI does not outsource its tax functions.

  • Environmental fiscal reform: Windows of opportunity

    August 29, 2014

    Constanze Adolf, of Green Budget Europe, looks at environmental fiscal reform (EFR) in a post-crisis context, assessing the prospects for EFR to raise government revenue and promote the polluter-pays principle.

  • EU Commission adopts new customs risk management strategy

    August 28, 2014

    A new strategy and action plan aimed at developing better customs risk management has been approved by the EU Commission.

  • Is it time to scrap the FTT?

    August 28, 2014

    With financial institutions struggling to deal with an abundance of new regulation, a new report urges the new EU Commission and Parliament to focus on growth, rather than implementing a badly designed tax that could spell disaster for the European economy.

  • Australia unveils tax guidance on digital currencies

    August 26, 2014

    Bitcoin users in Australia will have to report and pay GST on their digital currency transactions, after the Australian Taxation Office (ATO) announced that digital currencies such as Bitcoin are not money or foreign currency under the GST Act.

  • Brazil: Tax benefits of Manaus Free Trade Zone extended until 2073

    August 26, 2014

    Ricardo M Debatin Silveira and Gabriel Caldiron Rezende of Machado Associados have good news for investors in the state of Amazonas in the north of Brazil.

  • Americas Awards nominations released

    August 20, 2014

    The nominations for the Americas Tax Awards, which take place in New York on September 18, have been announced on www.internationaltaxreview.com.

  • Malaysia: Clock is ticking for GST registration

    August 20, 2014

    With the introduction of the goods and services tax (GST) from April 2015, the Malaysian Customs Department has released its GST handbook to help prepare businesses for the new tax, but time is running out.

  • Japan: Changes to place of supply rules will hurt overseas suppliers of digital services

    August 13, 2014

    The government has proposed changes to Japanese consumption tax (JCT) place of supply rules, so the levy applies equally to foreign and domestic suppliers of digital services.

  • Singapore to fully implement advance export declaration

    August 13, 2014

    From October 2014, Singapore will fully implement advance export declaration (AED), which will require all exporters to submit export declarations to Singapore Customs authorities before the physical export of goods.

  • Brazil: Tax amnesty programme applied for Rio de Janeiro

    August 07, 2014

    The amnesty programme allows the waiver or reduction of penalties and interest relating to certain outstanding state tax obligations in a bid to increase tax revenue.

  • Australia: New GST refund measures remove scope for subjectivity

    August 06, 2014

    The rules that determine the amount a taxpayer can be refunded for payment of excess GST have now changed. The Tax Laws Amendment (2014 Measures No 1) Bill 2014 updates the Taxation Administration Act (TAA) to provide that excess GST shall not be refunded where an entity would obtain a windfall gain.

  • HMRC to get even tougher on tax avoidance

    August 06, 2014

    New proposals by the UK government to enlarge the scope of its Disclosure of Tax Avoidance Schemes (DOTAS) and VAT Avoidance Disclosure Regulations (VADR) regimes, as well as the drafting of a new financial product hallmark, will increase the number of schemes that could fall prey to controversial accelerated payment powers.

  • REINTEGRA: Re-establishment of the Brazilian special regime for the reinstatement of taxes for exporters

    August 01, 2014

    Provisional Measure 651/2014, enacted in July 2014 (MP 651/2014), re-established the Brazilian Special Regime for the Reinstatement of Taxes for Exporters (REINTEGRA).

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International Correspondents

Which possible outcome of the G20 / OECD BEPS project would carry the biggest fear for your company?