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June 19, 2013
EU finance ministers are expected to agree this week to implement the reverse charge and quick reaction mechanism (QRM) across member states. However, some taxpayers are concerned the measures will lead to a complex and expensive compliance burden.
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June 19, 2013
The European Parliament has maintained its support for the financial transaction tax (FTT), despite disagreements between member states over its scope.
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June 19, 2013
The Italian government may postpone a rise in VAT until autumn to assess whether alternative ways of balancing the country’s fiscal deficit can be found.
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June 12, 2013
The Brazilian government has cut its tax on foreign investments in fixed income assets to 0% to combat a reduction in international liquidity.
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June 12, 2013
HMRC is consulting on proposals to reform the taxation of derivatives to strengthen anti-avoidance measures. However some suggestions may increase compliance uncertainty for taxpayers.
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June 12, 2013
The Swiss lower house of Parliament has voted to increase the VAT rate on a temporary basis. But it may signal a trend of permanent VAT rises.
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June 11, 2013
The European Commission has denied the financial transaction tax (FTT) is set to be watered down.
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June 05, 2013
The Chinese State Administration of Taxation (SAT) has announced details of its plan to implement the VAT reform pilot nationwide from August 1 this year.
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June 05, 2013
The Luxembourg VAT authorities have clarified how taxpayers conducting mixed activities should calculate deductible input VAT. Taxpayers should review their accounting systems to ensure the treatment of transactions matches the VAT deduction method used.
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June 05, 2013
A number of media reports in the last week suggest that the financial transaction tax (FTT) is going to be watered down and delayed. But the Commission has denied this and FTT proponents remain sceptical of such claims.
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May 29, 2013
Chinese officials have outlined details of the country’s first carbon emissions trading scheme in Shenzhen.
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May 29, 2013
France and Germany have been among the strongest backers of the financial transaction tax (FTT), but opposition is rising in both countries.
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May 29, 2013
The German Federal Central Tax Office has renewed its warnings to taxpayers of VAT fraud in the country’s energy market.
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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.