VAT

News & Analysis as of

Construction & Engineering Toolkit: The Construction Industry Tax Deduction Scheme (CIS) - August 2015

In This Issue: The Construction Industry Tax Deduction Scheme (CIS) The Construction Industry Scheme (or CIS, as it is more commonly known) is a tax deduction scheme. It concerns construction work and...more

Tax Review - August 2015

We are proud to present the next edition of our “Tax Review” which contains a selection of rulings and interpretations that had been issued or published in July 2015. We hope you will find the information provided here...more

Successful Strategies for Doing Business in Asia: Korea (Updated)

WHAT ROLE WILL THE GOVERNMENT OF KOREA PLAY IN APPROVING AND REGULATING FOREIGN DIRECT INVESTMENT? The Korean government takes an active, investor-friendly role in approving and regulating foreign direct investment....more

Pension Investment Management Services - with or without VAT?

A significant cost of running a defined benefit pension scheme historically has been the VAT on investment management services. However, HMRC has recently confirmed that a European court case means employers may now recover...more

Kyiv Tax Newsletter - August 2015

Improvement of the e-management system for value added tax - The Law of Ukraine “On Amending the Tax Code of Ukraine on improving the management of value added tax” No. 643 was adopted by the Verkhovna Rada of Ukraine on...more

Changes to Transfer Pricing Regulations

On 7 August 2015 the President of Ukraine has signed the Law ?609-VIII "On Amendments to the Tax Code of Ukraine (in respect of transfer pricing)" (the Law), which was previously adopted by Ukrainian parliament. The Law...more

OECD Releases Its Annual Tax Administration Report

On August 11, 2015, the Organisation for Economic Co-operation and Development (OECD) released its annual report addressing global tax administration. The OECD’s stated mission is to “promote policies that will improve the...more

Global Tax News - July 2015

EUROPEAN UNION RE-LAUNCHES FORMULARY APPORTIONMENT: KEY POINTS ABOUT THE CCCTB The European Commission has recently released a Communication to the EU Parliament calling for a re-launch of its proposal from 2011...more

UAE Expected to Issue Draft Law on Corporate Tax and VAT

Although the United Arab Emirates (“UAE”) currently has Emirate level tax legislation in place, taxation has, to date, generally only applied to the oil and banking sectors. The last decade has seen the member states of the...more

Tax Review - June 2015

In This Issue: - Compensation for Uncollectible Debts Deprives Taxpayers of Their Eligibility to Benefit from VAT Relief for Bad Debts - Polish Definition of The First Occupation Inconsistent with the VAT...more

WCO publishes guide to customs valuation and transfer pricing

The challenges faced by multinational enterprises (MNEs) in navigating the interface of transfer pricing and customs valuation rules is not a new phenomenon. However, due to a marked increase in recent years of the number of...more

Cassation instance supports tax authorities in Oriflame case

On June 11, 2015, Moscow District Arbitration Court handed down its ruling in the controversial Oriflame case. In the case, the tax authorities challenged the lawfulness of a Russian organization deducting VAT and expenses...more

European Commission Publishes Strategy on the Digital Single Market

On 6 May the European Commission released the EU’s Digital Single Market strategy (the ‘DSM Strategy’), with the declared objective to tear down the obstacles to doing business online. The DSM Strategy has been released...more

Pension scheme management costs – would you like VAT with that?

Many costs associated with defined benefit pension schemes will usually fall on the scheme employer one way or another. There are two basic heads of cost: first there are the costs associated with funding the scheme benefits...more

Tax Due Diligence and Self-Checks of Tax Liabilities

A buyer who orders a tax due diligence review before acquiring a company wants to get information not only about the tax risks that may exist for that company, but also about its existing tax assets (both those assets that...more

EU: Working paper on online gambling EU VAT issues published

The EU VAT Committee has published the working paper in connection with their March discussions on the complex EU VAT issues concerning on-line gambling. It has no force of law. Two points worth picking up in particular...more

New Developments In The VAT Treatment Of Securitisation Servicing

HMRC are expected to consult on revisions to their published guidance to clarify the circumstances in which they will treat loan servicing in securitisation arrangements as exempt for VAT purposes....more

Mexican Companies Now Permitted to Make Inventory Balance Corrections on “Annex 31” When Complying With VAT Certification...

Mexican Tax Authorities (SAT) announced late on Thursday, January 29, 2015, that Mexican companies, including IMMEX and other maquiladora operations, that have received Value Added Tax (VAT) certification (certificación en...more

VAT Charged On Invoices Relating To Defined Benefit Occupational Pension Schemes – All Change For HMRC’s Approach

HMRC has released new guidance dealing with the ability of sponsoring employers to recover input VAT in respect of supplier costs for running defined benefit occupational pension schemes. These costs will typically involve a...more

U.K. Tribunal Finds Broker Alliance Does Not Fall Within Vat Exemption For Insurance-Related Services By Brokers And Agents

An upper tribunal in the United Kingdom has dismissed an appeal brought by Westinsure, an alliance of brokers formed to provide introductions and improve the business terms of its members, where Westinsure argued its services...more

New German VAT Rules in eCommerce as of January 2015

Although online shop providers had to implement extensive changes to consumer rights (in particular, the new rules regarding the right of withdrawal) on the basis of the implementation of the EU Consumer Rights Directive...more

Minerals Matter - Autumn 2014

Welcome to the latest edition of Minerals Matters. Whilst the economic picture has certainly improved over the last six months, there have been a number of stops and starts along the way. Data suggests further...more

VAT Tips And Traps On Cross Border Supplies – Managing The Risks

The new B2C place of supply rules coupled with the new extended Mini One Stop Shop for telecoms, broadcasting and electronic services are soon to launch (1 January 2015). There are already appearing some gaps in the rules and...more

VAT Alert: K Oy (C-219/13)

Under EU VAT law, EU Member States may, at their discretion, apply a reduced rate of VAT to books produced on "…all physical means of support". The term "all physical means of support" has generally been interpreted to...more

Tax Newsletter - July/August 2014 (China & Hong Kong)

Welcome to the latest July/August 2014 issue of our Tax Newsletter. We saw a number of legislative developments taken place in the PRC and Hong Kong in the past two months that might bring about legal and tax...more

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