Global indirect tax news update - June 2011
Certain manufacturers can now benefit from a partial VAT exemption.
The VAT Law has been amended to exempt interest earned on certain securities.
The government is considering a reduction in the 20% standard rate of VAT.
More details have been announced regarding the taxation of alternative fuels.
A recent court decision considers what qualifies as a sale of a going concern.
Changes have been made to the reverse charge provisions and the rules on intra-Community acquisitions.
The deadline for 13th Directive refund claims in several countries is 30 June.
A recent court decision considers the ability of an insurance company to deduct input VAT on consultancy services related to a sale of shares by the company.
A second reduced VAT rate of 9% will be introduced for the period 1 July 2011 to 31 December 2013.
The tax authorities have issued a number of clarifications in relation to reporting obligations, VAT grouping and payment dates.
The Ministry of Finance has presented a draft law proposal for the implementation of a VAT warehouse regime.
VAT changes affect free supplies, import VAT reliefs, the reverse charge and VAT deduction rules.
The VAT legislation has been amended in relation to late payments.
The tax authorities have issued two binding general rulings that provide a legal framework for the treatment of discounts, rebates and incentives granted by automobile manufacturers and those in the Fast Moving Consumable Goods industry.
The tax authorities have made an announcement in response to the ECJ decision in the joined cases of X BV and Facet BV/Facet Trading BV.
Visit the Global Indirect Tax News archive for issues from the past year.