Global indirect tax news update - January 2012
New rules have been introduced regarding the special tax regime for the promotion of investment in capital assets and infrastructure works.
There have been VAT changes with respect to sales by foreign residents.
There has been an amendment to the VAT treatment of passenger services.
There have been clarifications to the Shanghai pilot VAT reform.
A notification has been issued that exempts specified taxable services received by an exporter of goods and used for the export of goods from the whole of the service tax leviable thereon, subject to certain conditions.
The rules on immovable property and related party transactions have been amended. Separately, the thresholds for Intrastat reporting have been updated.
As from 1 March 2012, the standard VAT rate will increase from 15% to 17%.
Several updates are provided this month, in particular regarding the scope of the VAT rates.
The CJEU has ruled against the “respondent fiscal” regime and a new VAT rate of 7% has been introduced as well as other amendments.
More information is provided regarding the new documentation to be kept in relation to intra-community supplies of goods.
The standard VAT rate has been increased to 23% as from 1 January 2012, and there have been a number of other recent developments.
Several VAT changes have been implemented.
Several important amendments have been introduced to the VAT law.
A VAT amnesty has been approved for certain taxpayers.
The rules on input VAT deduction on the private use of company cars has been amended.
There have been a number of amendments to VAT-related returns.
Recent rulings have changed the approach on use and enjoyment rules.
The VAT rate on the financial lease of certain machinery and equipment has been reduced to 1%.
The Court of Appeal has ruled on payment collection services.
Visit the Global Indirect Tax News archive for issues from the past year.