Global indirect tax news update - November 2011
New rules have been introduced for leasing contracts.
More details of the VAT Reform pilot scheme in Shanghai have been published. Also the VAT refund incentive for qualified software products has been extended.
The government has suspended the administrative decision on the private use of company assets, which entails higher VAT costs for businesses.
Various changes to the VAT rules should be effective as from 1 January 2012.
The recently implemented hotel accommodation tax may be withdrawn, and changes have been made to the reduced VAT rates.
Amendments to the new e-invoicing regime apply retroactively with effect from 1 July 2011.
There have been further clarifications to the new VAT reporting obligations.
The import VAT rules have been amended and rules have been introduced allowing a binding ruling on future transactions.
There are new explanatory notes on the reduced VAT rate.
The practical implications of the Loyalty Management and Baxi Group cases need to be considered by companies that outsource marketing activities.
The Budget Proposal for 2012 has been presented to Parliament.
Some sectors have been affected by the Special Consumption Tax increase.
The European Court of Justice has ruled on the VAT treatment of certain supplies of gambling, and the Low Value Consignment Relief on imports from the Channel Islands will be withdrawn.
Visit the Global Indirect Tax News archive for issues from the past year.