We present new applicable arguments from the latest rulings of the European Union Court of Justice which support tax exemptions for intra-community supplies of goods.
In autumn 2016, the European Commission presented the most recent study of the EU VAT Gap (the difference between VAT revenues that state budgets should collect and actual VAT revenues).
On 1 February 2017, the National Council of the Slovak Republic approved a bill amending and supplementing the Act no. 442/2012 Coll. on International Assistance and Cooperation in Tax Administration (“Amended Act”). The Amended Act, effective from 1 March 2017, implements into Slovak law the Country-by-country reporting (“CbCR“) requirements.
If you have liabilities overdue more than 30 days, then this legislation applies to you.
In the current edition of the Indirect Tax Alert, we provide you with an overview of the major changes to the Slovak VAT Law which was recently adopted and will become effective from 1 January 2017. The current edition contains information on a draft law postponing the mandatory activation of electronic mailboxes for communication with the public until 1 July 2017.
Tax and Legal Alert, November 2016, edition 5 Our current newsletter contains information about changes related to the most recent amendment to the Income Tax Act with effect from 01.01.2017. The amendment was adopted by the National Council on 23 November 2016. The amendment is currently awaiting the President’s signature and publication in the Journal of Laws.
Indirect Tax Alert, October 2016, Issue 5 The current Indirect Tax Alert contains information on important upcoming changes to control statement reporting and activation of electronic mailboxes for legal entities for electronic communication with Slovak public authorities. Please also note the recent judgments of European Court of Justice No C-516/14 Barlis 06 – Investimentos Imobiliários e Turísticos SA on the content of invoices and case No C-518/14 Senatex GmbH related to the retrospective correction of invoices in relation to the right to deduct VAT.
Tax and Legal Alert, September 2016, Issue 4 Recently the European Commission (EC) announced in the news the adoption of its final decision in the formal State aid investigation into the profit attribution arrangements and corporate taxation of Apple in Ireland. It has concluded that, in its opinion, Apple benefitted from unlawful State aid granted by Ireland, and it orders full recovery of the aid in an amount of up to €13 billion plus compound interest.
Indirect Tax Alert, August 2016, Issue 4 In this Indirect Tax Alert, we provide an overview of proposed amendments to the VAT Act and Administration Act which are currently going through the legislative process. The proposed amendment of the VAT Act would introduce a reverse-charge mechanism on the import of goods, specifies the rules of VAT deduction for foreign entities and introduces interest on unpaid VAT refund payments. To increase the efficiency of tax proceedings, the proposed amendment of the Administration Act regulates preliminary measures, regulates objection proceedings and introduces a new instrument of shortened assessment proceeding, the so-called assessment order. Find out more
Tax and Legal Alert, July 2016, Issue 3, The EU-28 Finance Ministers reached political agreement on 21 June 2016 on the Council Directive laying down rules against tax avoidance practices that directly affect the functioning of the internal market (also known as ATAD). ATAD was approved by the Council on 12 July 2016. Key provisions in the ATAD: deductibility of interest, rules for exit taxation, a general anti-abuse rule, CFC rules and rules addressing mismatches between Member States arising due to hybrid entities or hybrid instruments.
Indirect Tax Alert, June 2016, Issue 3 As of 1 May 2016, a new Union Customs Code came into force. The basic principles of customs procedures remain unaffected by the new customs legislation, i.e. goods imported from non-EU countries and exported back to these countries are still subject to customs clearance. However, there are several changes, some of which are fundamental, related to new benefits and the tightening of certain rules.
Tax and Legal Alert, June 2016, Issue 2 Economic and Financial Affairs Council of the European Union (“ECOFIN”) adopted some parts of the Anti-Tax Avoidance Package (ATAP) announced in January at their latest meeting on 25 May 2016.
Indirect Tax Alert, May 2016, Issue 2 In this issue, we provide information on the latest guidelines and information issued by the Slovak Financial Directorate (“Slovak FD”) on VAT. Updates relate especially to Control Statement reporting.
Tax and Legal Alert, April 2016, Issue 1 From 18 June 2016 Act No. 351/2015 on cross-border cooperation as regards posting employees to perform work as regards the provision of services will become effective.
Indirect Tax Alert, February 2016, Issue 1 In this issue you can find information on the latest guidelines and information issued by the Slovak Financial Directorate and the Ministry of Finance of the Slovak Republic in relation to the Amendment of the Slovak VAT Act and the Amendment to the Slovak Administration Act effective as of 1 January 2016.