Issue 2 - February 2013

VAT News

Among other developments this month, of particular importance to US multinationals is the proposal by the European Commission in relation to the new place of supply rules taking effect in 2015. Other noteworthy developments include the European Union Finance Ministers' decision to authorize 11 of the 27 European Union Member States to proceed with the introduction of a harmonized EU Financial Transaction Tax, and a Tribunal ruling which provides additional clarity over the treatment of certain agency services in India.

The newsletter also highlights the following items of interest:

  • A ruling regarding insurance for a taxable leased asset by the ECJ
  • VAT rate changes and invoicing/registration changes in France
  • An e-filing transitional period announcement in Germany
  • A decree on the filing deadline for 2012 VAT returns in Germany
  • Invoicing rule changes in Italy, Latvia, Portugal, and Romania
  • A letter addressing termination fees under loan agreements in Lithuania
  • A notice announcing the late payment interest rate in Portugal
  • New VAT cash accounting scheme effective January 1, 2013 in Romania
  • An amended effective date for the construction industry reverse charge in Spain
  • Revised tax authority policy on property business transferred as a going concern in the UK
  • A case involving the recoverability of input VAT by a partnership in the UK
  • Removal of the VAT zero rate from January 1, 2013 in Croatia
  • Tax code amendments regarding electronic tax audits and VAT invoices in Ukraine
  • New VAT invoicing rules effective April 1, 2013 in Indonesia
  • A change to rules regarding incorrectly invoiced VAT in South Korea
  • A bill addressing the harmonization of the Québec Sales Tax (QST) system in Canada


VAT News