August 2012 Edition

VAT News

This publication provides timely updates on key indirect tax developments across the globe that are particularly relevant for US multinational companies. This month highlights e-invoicing and VAT rate and base adjustments.

This month's features:

  • European Court of Justice disallows VAT exemption for discretionary portfolio management
  • French VAT Répondant procedure is cancelled from October 1, 2012; VAT rate increase is cancelled
  • Germany publishes e-invoicing simplification guidance
  • Hungary requires additional VAT declaration January 1, 2013
  • Spain publishes additional guidance on VAT rate increase
  • United Kingdom issues amended policy statement for land related services
  • Andorra announces introduction of a VAT system
  • Russia expands scope of VAT exemption for financial services and publishes e-invoicing guidance
  • Japan passes bill that provides JCT rate increase and JCT holiday limitation
  • Canada publishes indirect tax changes for provinces
  • Mexico amends the taxable base for voucher issuance services


VAT News