VAT News

India

India first GST filing delay

June 26th, 2017

India’s GST Council has confirmed that the deadline for the first returns under the new Goods and Services Tax (GST) regime is to be delayed by one month. The new regime launches 1 July 2017, and will replace a complex systems of overlapping indirect taxes. Tax payers will have to submit 3 returns per month. Under …


Europe

EU fails to agree on VAT General Reverse Charge

June 19th, 2017

The most recent meeting of EU Finance Ministers (ECOFIN) on 16 June failed to agree on the implementation of the voluntary General Reverse Charge (GRC) to fight VAT fraud. The GRC, promoted by the Czech Republic and other central European member states, was the latest strategy to attempt to combat the estimate €50billion ‘missing trader’ …


Hungary

Hungary lowers domestic invoice listing threshold

June 18th, 2017

From 1 July 2018, Hungary will recover all VAT-registered businesses to provide a live report of transactions above HUF100,000.  This is a lowering of the planned threshold. The report, Belföldi Összesítő Jelentés Kereskedelmi Partnerenként, are required with the regular VAT return.


Australia

Australia delays foreign e-Commerce GST to Jul 2018

June 17th, 2017

Australia has confirmed that it will delay the imposition of 10% GST on sales of low-value goods to its consumers by non-resident e-Commerce companies. It had been proposed that the low-value GST-exempt threshold of AUS$1,000 per package be withdrawn.  This would require foreign sellers to GST register if their annual sales were above AUS$75,000 per …


Europe

EU fails to agree on e-Book reduced VAT

June 16th, 2017

On 16 June the EU’s Economic and Financial Affairs Council (ECOFIN) failed to reach agreement on reducing VAT rates on e-books to match printed books.  The Czech Republic objected to the measure.  The lack of a resolution comes after years of seeking to grant e-Books a tax subsidy and boost reading. e-Books at standard VAT rates …


India

India 1 Jul GST launch challenges

June 14th, 2017

The Indian Goods and Services Council approved on 3 June the final stages of the implementation of GST for 1 July 2017. It confirmed the last outstanding GST rates, and some transitional issues around stock in transit. In terms of launch there remains a number of challenges, including: Despite consolidating many current indirect taxes, such …


United Kingdom

Gibraltar loses tax ruling at EU

June 13th, 2017

The European Court of Justice (ECJ) has today ruled against Gibraltar’s appeal to have it exempted from the UK’s 15% gambling tax.  This set-back for the island’s burgeoning offshore gambling sector will add to Brexit worries and long term loss of EU access for other key areas for the territory, such as financial services. Gibraltar …