VAT news tagged as "Credits"


Spain relaxes VAT bank rule

May 2nd, 2016

Spain has proposed dropping the requirement for non-resident VAT registered businesses to provide a Spanish bank account for receipt of VAT credits. The requirement has been deemed as prejudicing the operation of the EU Single Market, placing unnecessary administrative requirements on the free movement of goods and services.


Vietnam VAT credits

March 22nd, 2016

The Vietnamese Finance Ministry is to speed-up the refunds of business VAT credits from this month. In particular, it is looking to stop local authorities from holding up hundreds of credits where any related infringements are immaterial. Or if companies have separate credits and liabilities with the state, and they cannot be offset for simplification. …


German guidance on VAT adjustments

October 11th, 2015

Germany’s Ministry of Finance has provided guidance on the procedures for correcting when too much German VAT been paid. The new decree, based on a court ruling from the Budesfinanzhof, concerns a transaction when the incorrect tax was paid because of the use of an incorrect VAT rate. The court held that the VAT must first be returned …


Italy VAT reclaim guarantee updates

February 23rd, 2015

The Italian tax office has provided new guidance on the Simplification Decree which changed the rules on Italian VAT reclaims. The new guidance details the following changes: VAT reclaims below €15,000 by foreign companies will no longer require a bank guarantee The €15,000 threshold will no include and VAT suffered The guarantee requirement will not …


Hungary to update VAT rules following EU ruling

August 20th, 2014

The Hungarian government has confirmed that it will amend its VAT laws to comply with a European Commission ruling. Currently, Hungarian VAT registered payers may reclaim excess VAT paid – VAT credits – by either carrying it forward to future periods to offset against any liabilities, or by seeking an immediate refund. However, any credit …


Italian VAT credits lost for non-trading companies

July 23rd, 2014

The Italian VAT authorities have confirmed that VAT credits due to non-operating businesses, or companies making long term VAT losses (and credits), are non-refundable. It has been a long term problem for businesses operating in Italy, especially non-residents, to reclaim their excess VAT paid.  Unlike most other EU member states, companies have to wait for …


Ireland to restrict VAT credits

July 20th, 2014

The Irish Revenue Commissioners has confirmed that it is to restrict the repayment of VAT credits where there are balances of previous tax liabilities outstanding. Where Irish VAT registered businesses submit a VAT credit claim, which is where they have an excess of input VAT over output VAT, if they have an annual outstanding Return …