VAT news tagged as "Domestic reverse charge"

Singapore

Singapore considers GST fraud domestic reverse charge

May 21st, 2017

Singapore is looking at introducing the domestic reverse charge on products susceptible to missing transfer GST fraud.  Initially, the mechanism will apply to mobile phones, memory cards and off-the-shelf software. Missing trader fraud schemes involve criminals claiming they have exported goods, which are therefore GST exempt.  However, in reality, the goods are sold in Singapore …


Europe

EU VAT fraud sweeping reverse charge proposal

December 29th, 2016

The European Commission has proposed allowing member states to introduce the domestic reverse charge on all B2B transactions above €10,000 across all sectors. The move would effectively remove VAT payments in the supply chain in an effort to reduce VAT fraud, estimated to cost the EU over €40 billion per annum.  Such a measure would be …


Czech Republic

Czech EU VAT fraud reverse charge call

January 20th, 2016

The Czech Republic Finance Minister, Andrej Babiš, is to re-attempt to have fellow EU ministers back a plan to extend the anti-VAT fraud reverse charge extended across a range of products. The Czech Republic, along with four other Central and Eastern European countries attempted to broaden the use of the domestic reverse charge from a …


Slovakia

Slovak VAT changes

January 8th, 2016

The new Slovak VAT Act will bring in changes to the Value Added Tax regime in 2016. The changes include: Basic foodstuffs are lowered to the 10% reduced VAT rate The introduction of the domestic reverse charge for supplies in the construction industry Cash-based VAT remittance for supplies to delay paying output VAT due until …


Ireland

Irish VAT update

January 3rd, 2016

The latest Irish Finance Act 2015 has introduced a number of VAT changes. These include: Confirmation that VAT refund claims must be submitted within four years of the taxable supply Clarification that export services provided to offshore gambling companies are VAT exempt Exclusion of new means of transport from the VAT margin scheme for dealers …