VAT news tagged as "EC"

Europe

EU Advocate General says bitcoin VAT exempt

July 17th, 2015

The EU’s Advocate General opined on 16 July 2015 that digital currencies, such as bitcoin, should be considered a method of payment, and therefore exempt from EU Value Added Tax. The opinion should provide guidance for member states which had differed in their VAT treatment of the emerging virtual currencies, and had asked for official guidance. Countries …


Europe

New EC tax policy harmonisation plan

July 1st, 2015

On 1 July 2015, the European Commission (EC) will launch a Structural Reform Support Service (‘Service’) to support EU Member States in reviewing and improving legislative, policy and administrative tax matters in their countries, to productively grow revenues and promote EU tax harmonisation. The Service is being co-ordinated by VP Valdis Dombobrovskis, who is responsible …


Greece

Greece VAT compromise failed to save bailout

June 29th, 2015

Greek bail out talks broke down this weekend despite a compromise by the IMF on modified VAT rises.  There will a state referendum on the terms of the bail out on Sunday 5th July, although the other members of the Eurogroup and the ECB have now withdrawn financial support of the illiquid Greek banks. Last …


Italy

Italian 2016 VAT rise unlikely

April 10th, 2015

Italy may avoid a commitment to raise its VAT rate from 22% to 24% in 2016, and then potentially to up to 26.5% by 2018. Italy had committed to imposing VAT increases on itself if it failed to implement spending cuts to reduce its deficit as a percentage of GDP to below 3%. This is …


Italy

Italian VAT fraud domestic reverse charge on retail sector

March 12th, 2015

Italy is proposing to introduce the domestic reverse charge in the large-sized retail sector in new terms included within the 2015 budget. The government is seeking to tackle large-scale fraud being perpetrated in supply chains. Whilst such a change would help reduce growing fraud in the sector, it could seriously present a major cash-flow challenge …


Germany

German non-EU VAT recovery sent to European Court of Justice

September 26th, 2014

The European Commission (EC) has referred Germany to the European Court of Justice over its requirements for non-EU VAT recovery. If a foreign company is conducting business in Germany, it may incur German VAT on expenditure such as hotels, restaurants, taxis, hire of equipment etc.  If the company is tax registered in their own country, …


Hungary

Hungary told to improve VAT fraud record by IMF

June 20th, 2014

In its latest report on the financial state of Hungary, the International Monetary Fund has underlined the need to further address Hungarian VAT fraud. Crippling deficit The IMF highlighted on-going problems in the processed meat sector, saying missing trader VAT fraud remained rife. The Hungarian government VAT fraud measures have been extensive, but some measures …