VAT news tagged as "EU"

United Kingdom

UK Brexit and EU VAT

March 15th, 2016

The UK is due to hold an EU exit referendum on 23 June 2016.  A potential British exit (informally termed ‘Brexit’) would have dramatic effects on the UK’s VAT regime since it is organised in line with the EU’s rules. Below is a summary of some of the main VAT issues and potential changes that …


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 …


Europe

EU confirms VAT on crowdfunding

November 18th, 2015

The EU’s VAT Committee has published its new review of the liability to VAT of crowdfunding activities, which included confirmation that VAT is due on reward-based crowdfunding projects. While not binding on EU member states, the conclusions of the Committee are highly influential, and are typically followed by national tax authorities’. European Commission (EC) concerns …


Italy

Italy ditches 2% VAT hike

November 2nd, 2015

Italy has dropped its commitment to raise VAT from 22% to 24% in 2016. The rise was included in the country’s 2014 emergency stability package, and based on the country not hitting Euro currency deficit reduction targets.  The VAT hike clause also included a potential further rise to 26.5% by 2018.  The measure was proposed under …


Sweden

Sweden scraps VAT group benefits

October 5th, 2015

The allowance for group VAT locking in Sweden is to be abolished at the start of 2016. The allowance permits group companies to transfer the right to deduct input VAT incurred on certain expenses. The European Commission had attempted to force Sweden to withdraw its entire VAT Grouping arrangements on the basis that it favoured …


Italy

Italy new ‘Google Tax’

September 22nd, 2015

Italy has announced that it will relaunch in 2017 a proposed ‘Google Tax’, which is set to bring it into conflict with the EU.  In 2014, Italy abandoned plans to raise VAT on Italian internet ad’s which are booked in other EU states for tax benefits. New Italian digital VAT The Italian Premier, Matteo Renzi, announced …


Greece

Greece reduced VAT updates

August 26th, 2015

Further updates have been provided in the VAT Law following the recent Greek reduced VAT rate rises. The increases were part of the settlement reached by the Greeks with its creditors (the ECB, IMF and EU) to commence negotiations on a new bailout. VAT changes include: Fee-paying schooling is no longer be VAT exempt since July …