VAT news tagged as "Input VAT"

Turkey

Turkey VAT updates

March 8th, 2018

Turkey has proposed a range of changes to its VAT law, including: VAT credits will be paid within 12 months or 3 months if they cannot be offset against output VAT due. Any outstanding VAT due to taxpayers will be paid down by the end of 2018. There will also be the right to interest …


Vietnam

Vietnam VAT changes

April 29th, 2016

The Vietnamese General Department for Taxation has clarified two areas for VAT compliance Input VAT – there will be no provision for transport input VAT relief if sales agreement or invoice is signed after any export VAT on discounts – VAT invoices should be issued where vendors give purchases additional goods or stocks for bulk …


Italy

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 …


Morocco

Morocco finalised 2014 VAT measures

February 22nd, 2014

A number of changes to the Tax Code have been implemented in Morocco to help improve VAT compliance.  The measures include: Input VAT suffered may now be deducted immediately in the next VAT return.  Previously it could only be offset against output in the month following the payment of the VAT. Where taxable businesses are …


China

Chinese VAT refunds for e-commerce exporters

January 16th, 2014

The Chinese Ministry of Finance has clarified the Chinese VAT refund process for Chinese online retailers selling outside of the country.  The new guidance covers Chinese enterprises selling via their own website or through the website platforms of others (e.g. Amazon). Currently, Chinese input VAT is levied at 17% along the production chain.  Import VAT …


Netherlands

Dutch Budget abolishes goods self-supply VAT on partial exemptions

September 26th, 2013

Last week’s budget included some minor changes to the Dutch VAT regime.  This include abolishing deemed self-supply on goods produced in-house if similar goods were not fully allowable for VAT deductions. Loss of Dutch VAT deduction The Dutch VAT change is targeted at financial institutions, public bodies, hospitals and housing associations which take part in …


South Korea

Korea VAT rules update

September 11th, 2013

The Korean Finance Ministry is bringing forward a range of Value Added Tax and Customs for implementation in 2014.  Aside from improving the administration of tax, the Korean VAT changes will also help expand the indirect tax base. Importers will be able to seek a restatement of the customs duties valuation of goods if it …


United Kingdom

UK guidance on VAT structures without economic basis

July 18th, 2013

Following the European Court Ruling on the Newey Ocean Finance case, the UK VAT office, HMRC, has produced an updated briefing on the how it views the creation of artificial corporate structures primarily constructed to avoid VAT. UK VAT authorities pursue underlying economic rational Ocean Finance was a company providing UK VAT exempt loan arrangement …