VAT news tagged as "VAT refunds"

Vietnam

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. …


United Kingdom

UK restricts VAT repayments

March 2nd, 2016

The UK’s Upper Tribunal tax appeals court has limited the rights of VAT payers to alter the basis of repayment claims. The case concerned a January 2007 £4.2m claim by Vodafone for a repayment of overpaid output VAT on a Nectar reward card scheme-based overpayment. After an extended period, 2009-11, Vodafone identified additional errors stretching …


Germany

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

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 …


China

Chinese exporters gain VAT refund prolongation

April 20th, 2014

The Chinese State Administration of Taxation has granted an extension for Chinese exporters to apply for VAT refunds. Chinese export VAT refunds Companies which export from China can register to become approved for Chinese VAT input reclaims – VAT Export Refund. The enables the exporter to reclaim all standard VAT rate charges through a regular …