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Ireland Extends CRS Filing Deadline to August 18th

Irish Revenue has sent correspondence to all interested parties indicating that the deadline for filing CRS returns has been extended from June 30^th^ to August 18, 2017 due to the late delivery of the required business and validation rules – resulting in a delay to the start of filing. Although the submission application is currently […]

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UK Seeks to Eliminate “Use and Enjoyment” Provision for Certain Telecommunication Services

The UK government has introduced draft legislation that would apply VAT to telecommunications services used outside of the European Union by private UK customers. Under current “use and enjoyment” provisions, such services are not subject to VAT when used outside of the EU. The government claims that this change will remove any ambiguity about place […]

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Germany Publishes New CRS Infobrief

The German Tax Office has published a new Infobrief containing information relevant to this year’s CRS filing season. The Infobrief covers a variety of topics, including the following: Opening of CRS production environment: Filers are now able to transmit CRS data as of June 1, 2017. The portal will be open for transmittals through the […]

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OECD Gets First Results from Disclosure Facility

Last month, the OECD launched its public disclosure facility in order for interested parties to submit potential schemes they believe are being used to circumvent the Common Reporting Standard.  The facility’s goal is to understand these schemes or loopholes to further strengthen CRS’s effectiveness in promoting greater transparency.  Within a month, the OECD had received […]

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Bulgaria Will use OECD’s CRS Schema

Bulgaria has recently announced that it will require its Reporting Financial Institutions to use the schema designed by the OECD for this month’s CRS reporting.  On its AEOI website, Bulgaria has provided samples and schema files to assist.  In addition, there is a list of Reportable Jurisdictions published.  As a reminder, CRS reports are due […]

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Hong Kong Publishes Instructions for Occupational Retirement Schemes (ORS)

In response to the submissions made through the OECD disclosure facility, Hong Kong’s Inland Revenue Department has published guidance for the use of Occupational Retirement Schemes.  In part, the guidance instructs that only those schemes registered under the proper ordinance are considered non-reporting financial institutions.

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Guernsey Gives CRS Extension to July 31

Guernsey has announced (Bulletin 2017/4) that it will push back its CRS deadline to July 31.  Please note, the deadline is only expected to be for this year’s reporting.  Moreover, the FATCA deadline (June 30) remains in place.

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Spain Enacts New Mandate Regarding the SII

Spain has issued Ministerial Order HFP/2017, which establishes the technical requirements for the implementation of the Immediate Remittance of Information system, locally known as SII. According to this new order, the effective date of the mandate is July 1, 2017. The order officially describes the information that should be sent to the Spanish tax authorities for […]

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India Announces GST Rates on Specific Goods and Services

On May 18, the Indian GST Council met and determined the GST rate applicable to specific goods and services. The rate structure was set previously, containing four slabs (5%, 12%, 18% and 28%) and a zero rate. The new rate schedules were published by the Central Board of Excise and Customs and are available here under “GST Rates.” The […]

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Italian Lower House Considers Reduced Rate on Childcare Items

The lower house of the Italian parliament, the Chamber of Deputies, is considering Bill No. 4477 which, if enacted, would reduce the VAT rate on certain childcare items to 4%. Specified items include diapers, high chairs and strollers. This measure seeks to reduce the tax burden faced by young families: the bill’s preamble links Italy’s […]

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CJEU: Taxpayer May Challenge Gov Document Request

On May 16 the Court of Justice of the European Union ruled against Luxembourgian tax authorities in an appeal from taxpayer Berlioz Investment Fund SA in Case C-682/15. The Luxembourg authorities had demanded certain documents that Berlioz failed to produce in the requested detail, resulting in the imposition of a €250 000 fine. Berlioz appealed […]

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Estonia: Draft VAT Law Amendments

The Estonian Ministry of Finance has issued draft amendments to the VAT Act. The amendments affect the treatment of motor vehicles that are used for both business and non-business purposes. The draft law, 17-0510, can be viewed at Estonia’s online database, Eelnõude infosüsteem (EIS).

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Sweden Permits Input Tax Deduction on Some Restructuring Costs

On May 16, Sweden’s Supreme Administrative Court ruled that a “parent company is allowed to deduct input VAT in respect of consultancy services acquired in connection with the sale of shares in subsidiaries during the restructuring of operations,” on the grounds that “the costs of the services [are] considered to have a direct and immediate link with […]

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Potential VAT Changes on Finnish Imports

The Finnish parliament (the Riksdag) is presently considering Bill No. 45/2017, which would change the way VAT is collected on imports into the country. Under section 3.3 of the bill, the responsibility for import VAT collection would shift from the customs authority to the tax administration. Importers would account for import VAT via their tax […]

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Polish Lower House to Hear VAT Refund Bill

On March 24, 2017, Bill No. 1564, amending Poland’s VAT act, was ordered to be read in Poland’s lower house of parliament. The bill would shorten the government’s deadline to refund overpaid VAT from 60 to 25 days, thus reducing cash-flow burdens on compliant businesses. As written, the bill would take effect on July 1, […]

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Belgian Parliament Debates New VAT Enforcement Powers

The Belgian parliament is currently debating a bill that would grant VAT enforcement authorities the power to attach property implicated in willful tax evasion. According to the Commission of Finance and Budget, such attachment will follow the common law regarding seizures. At this time, there is no indication of when the bill will enter into force […]

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Hungary – VAT Changes in Proposed Budget

Earlier this month the Hungarian government introduced a budget bill for 2018. Included in the budget is a proposal to reduce the VAT rate on fish, catering services, and internet services to 5%. The bill also confirms an implementation delay for the mandatory filing of B2B VAT invoices with the government, which was scheduled to start on July […]

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Cyprus: Electronic VAT Returns

The Cyprus Tax Department has announced that from May 2, 2017, periodic VAT returns (Form 4) must be submitted electronically through the TAXISnet system. The announcement stresses that the TAXISnet system for indirect tax is separate from the TAXISnet system for income tax, and requires a separate request for access.   

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