The Panamanian Ministry of Economy and Finance has released additional information regarding its implementation of the Common Reporting Standard (CRS). A late adopter, Panama has committed to commencing exchanges in 2018. Panama has ratified secondary legislation for the implementation of CRS – the final legislative step in imposing the duty to report on Panamanian financial […]
The Guatemalan government has adopted the Convention on Mutual Administrative Assistance in Tax Matters in a move to demonstrate its commitment to tax transparency and remove itself from a “blacklist” of international tax havens. Once it takes the necessary legislative steps to implement the OECD programs, Guatemala will be able to exchange information with any […]
With less than a month to go to the 1st July target date for GST adoption in India, the question on everybody’s mind is this: will the launch of the much-awaited Goods & Service Tax (GST) be postponed again or is the 1st July deadline definitive? Our team has been monitoring legal developments in India […]
The Indian Central Board of Excise and Customs has published the final GST return formats and return rules on its website as of June 3rd, 2017. GST return formats maybe found here. GST return rules may be found here. Full implementation of GST in India takes effect on July 1, 2017.
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 […]
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 […]
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 […]
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 […]
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 […]
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.
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 […]
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 […]
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 […]
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 […]
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).
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 […]
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 […]