Indirect Tax News - Issue 4/2017

During 2017, the UK government has issued a number of position papers on the impact of Brexit on customs duty and VAT. Currently, these are no more than statements of intention and subject to negotiation between the UK and EU. However, cross border businesses should take note of these proposals as they are the firmest indication so far of how their VAT and customs position might change after Brexit.

Contents

• UNITED KINGDOM: Brexit – Official position papers and their impact on VAT and customs duty
• ARGENTINA: Status of withholding tax on non-residents: provincial scope
• AUSTRIA: European court judgement threatens independent groups of persons (IGP) exemption for finance and insurance companies
• BELGIUM: VAT recovery - New approach to correction of VAT invoices
• BRAZIL: Federal government’s tax instalment program
• ECUADOR: Special consumption tax
• THE EUROPEAN UNION: Intra-EU trade in goods: European Commission proposes new VAT regime
• FINLAND: Changes in reporting and accounting of import VAT
• GERMANY: Consignment stock in Germany - Is VAT registration required or not?
• ITALY: Timing of recovery of input VAT
• LATVIA: Reduced VAT rate on vegetables, fruits, and berries
• MONTENEGRO: New VAT rate and other VAT changes
• THE NETHERLANDS: Lease with a purchase option - Supply of goods or supply of services?
• PANAMA: VAT withholding agents
• ROMANIA: Update on the VAT split payment mechanism
• SINGAPORE: Clarification on “directly in connection with” and “directly benefit” for GST purposes
• SPAIN: Modification of VAT base in insolvency: Spanish court rules in favour of taxpayer / VAT treatment of intermediary services provided electronically
• UNITED KINGDOM: Littlewoods loses compound interest appeal