Taxation
By KC Chia, KC Chia & Noor
‘…to hope, till Hope creates from its own wreck the thing it contemplates...’ (Percy Bysshe Shelley from ‘Prometheus Unbound’)
The existing multi-stage, broadbased goods and service tax (GST) regime which was implemented on 1 May 2015 has been repealed by the new Malaysian Government and replaced by a single-stage sales tax and service tax (collectively, ‘SST’). The new acts were gazetted and slated to be enforced on 1 September 2018. This dynamic turn has served as a timely wake-up call for all businesses to review their business operations.
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Taxation
By Francesco Milano, COMMA 10
From 1 July 2017 the Italian Split Payment Mechanism, whereby VAT charged on VAT invoices issued to a public administration is paid directly to the tax offce by the public adminis- tration receiving the invoice, has been extended to other transactions.
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Taxation
By Graeme Saggers and Simphiwe Mili, Nolands
The VAT consequences on rebates received from international companies is an issue not often considered. Very little legislation and case law exists governing the treatment of rebates received from international entities. Currently only binding general rulings provide for the treatment of local rebates in the Fast Moving Consumable Goods and the Motor industries.
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Taxation
By Aditya Kumar, Ashwani & Associates, Chartered Accountants
With the introduction of GST in India, it is important for foreign corporations to understand the concept of non-resident taxable person (‘NRTP’). The concept introduced under the GST laws has led to raised eyebrows by the foreign companies doing, or intending to do, business with India.
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Taxation
By Marc Nideröst, Treuhand- und Revisionsgesellschaft Mattig-Suter & Partner
As of 1 August 2017, the security for a taxable person not resident or domiciled in Switzerland are calculated differently.
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Taxation
By Brigitte Jakoby, Jakoby Dr. Baumhof - Wirtschaftsprüfer Steuerberater Rechtsanwälte
Since the introduction of the Mini One Stop Shop (“MOSS”) within the EU, cross-border tax audits have been an important, but still unresolved issue. EU Member States have not yet been able to agree on harmonised rules for conducting cross-border tax audits. A leaflet published by the German Ministry of Finance on cross-border tax audits now seeks to answer some of these issues/ questions. The leaflet deals with the purpose of cross-border audits.
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Taxation
By Pablo Garciga, Funaro & Co. PC
Owning property in a state generally establishes tax nexus. This is true even if a Treaty between the US and a foreign country creates the legal fiction that the limited activities of the foreign vendor are not deemed to create a Permanent Establishment in the US for federal income tax purposes. Since the number of online vendors have increased, the situation often arises whereby an outof- state vendor owns inventory held by an online marketer (e.g. Amazon) at the marketer’s warehouse. This situation has the potential of creating nexus for the out-of-state vendor in many states.
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Taxation
By Filip Camps, ACCO Accountants
Ostensibly, whenever a company is importing goods into Belgium, the goods will be subject to a Belgian import VAT charge at the point of entrance of the goods in Belgium (however, see ET 14.000 below).
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Taxation
By Brigitte Jakoby, Jakoby Dr. Baumhof Wirtschaftsprüfer Steuerberater Rechtsanwälte
The VAT taxation of public authorities has been reformed by deleting § 2 para. 3 UStG (German VAT Act) and creating the new rule § 2 b UStG. With this change, public authorities are facing a major turning point.
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Taxation
By Alan Rajah, Lawrence Grant, Chartered Accountants
Effective 1 January 2015, if your business sells digital services (broadcasting telecommunications & e-services) to EU consumers, you have to account for local VAT based on the rules of the jurisdiction where the customer used the service.
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