Tax revenues rose in 19 Member States in 2016 as percentage of GDP in 2016, a study published on 13th June 13th 2018 by the European Commission has found. However, the level of taxation in EU Member States differs greatly.
In the latest infringements package published by the European Commission on June 7th 2018 it was announced that a reasoned opinion has been sent to Austria.
We posted an article in October concerning proposals for an overhaul of the current European VAT system and the introduction of a single EU VAT area. The European Commission has now published proposals for the detailed technical amendments that will accompany the overall plan to make the VAT system more fraud-resilient.
At the recent Economic and Financial Affairs Council (ECOFIN) meeting a number of issues were discussed. There were three main VAT related debates and despite productive talks full agreement was not reached on any of them and therefore they were not adopted.
It has been reported that Greece is proposing to introduce a real-time invoice reporting to the tax authorities from January 2019 for all companies related to the public sector and limited liability companies.
Further to a previous bulletin we can bring you news that the European Council has removed the Bahamas and Saint Kitts and Nevis from the EU's list of non-cooperative tax jurisdictions.
Malta has announced that there will be an increase in the VAT registration threshold and new VAT Grouping rules.
Further to a previous article we can bring you news that three online marketplaces have so far signed up to HMRC’s VAT compliance agreement since it launched its campaign in April - Amazon, eBay and Frugoo.
The Irish Revenue has issued an eBrief to clarify how "normal tax rules" apply to transactions involving cryptocurrencies. For VAT purposes, the Revenue, taking into account a European Court of Justice ruling, regards Bitcoin and similar cryptocurrencies as "negotiable instruments" and therefore exempt from VAT.
It has been announced that all UAE companies and individuals who raise tax invoices in a currency other than the UAE dirham will have to use the exchange rates approved by the Central Bank as on the date of supply.