Modifications for transportation taxation – “Quick Fixes” for chain transactions take effect with 1 January 2020

The Economic and Financial Affairs Council has concretised legal details of chain transactions on 4 December 2018. The new regulations have been approved through so-called “Quick Fixes”. Systematically, the new regulations will be integrated in Article 36a of Directive 2006/112/EC. The new VAT regulations do not concern constellations involving non-member countries: The new rules are…

New VAT “quick fixes” system valid as of 1 January 2020 – Amendments and additions to the EU VAT Directive

Largest European VAT reform since 1993 – amendments to call-off stock, chain transactions and intra-Community supplies from 1 January 2020. Following the German Annual Tax Act 2018 (also known as the Tax Act for the Prevention of VAT Revenue Losses from Trading with Goods over the Internet and Amendment of Further Tax Provisions – “Gesetz…

A new EU-wide VAT system

A new EU-wide VAT system to improve cross-border trade in selected areas, the so-called “quick fixes” At the end of 2018, the European Commission approved a proposal for four “VAT quick fixes” which will be effective beginning 1 January 2020, with implications for businesses trading in international goods. Quick fixes were demanded by EU member states…

New Ministry of Finance of the Slovak Republic guidelines on defining the contents of transfer documentation

In its official Finančný spravodajca bulletin no. 34/2018 published in 2018, the Ministry of Finance announced new guidelines no. MF/019153/2018-724 (“Guidelines”) defining the contents of transfer documentation and which is accessible on the Ministry of Finance’s website at https://www.finance.gov.sk/sk/financie/financny-spravodajca/2018/. Like the original text of the guidelines, documentation related to transfer pricing is classified as complete,…

Call for Project Proposals

Forthcoming calls for December 2018 and year 2019 Purchase of Technologies and Software – business support for the improvement of the quality and efficiency of production and technological processes by increasing technological and innovation levels in enterprises. This support includes the introduction of smart innovations such as automation, robotization, digitization, big data, and so on…

Institute of guarantees

The amended VAT Act proposes abolishing the institute of VAT guarantees as implemented in the VAT Act beginning in 2012. Decisions regarding the pledging of VAT guarantees issued before 31 December 2018 are to be rescinded. The Tax Office shall refund such financial guarantee or a portion thereof by 28 February 2019 under the assumption…