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 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…
How should a British trading company operating in Slovakia prepare for BREXIT? Procedure for applying tax refund from Slovakia to UK applicants In April 2019, Financial Administration of the Slovak Republic issued a detailed directive on tax refund procedure for UK applicants before and after the UK’s withdrawal from the EU. The method of applying for tax…
What our company recommends with regard to the hard BREXIT option: If your company procured goods and services from a tax payer from the UK in 2019, we recommend that you apply for tax refund from the UK sufficiently in advance of the UK’s withdrawal from the EU. Check all intragroup business contracts with…
The United Kingdom (hereinafter referred to as the UK) leaving the EU has been a very topical issue at the European level for the last two years. If the UK does not approve the EU withdrawal agreement, or request a prolongation of EU membership, it should be released on 31 October 2019, from the EU…
I tento rok sme podporili známy medzinárodný výškarský míting – Banskobystrická latka, tentokrát jubilejný 25.ročník. Vysledky BBL 2019 www.banskobystrickalatka.sk
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,…
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 Decisions regarding the pledging of VAT guarantees issued before 31 December 2018 are to be rescinded.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…
The current definition of turnover specifically uses the terms “income” and “revenue”, which results in unequal conditions for taxpayers who operate under accrual basis accounting (double-entry bookkeeping) and cash basis accounting (single-entry bookkeeping). These terms are replaced by the phrase ”the value of delivered goods and services”, which means that turnover includes the value of…
New VAT rules were defined for the use of vouchers due to a lack of uniformity in the application of the rules to define the place and time of delivery of specific goods and services, the establishment of the tax obligation and the definition of the tax base for transactions involving vouchers. A voucher is…