Breaking VAT news from RSM's experts around the world, including updates from Belgium, Poland, United Kingdom, France, United States and Germany
Option to tax being introduced on B2B Property leasing
The Unified Gulf Cooperation Council Value Added Tax framework agreement was released on 3 May 2017 Member states are expected to pass their individual laws relating to VAT.
UAE and KSA planned to implement VAT in their countries by the first quarter of 2018. Other GCC countries are expected to implement VAT by January 2019.
The Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, announced that the Excise Tax on Selected Items Law would come in force early 2018. As stated in the law, the tax rate will be 100% for tobacco and energy drinks, and 50% for soft drinks.
This edition of RSM's EU VAT Group's Indirect Tax Update includes Netherlands, Switzerland, Belgium, France, Hungary, Italy and the UK.
Proposed changes in treatment of long term property lease (sale and lease-back)
In October 2015, two and a half years of frenetic activity culminated in the release of the final reports of the G20/OECD ‘Action Plan’. These outline the changes necessary to make the international tax framework ‘fit for purpose’ in the digital age.
On 28 January 2016, the European Commission (EC) presented its EU Anti- tax Avoidance Directive, a constituent part of the EC’s Anti- Tax Avoidance Package (ATAP ) which increases tax transparency and makes for fairer, simpler and more effective corporate taxation in the EU.