The Latest from VAT Live

UK Brexit EU VAT & Customs Union exit law

21 June 2017 | 4:49 pm

In today’s UK Queen’s speech, when the government announces up and coming legislation, initial plans were included for a Bill to exit the EU VAT regime and Customs Union. Later this summer, a Finance Bill and Customs Bill will be presented to parliament to modify the UK’s VAT regime to separate it from the EU customs legislation …

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EU fails to agree on VAT General Reverse Charge

19 June 2017 | 4:32 pm

The most recent meeting of EU Finance Ministers (ECOFIN) on 16 June failed to agree on the implementation of the voluntary General Reverse Charge (GRC) to fight VAT fraud. The GRC, promoted by the Czech Republic and other central European member states, was the latest strategy to attempt to combat the estimate €50billion ‘missing trader’ …

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Hungary lowers domestic invoice listing threshold

18 June 2017 | 5:17 pm

From 1 July 2018, Hungary will recover all VAT-registered businesses to provide a live report of transactions above HUF100,000.  This is a lowering of the planned threshold. The report, Belföldi Összesítő Jelentés Kereskedelmi Partnerenként, are required with the regular VAT return.

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Australia delays foreign e-Commerce GST to Jul 2018

17 June 2017 | 11:38 am

Australia has confirmed that it will delay the imposition of 10% GST on sales of low-value goods to its consumers by non-resident e-Commerce companies. It had been proposed that the low-value GST-exempt threshold of AUS$1,000 per package be withdrawn.  This would require foreign sellers to GST register if their annual sales were above AUS$75,000 per …

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EU fails to agree on e-Book reduced VAT

16 June 2017 | 2:26 pm

On 16 June the EU’s Economic and Financial Affairs Council (ECOFIN) failed to reach agreement on reducing VAT rates on e-books to match printed books.  The Czech Republic objected to the measure.  The lack of a resolution comes after years of seeking to grant e-Books a tax subsidy and boost reading. e-Books at standard VAT rates …

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UK Bridge is VAT exempt sport – EU legal counsel

15 June 2017 | 4:33 pm

The European Court of Justice, ECJ, Attorney General (AG), has today advised that the card game Bridge, is considered a sport and therefore no VAT is due on tournament or club membership fees. UK courts held Bridge needs no physical effort The UK courts had previously ruled in favour of HMRC that Bridge is not a …

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Australia foreign e-commerce GST 1 Jul 2017

14 June 2017 | 11:24 pm

Opposition parties are continuing to call for a 1-year postponement on plans to levy GST on small B2C transactions from 1 July 2017.  This is despite the enacting legislation, the Treasury Laws Amendment (GST Low Vale Goods) Bill 2017, passing the House of Representatives without change this week.  The Bill will now move to the …

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India 1 Jul GST launch challenges

14 June 2017 | 6:13 pm

The Indian Goods and Services Council approved on 3 June the final stages of the implementation of GST for 1 July 2017. It confirmed the last outstanding GST rates, and some transitional issues around stock in transit. In terms of launch there remains a number of challenges, including: Despite consolidating many current indirect taxes, such …

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Gibraltar loses tax ruling at EU

13 June 2017 | 8:31 am

The European Court of Justice (ECJ) has today ruled against Gibraltar’s appeal to have it exempted from the UK’s 15% gambling tax.  This set-back for the island’s burgeoning offshore gambling sector will add to Brexit worries and long term loss of EU access for other key areas for the territory, such as financial services. Gibraltar …

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Thailand e-Commerce 5% VAT withholding

12 June 2017 | 12:27 pm

The Thai government is reviewing a VAT bill to levy a 5% VAT withholding levy on all e-commerce goods and services transactions. The VAT would be charged and collected by banks and credit card companies.  And replicates similar split payment arrangements in many South American countries. It would be levied on any purchases of goods …

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