Bi-annual VAT rate update in the EU member states
New rules will allow participating EU member states to seek private rulings related to cross-border VAT transaction disputes
By Nick Hart, Director, Advisory Services
If you’re a business with overseas operations, chances are you’ve had experience dealing with the intricacies of Value Added Tax (VAT). If your business has already set up shop in China, you’re probably in tune with the China VAT Reform Pilot Program and the impending August 1st nationwide rollout of VAT in certain commercial sectors.
Improves the framework conditions for operating a business
Eliminates many administrative burdens faced by new businesses and promotes new incentives
By Nick Hart, Director, VAT Advisory Services
Determining what the Value Added Tax (VAT) implications are of operating internationally can be confusing and time consuming. Failure to recognize and address overseas VAT requirements can result in additional costs, unanticipated tax liabilities, potentially avoidable VAT registration obligations and severe penalties for non-compliance.
China’s tax systems are some of the most complex in the world. Regulations change at a rapid pace, so if you’re doing business in China or planning to take the leap, make sure you have good advice and systems in place for keeping up with the regular release of important information.
The European Commission has published the 2013 value added tax (VAT) rates imposed in the EU Member States.
In late August, Portugal introduced several important amendments to the VAT Code and its complementary legislation.