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    Tag: #VAT

    Norway simplify VAT registration for non-residents

    Published: Sergey Panov | 27.04.2016 | news
    VAT in Norway

    Foreign companies in Norway will be able to choose to register or not to register for VAT through a representative in accordance with the amendments to the Law on VAT proposed by the Government. In a statement, the government said the proposed changes are designed to simplify the process of VAT registration and therefore reduce administrative costs for non-resident companies which carry out taxable supplies in Norway. As well as the use of a local representative is required for registration. Under the current VAT rules companies that do not have a permanent establishment in Norway but making taxable supplies worth more than $ 5,400 per year must register for VAT. However, the government intends to abolish this requirement and instead to allow non-resident companies to choose whether they want to register a VAT through a local representative. The new rules will apply to companies established in the European Union area. The Government has yet to decide when they introduced the proposed changes. Author: Sergey Panovmanaging partner Finance Business...

    EU, a new VAT plan

    Published: Sergey Panov | 12.04.2016 | Без категории

    The European Commission has issued a VAT Action Plan which sets out plans for the next two years for the modernization of VAT in the European Union. The Commission should propose legislation and to introduce common EU-wide measures to simplify the rules to help small and start-up businesses in e-commerce and streamline audits for companies engaged in this sector by the end of 2016. In addition, the Commission will seek to improve cooperation between tax administrations including countries outside the EU, customs and law enforcement agencies, in order to strengthen the capacity of tax administrations to combat fraud. The Commission will also provide an opportunity to have a lot of freedom for setting rates of value added tax for the states of the European Union. Existing rules on tax rates that have been developed over two decades ago, in order to ensure neutrality, simplicity and adaptability to the VAT system. The Commission has proposed the freedom to establish rates subject to appropriate safeguards to prevent excessive complexity and distortions of competition and that there was no impact on the functioning of the single market. The Commission has put forward two...

    Scotland, tax issues

    Published: Sergey Panov | 28.03.2016 | Без категории

    Institute of Chartered Accountants of Scotland published an article that explains the problems facing the country before the devolution of tax powers. The document, prepared by the Tax Committee, calls for the publication of five-year RoadMap which explains the purpose of the Scottish fiscal policy. Currently, the Scottish Parliament is responsible for the Scottish income tax rate applicable to the April 6, 2016. The UK government will deduct £ 0.10 from three British income tax rates. The Scottish Parliament will be able to charge a Scottish rate that will apply equally across these bands. The rate will be set at 10 percent which means that there will be no change in the level of tax for individuals pay. But in April 2017, the Scottish Parliament will be able to set the rate over income tax bands. According to the Tax Committee, "if the income tax rate will deviate from the British then it needed for clear explanations and instructions to reassure taxpayers." Furthermore, from 2019-20 Scottish Government will assigned a decrease in the standard rate from 0.10 pounds to 0.25 pounds. Tax Committee said that "the purpose of assignment of VAT is to harmonize the tax revenue...

    Additional VAT withholding agents designated

    Published: Sergey Panov | 10.03.2016 |

    The Government has enacted regulations, based on paragraph 4 of the Tax Code, extending VAT withholding mechanisms to enterprises explicitly appointed by the Revenue Office as withholding agents that meet the criteria of making annual purchases of USD 10,000,000 or greater. This mechanism also applies to entities that administer processing and payments through credit and debit card platforms. Under the VAT withholding mechanisms, VAT withholding agents must withhold a portion of the VAT charged to them in respect of supplies of goods and services, and remit it to the Revenue Office instead of paying the total VAT applicable to the supplier of service provider. The amount to be withheld will be equivalent to 50% of the tax rate applicable to the transaction. Administrators or issuers of credit and debit cards that manage the processing of payments are also required to act as withholding agents of the VAT triggered by the sale of taxable goods and services paid by way of a credit or debit card. During a transitional period, which will run from 1 February to 31 December 2016, the amount to be withheld will correspond to 2% of the total sales transaction. Starting 1 January...

    Held a debate on the future of VAT in the EU

    Published: Sergey Panov | 29.02.2016 | news

    The European Commission held a debate on reform of the VAT framework on February 24. The Commission was preparing to publicate an Action Plan on VAT. The European Union's value-added tax system "needs reform", said the commission. It needs to close the difference between theoretical VAT revenue receipts and the actual. This was estimated at EUR180bn (USD198bn) in 2013. It was result from avoidance, cheating and providing by the states of the European Union of reduced VAT and tax benefits. The VAT system creates administrative burdens nowadays, noted the European Commission, especially for small businesses and online companies. It said, that the VAT system should to be modernized in today's digital environment because of innovative business models and technological progress. The Commission issued a Roadmap earlier on February. Roadmap of the release of its Action Plan for a simple and efficient system of VAT to the single market that is going to be in March 2016. The Action Plan is intended to summarize the achievements made since the 2011 and set out the direction for future work. The principle of the new rules it is the destination principle. It provides that...