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Umsatzsteuer Newsletter 45/2020
IRELAND reduces standard VAT rate to 21% as of 01.09.2020 +++ AUSTRIA reduces VAT rates for hospitality, as well as for the cultural and tourism sector +++ BULGARIA reduces VAT rate for hospitality +++ CZECH REPUBLIC reduces VAT rate for accommodation services and for cultural and sporting events +++ UK reduces VAT rate for hospitality and for cultural events and accommodation +++ UK plans to abolish MTD reporting threshold as of April 2022 +++ POLAND publishes simplified rules for the application of the White List regulations +++ SERBIA AND NORWAY extend deadline for submission of input VAT refund claims
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In the thirteenth and last part of our KMLZ newsletter series on the Annual Tax Act 2020, we present the new regulation of sec. 14 para. 4 sentence 4 of the German VAT Act. According to this regulation, the correction of an invoice for missing or incorrect information does not constitute an event with retroactive effect within the meaning of sec. 175 para. 1 sentence 1 no. 2 of the German General Fiscal Code and sec. 233a para. 2a of the German General Fiscal Code. The retroactive effect of an invoice correction applying to periods of assessment, which have already expired, can thus lead to a permanent loss of input VAT deduction in individual cases. In addition, the regulation also has an impact on interest on late payments and refunds. Unfortunately the new regulation doesn’t go far enough.
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In the twelfth part of our newsletter series on the Annual Tax Act 2020 we are examining the amendments of the previously relatively unknown fine provisions in the German VAT Act. Due to the planned changes, the tax authorities are likely to focus more on these regulations in the future. Companies are therefore called upon to review their processes - especially their payment methods – already now.
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