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Umsatzsteuer Newsletter 46/2020
Federal Fiscal Court strengthens its restrictive opinion regarding retroactive invoice correction
The Federal Fiscal Court has strengthened its restrictive opinion regarding retroactive invoice correction. In accordance with its previous jurisdiction the Court adheres to its earlier opinion that an invoice is a mandatory requirement for the deduction of input VAT. The Court confirms that a retroactively correctable invoice must satisfy five minimum requirements, including a specification of the supply, from which it must be possible to identify the supply being invoiced.
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Umsatzsteuer Newsletter 45/2020
A look across the border
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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Umsatzsteuer Newsletter 44/2020
Annual Tax Act 2020 (Part 13): Invoice correction: no retroactive under the German General Fiscal Code
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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