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Umsatzsteuer Newsletter 29/2014
Reverse charge scheme for the supply of metal
By means of its Circular dated 5 December 2014, the German Ministry of Finance has extended the interim regulation for the application of the new legal position for the supply of metal until 30 June 2015. According to this regulation, the tax authorities will not object if both parties to a supply of metal have mutually agreed that the supplier is liable for VAT. Furthermore, the legislature intends to amend the VAT Act. The list of goods concerned will be reduced. Besides that a threshold of EUR 5,000 will be implemented.
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Umsatzsteuer Newsletter 28/2014
A look across the border
With effect from 1 January 2015, all EU member states will amend their place of supply rules for telecommunication broadcasting and electronic services rendered to non-taxable persons and implement the Mini One-Stop Shop. To compensate for the resulting loss of revenue, Luxembourg intends to realize its plans to increase its VAT rates. Further changes to VAT rates in other countries are exceptional. The fight against VAT fraud remains the most predominant topic. Thus, the scope of the reverse charge scheme will be broadened in some EU member states. Entrepreneurs doing business in other countries should check whether the changes may impact upon them.
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Umsatzsteuer Newsletter 27/2014
Input VAT deduction: invoice correction with retroactive effect?
The tax court Niedersachsen referred to the ECJ the question of whether and, if so how, the correction of invoices can be carried out retroactively. If a VAT deduction is denied vis-à-vis the faulty invoice and is granted for the corrected invoice, it would be a “zero-sum game” if it were not for the additional late payment interest in the amount of 6%. However, interest payments would be omitted if a retroactive correction of the invoice was permitted.
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