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Umsatzsteuer Newsletter 02/2014
VAT refunds for property developers - Federal Ministry of Finance follows Federal Fiscal Court
The tax authorities follow the Federal Fiscal Court’s jurisdiction by means of a circular of the Federal Ministry of Finance. Significant VAT refunds incl. interest, for wrongly paid past VAT, are in store for property developers. Due to the clear and direct assignment of the input transactions, furthermore, the circular of the Federal Ministry of Finance has far-reaching consequences: Companies may now become liable for VAT when purchasing construction work although they have, to date, not fallen within the scope of sec. 13b of the German VAT Act.
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Umsatzsteuer Newsletter 01/2014
Allocation of purchased goods and services to the business
A taxable person is only entitled to an input VAT deduction with regard to goods and services purchased for business purposes. In its notification dated 2 January 2014, the Federal Ministry of Finance stipulates the general allocation principles to the business. In particular, with regard to construction work, the allocation to the business has to be executed by 31 May of the following year. Otherwise, there is a risk that the input VAT cannot be deducted.
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Umsatzsteuer Newsletter 36/2013
A look across the border
As usual, the end of the year sees many countries amending their VAT laws. This newsletter addresses the most relevant changes within the EU. The predominant issue is no longer changes in VAT rates but rather the fight against loss of tax revenue. It is not surprising that the scope of the reverse charge scheme will be further extended. Entrepreneurs doing business in the countries concerned may have to amend their EDP systems for the tax finding processes and the new reporting requirements.
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