VAT News

Search

VAT News 30/2014
Introduction of electronic system to monitor the supply of goods in Hungary
On 1 January 2015 the Hungarian tax authorities will introduce an electronic system designed to monitor the transportation of goods sent via truck (EKAER). Once again, VAT-registered companies in Hungary are facing additional administrative burdens which are unique within Europe. The EKAER-System requires all truck-transported goods to be reported in advance. Failing the reporting obligation will lead to default penalties of up to 40 percent of the goods’ value or even seizure of the goods. VAT-registered companies in Hungary should immediately verify to what extent the introduction of the EKAER-System affects their business activities.
more
VAT News 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.
more
VAT News 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.
more

Pages