VAT News

Search

VAT News 02/2015
New regulations for voluntary self disclosures as of 1 January 2015
Since 1 January 2015, the right to voluntary disclosure has been substantially tightened by extending the period of adjustment up to 10 years as well as by increasing penalties in accordance with sec. 398a of the German General Fiscal Code. There is relief regarding VAT as the previous legal situation is partially set back to resemble the situation prior to the coming into force of the Illegal Earnings Combat Act. It is now once again possible to make several corrections regarding monthly VAT returns. However, this does not apply to annual VAT returns.
more
VAT News 01/2015
Good faith regarding supplies by alleged defaulting traders
The tax authorities often deny VAT deduction by saying the entrepreneur received the goods from a “defaulting trader”. Currently, the legal concept of good faith is of no importance in the assessment procedure. However, according to the latest decisions by the Federal Fiscal Court, this might be viewed differently in the future. In tax disputes, the question as to who actually bears the burden of proof regarding good faith will need to be determined.
more
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

Pages