European Union law must be interpreted as requiring that a taxable person who has overpaid value added tax which was collected by the Member State contrary to the requirements of European Union legislation on value added tax has a right to reimbursement of the tax collected in breach of European Union law and to the payment of interest on the amount of the latter. It is for national law to determine, in compliance with the principles of effectiveness and equivalence, whether the principal sum must bear ‘simple interest’, ‘compound interest’ or another type of interest (Case C‑591/10).
Pls beware of the due Dates for 2012 Input VAT refund ( June 30, 2013 for extra EU companies, September 30, 2013 for EU companies ) and publication of financial statements as of Dec. 31, 2012 (Sept. 30, 2013)
The Ministry of Finance has published its view on certain matters such as subscription to online magazines, storage of goods, vehicle rents, etc., major changes for real property lessors, input VAT deduction and abuse, etc.
As expected the Highest Court has ruled unconstitutional the current assessement of the property transfer tax: presently the tax is calculated on the 3fold "rateable value" of the property. A transition period applies.
FALCON’s „TAX-NEWS” is prepared with due care, is intended to provide general guidance and therefore only provides a quick overview of recent changes in tax legislation. For this reason it does not aim for completeness and preciseness. Specifically, it cannot replace the personal tax advice that is required for each individual matter. Therefore, please understand that we assume no liability whatsoever for the contents of the TAX-NEWS.