Stafford & Co’s Post

📢 Important VAT Update The Tax Department has announced that, as per Regulation 231/2024, the zero VAT rate on essential goods will remain in effect until September 30, 2024. Starting October 1, 2024, the previous VAT rates will be reinstated as they were prior to the issuance of the recent decrees.

Simplified quadrangulation! Most VAT (and many tax) experts are familiar with simplified triangulation for VAT. Today the Dutch tax authorities confirmed that this also works if there is a fourth party, established in the same country as the third party, and products are shipped directly from the first party to the fourth party. No big surprise to me (especially considering the examples given in the quick fix explanatory notes), though good to have the confirmation! As a picture says more than a 1,000 words, I just copied the picture of the tax authorities' site. https://lnkd.in/eVZTjAmu

What is the Differences Between Zero-Rated VAT and VAT Exemptions ❓🤔 If a product is zero rated example for exports advantage is that they can claim input taxes If VAT is Exempted for example essential goods No VAT is charged this is to reduce the price level that does not mean you need not to register with the Tax department ❗ Check your local tax regulation. Below article will improve your knowledge about VAT 👍 https://lnkd.in/gxk2i-4j

While based on common-sense this seems to be a reasonable outcome, the danger from an EU law perspective is that Article 141(c) explicitly requires that the goods be "directly dispatched or transported [...] to the person for whom he is to carry out the subsequent supply." On a literal reading, this would not be fulfilled here, as the goods are not directly dispatched to C (Indeed, they are not dispatched to C at all). I would argue that a purposive application of the provision allows however for schemes of this kind, and that that is to be preferred; assuming that, if this is tested, the CJEU does not have another Luxury Trust moment...

Simplified Triangulation for VAT Also Applies with Fourth Party in Same Country as Third Party https://lnkd.in/e5eNxfYb #Netherlands #VAT #Tax #News Subscribe: https://bit.ly/2McweWZ

‘NASS considering raising VAT to 10% by 2025′ The National Assembly is considering a bill proposing an increase in the Value-Added Tax, VAT, from 7.5 percent to 10 percent... Click to read more: https://lnkd.in/dD2prD9x

A guide to VAT in the Netherlands https://lnkd.in/e47wbq_2 #Netherlands #VAT #Tax #News Subscribe: https://bit.ly/2McweWZ

October 25th, VAT filing due is coming. In Korea, the VAT tax period is set for 6 months, with reporting and payment due at the end of each period. Additionally, each tax period is divided into two 3-month segments, with an interim reporting period in between. For individual business owners and small corporate businesses (those with total supply value less than 150 million KRW in the previous tax period), there are special provisions: ** These businesses must pay 50% of the tax amount from the previous tax period (6 months) through a preliminary VAT notice (issued by NTS in every April and October). ** No separate interim VAT reporting is required when you make the payment of the preliminary VAT notice. ** The VAT tax paid this month will be deducted from the final tax settlement in the next VAT reporting period. #vatkorea #Vattax

A guide to VAT in the Netherlands https://lnkd.in/e47wbq_2 #Netherlands #VAT #Tax #News Subscribe: https://bit.ly/2McweWZ