Tax - VAT

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Recent Articles

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    11/03/2024
    United Kingdom

    Welcome amendment to the Construction Industry Scheme regulations as they relate to payments between landlord and tenants

    At the Autumn Statement 2023, the government announced amendments to the Income Tax (Construction Industry Scheme) Regulations 2005 (the Regulations), including removing certain payments between landlord and tenants from the scope of the Construction Industry Scheme (the CIS).Those amendments will come into force on 6 April 2024, having been laid before the House of Commons on 8 March 2024.What was the concern?The CIS was originally introduced to protect revenue in relation to the construction sector, with significant non-compliance suspected as a result of cash-in-hand payments. The CIS requires...
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    06/03/2024
    United Kingdom

    Spring Budget 2024 – key tax announcements

    Against the backdrop of an election (probably) later this year, the Chancellor was evidently feeling the pressure to make tax announcements that would find favour with the electorate, whilst constrained by the economic environment. Warning that further tax cuts can only be funded by growing the economy and making the state more efficient, the emphasis was on fiscal responsibility and increasing resilience to future shocks. The reduction in employee NICs – matching that in the Autumn Statement - had been so heavily rumoured in the immediate run up to budget day that it was hardly a surprise. ...
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  •  
    05/02/2024
    China

    2024 – Topics that may Concern You

    In China, companies constantly have to deal with changes in regulations and new laws. This will also continue in 2024.Topics such as update to the PRC Company Law, adapting Joint Ventures in accordance with the PRC Foreign Investment Law and the PRC Company Law, cross-border data transfer, employment management in the digital age, developments in China's competition law regime etc. will continue to be a concern for most companies in China in 2024. Complying with regulatory requirements is one of the key challenges for foreign companies and investors in China, not only in terms of general compliance,...
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    17/01/2024
    Luxembourg

    Directors' fees are no longer subject to VAT in Luxembourg

    On 21 December 2023, the Court of Justice of the European Union (“ CJEU ” or “ Court ”) issued a decision on the case C-288/22. The Court puts an end to a long debate by ruling that the members of the board of directors of a Luxembourg company do not carry out an independent VAT economic activity. The Court considered that they do not undertake their activity independently given that they do not act on their own behalf, their own responsibility and they do not bear the risks linked to their activity. Hence, directors’ fees should no longer be subject to VAT provided...
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  •  
    09/01/2024
    China

    Chinese Tax Regulation Update - November and December 2023

    The latest development in China Tax Regulation mainly includes:Announcement [2023] No. 75 jointly released by the Ministry of Finance, the Ministry of Ecology and Environment (“MEE”), the Ministry of Commerce (“MOFCOM”), the General Administration of Customs (“GAC”) and the State Administration of TaxationPlease click here to read the full article.
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    23/11/2023
    United Kingdom

    Autumn Statement 2023 – Key tax announcements

    The Chancellor opened his speech with a statement that, “Our plan for the British economy is working, but the work is not done”.  Consistent, perhaps, with the tone of that message, yesterday’s announcements offered few real surprises, with the headline measures – on NI changes and full expensing – already widely anticipated.A summary of the key announcements follows.Tax measures for individuals (employees & self-employed)National Insurance Contributions (NICs) ratesIn relation to NICs, the Chancellor has announced the following.The main rate of Class 1 National...
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