BDO’s Post

Check out our July 2024 Indirect Tax News for the latest information on e-invoicing in various countries around the world and lots of other interesting updates regarding #VAT and other indirect taxes.

The July 2024 Indirect Tax News looks at various e-invoicing developments, as well as several interesting VAT decisions of the CJEU, a ruling of the Danish supreme court on VAT grouping, and Spain’s supreme court has agreed to hear a case involving the VAT deductibility rules as they apply to a holding company when it sells shares of a subsidiary to another group company. A new customs law in China consolidates various measures, policies and announcements and makes some important changes to the import and export tariff rules. And the U.S. has added 26 companies to the UFLPA “entity list” of companies known to engage in producing materials and goods with forced labor. ➡ https://ow.ly/TT4S50SBmF5

🛃 Customs duties, taxes, and associated fees significantly impact the final cost of imported goods. These charges are distributed among customs, tax organizations, customs brokers, terminal operators, and warehouse owners. ➡️ Delve into the factors that affect customs costs and learn how to reduce these expenses in the complete article on the TradeReady Blog: https://lnkd.in/gj8jqXxY #FITTforTrade #InternationalTrade #customs #CustomsClearance #CustomsCosts

Are you looking to import goods from abroad any time soon? If so, then you need to hear this! You have to keep in mind that you'll pay import taxes. And HS codes can tell you exactly how much taxes you can pay. What are HS codes? They're an international standard that is used in the calculations of Import Duty Tax. Keeping up with regulations can be overwhelming, but with the right guidance, it can all be a breeze! At Parkview Customs, we can help you navigate regulations that you struggle with. Learn more here: https://bit.ly/45WIEJj #ParkviewCustoms #ImportDutyTax #HSCodes

New Reform Aligns Import VAT with Customs Duties, Impacting Indirect Customs Representation https://lnkd.in/eMuixNmK #Italy #VAT #Tax #News Subscribe: https://bit.ly/2McweWZ

See our latest post on Navigating Customs Tax Exemptions for Grant-Funded Goods Imported to Türkiye.👇🏻 https://lnkd.in/dFm6uc7e

Singularity Tax offers comprehensive customs representation services to keep your international trade smooth and efficient. Avoid delays and penalties with our expert guidance on customs regulations, ensuring your business operations remain uninterrupted. #singularity #germanVAT #taxation #entrepreneur #businessinUK #VATexperts #taxcompliance

Keynan Appeals Tribunal accepts transfer price for duty transaction value In a December 2023 decision, the Keynan Tax Appeals Tribunal overruled customs authorities accepting the transfer price of a multinational food distributor as the transaction value for customs duty value. While the methodologies and practices used by customs and income tax authorities are distinct and autonomous, often leading to different if not inconsistent determinations, in this case the company was able to show that despite being a related party transaction that the transfer price was an “uninfluenced” (arm’s length) price and the Tribunal found was an acceptable transaction value for customs purposes.  As an arm’s length transfer price can constitute a range of values, taxpayers, with planning, can set an optimum price to minimize both income tax and customs duty. #TPTaxWatch2024

VATupdate.com Daily Newsletter: February 6, 2024 Headlines February 6, 2024 -- ECJ Customs – C-782/23 (Tauritus) – Questions – Customs Valuation Debate: Seeking Clarity -- Updates on French VAT Reform, Official Guidelines on Bundled Supplies, and Changes in Art Market VAT -- Poland Initiates Consultation on KSeF System Following E-Invoicing Delay

In several cases involving irregular importations of goods, the Court of Justice of the EU (#CJEU) has addressed the interplay of customs duties and import VAT. According to the Court, the incurrence of a #VAT liability on importation depends on whether non-Union goods have entered the economic network of the #EU. Moreover, the place of importation is deemed to be the Member State where that entry took place. The article by Frank Nellen contains a critical assessment of the ‘economic network doctrine’ of the CJEU. The article is published in the EC #Tax Review and now available on kluwerlawonline.com