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International VAT Monitor
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Issue No. 4 - 2018 of the International VAT Monitor is now available online.

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IBFD-PwC Transfer Pricing Seminar: Mastering the IP Life Cycle - Grasping the Intangible

30 October 2018

Amsterdam, The Netherlands

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Advanced VAT Optimization
6 - 7 December 2018
Amsterdam, The Netherlands
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Number 4 - 2018 contains the following:
Definitive VAT Regime … Really?
Gorka Echevarría Zubeldia
VAT on Financial and Insurance Services at the Dawn of the Fourth Industrial Revolution
Giorgio Beretta
The application of advances in innovation and communication technology (ICT), which underpin the Fourth Industrial Revolution, and the advent of new players like tech and e-commerce companies are reshaping the financial and insurance sectors, contributing to redefine existing boundaries in both industries. Although both these phenomena offer a wealth of fresh opportunities for businesses and consumers alike, VAT liabilities for taxable persons operating in the financial and insurance sectors may constitute a hindrance to the ongoing change. In this article, the author examines the main areas in which such a change is most visible and seeks to assess the potential VAT issues that may materialize in each of these domains.
Rating the European Commission’s Proposal on VAT Rates
Marit Peeters
On 18 January 2018, in a string of recent proposals concerning the “definitive VAT system”, the European Commission issued a proposal for a Council Directive reforming the current VAT rate system. In order to fully grasp the implications of this proposal, it is not sufficient to merely look at its content. Regard must also be had to the impact on the rates currently applied by the Member States. To this end, the author use Belgium as a case study to highlight deviations from the current VAT rate system and to analyse the possible implications of the new VAT rate proposal on Member States’ practices.
VAT Aspects of Installation Projects in Bulgaria
Svetlin Krastanov
Installation projects can consist of various transactions with different VAT implications. The consequences are more complex in an international context, e.g. when foreign suppliers and subcontractors are involved. In this article, the author analyses some of the main VAT aspects of installation projects in Bulgaria in a B2B context that need to be considered by foreign participants in such projects.
The Right to Recover Output VAT on Bad Debts: The Greek Legislation and the VAT Directive
Dimitra Kouni
Bad debts have increased dramatically since the Greek financial crisis, with significant impact on the sustainability of businesses and their ability to survive. The VAT associated with these bad debts constitutes a de facto additional financial burden for businesses, which is why the VAT Directive allows for a mitigation of that cost. In this article, the author claims that the Greek VAT legislation on bad debt seems incompatible with the VAT Directive and should therefore be improved. The author also recalls that the VAT Directive provision on bad debt has direct effect and, in her opinion, Greek businesses could challenge the Greek VAT legislation, and obtain the right of a full refund of bad-debt-related VAT directly, before the national courts.
Costs Associated with Deviations from Standard GST/VAT System
Billal Hassan
In its purest form, a VAT/GST system is meant to be an effective and efficient tax system. However, in practice, most countries with a VAT/GST system deviate from this ideal. Based on an analysis of Pakistan’s GST system, in this article, the author seeks to show the considerable costs that are typically associated with these deviations.
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