Wednesday , September 19, 2018 |   13:07:16 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Instant Updates Newsletters
 
NEWS FLASH
 
TP - No TDS is deductible in case of foreign firm services & payments not including any income component, but only reimbursement of expense on cost allocation formula: ITAT (See 'Breaking News') TP - For benchmarking purposes, assets employed & risk undertaken by software development company is not comparable to BPO service provider: ITAT (See 'Breaking News') I-T - Any modification or cancellation in low tax deduction certificate issued by Department must be communicated to deductor: ITAT (See 'Breaking News') DTAA - Managerial services rendered by foreign entity though employees in India for more than 90 days within twelve months period is sufficient to construe its Indian subsidiary as 'Service PE': ITAT (See 'Breaking News') TP - Once taxpayer entity has modified its return & paid taxes on international transaction as per APA signed with CBDT then no appeal against selection of comparable is maintainable: ITAT (See 'Breaking News') GDP growth picks up to 1% in Q2 in G20 economies (See 'TII Brief') I-T - Case decided by Appellate Authority in favor of taxpayer by following precedents laid down by ITAT & confirmed by jurisdictional High Court, calls for no interference: ITAT (See 'Breaking News') TP - Diversification in business profile requires information in form of segmental bifurcation before deciding suitability of comparable for purposes of benchmarking: ITAT (See 'Breaking News') TP - When agreement between two resident companies do not provide for any markup on total cost, then no addition is warranted by applying margin of international transactions: ITAT (See 'Breaking News') I-T - Mere withholding of TDS on remittances received from Indian branch office will not waive obligation of parent company to disclose such income in their return: HC (See 'Breaking News') TP - Dispute relating to adoption of internal CUP for benchmarking cases relating to grant of excessive credit period for realization of proceeds from AEs merits no writ interference: HC (See 'Breaking News') TP - Dispute pertaining to selection of comparables merits no adjudication if no addition on account of transfer pricing adjustment had been made in final assessment order: ITAT (See 'Breaking News')
 
TII SEARCH
 
 
   
Home >> News Brief
 

EU suspects VAT evasion in supply of yacht
By TII News Service
Mar 13, 2018 , New Delhi

    

TAX evasion is a common phenomenon even under the VAT regime. And EU is no exception. The latest scam relates to the yatch sector. The European Commission has opened infringement procedures against three member States namely, Malta, Greece and Cyprus for not levying the correct amount of VAT on yacht purchases.

According to the Commission, while current EU VAT rules allow members not to tax the supply of a service where the effective use and enjoyment of the product is outside the EU, they do not allow for a general flat-rate reduction without proof of the place of actual use. Malta, Cyprus, and Greece have established guidelines according to which the larger the boat is, the less the lease is estimated to take place in EU waters - a rule that greatly reduces the applicable VAT rate.

The three member States now have two months to respond to the arguments put forward by the Commission. If they do not act within those two months, the Commission may send a reasoned opinion to their authorities.

 

 
 
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI TII
  • DTAAs
  • TIEAs
  • Circulars
  • Circulars (I-T Act, 1922)
  • Instructions
  • Notifications
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • Relevant Portion of I-T Rules,1962
  • Relevant Portion of I-T Act,1922
  • GAAR
  • Equalisation Levy
  • Draft Guidelines
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • DTC Bill
  • UN Model
  • Miscellaneous
  • Guidance Notes - AEOI
  • OECD Conventions
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • Draft Notifications
  • Circulars
  • Instructions
  • Notifications
  • Relevant Sections of Act
  • TP Rules
  • Forms
  • Miscellaneous
  • APA Annual Report
  • APA Rules
  • APA FAQ
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • RBI Circulars
  • FDI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • FEO Act
  • Black Money Act
  • PMLA Notification
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • SEBI
  • Multimodal Transportation
  • Vienna Convention
  • NBFC Reports
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • Intellectual Property
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • CBR Act, 1963
  • MCA Circular
  • Book Review
  • Limitation Act
  • SSAs
  • EPFO
  • FAQs
  • Acts
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifcations
  • Types of Visa
  • Agreements
  • Arbitration
  • Model Text
  • Relevant Portion of I-T Act
  • Circulars
  • I-T Rules, 1962
  • MISC
  • Notification
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2010-2018 Taxindiainternational.com Pvt.Ltd. All rights reserved.