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On August 18, 2016 the UK HM Revenue & Customs (HMRC) issued a guide titled “VAT: reverse domestic charge for telecommunications services”. According to the HMRC the guide applies to wholesale electronic communications supplies providing speech and associated services. The HMRC also states that the guide explains how VAT invoices will be affected by the reverse charge.
This reverse charge is designed to prevent wholesale supplies of telecommunication services from being exploited for missing trader intra-community (known as MTIC) fraud. It was introduced by the Value Added Tax (Section 55A) (Specified Services and Excepted Supplies) Order 2016.
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On August 17, 2016 the UK HM Treasury published an updated list of countries that committed to sharing beneficial ownership information.
In comparison to the previous list that was published on July 5, 2016, Chile and Moldova have been added to the list. Therewith the number of countries that support the initiative for the automatic exchange of information on beneficial ownership has come to 45.
Read more: Chile and Moldova commit to sharing beneficial ownership information
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On August 17, 2016 the UK Government issued a consultation document regarding the Strengthening of Tax Avoidance Sanctions and Deterrents. The UK government seeks views on proposals for sanctions against those who enable or use tax avoidance arrangements which are later defeated and regarding proposed changes to the existing penalty legislation which applies to those who use avoidance which is defeated. The consultation runs from August 17, 2016 to October 12, 2016. Responses can either be sent by e-mail or by normal mail.
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The Irish Revenue has announced that the Convention between Ireland and the Federal Democratic Republic of Ethiopia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, which was signed on November 3, 2014 (Hereafter the DTA), entered into force on August 12, 2016.
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On August 2, 2016 we already reported that the New Zealand Inland Revenue updated its webpage dedicated to the implementation of the Automatic Exchange of Information. On August 2, 2016 the New Zealand Inland Revenue published a so-called factsheet. In the factsheet it was announced that in August 2016 the legislation would be introduced into Parliament.
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