Revenue and Customs States Information about Indirect Taxes and VAT

6Revenue and Customs has stated information about indirect taxes including Value-added taxes. There are main announcements conducted for these concerns. These have been completely stated to provide useful awareness to people in some parts of the world.

In terms of indirect taxes and duties, it is divided into sub categories that reveal the rights or limitations of people. These are the duty for tobacco, fuel, alcohol and other duties related to them. For VAT, people may encounter about revalorization of the charges for fuel scale. On the other hand, the revalorization of deregistration and registration thresholds may be increased through inflation which became effective last April 1 of this year.

The reporting requirement simplified (3 line accounts) for the assessment return for income will be continued to get aligned with VAT threshold registration. For tax years 2013 to 2014 and onwards, smaller businesses can now utilize simpler cash basic for income tax. It is intended for simplifying the smaller businesses in terms of calculating the trade profits. The cash basis eligibility conditions are going to be linked to the registration threshold of VAT at the last tax year.

When it comes to VAT changes to the supply rules place, there are also some conditions that are presented. Legislation is going to be presented in Finance Bill 2014. It will be introduced to tax intra-EU business and consumer supplies of broadcasting, e-services and telecommunications in Member State where the consumer is located. The services have been recently taxed in Member State where the business was established.