This month’s VAT review covers a number of developments in the VAT and indirect tax field. The FTT in Maxxim Residential Design has held that the issue of VAT liability and penalties for deliberate inaccuracies can be uncoupled, so that a penalty may be charged even where the assessment was out of time. Recent publications by HMRC have confirmed its understanding of the News Corp decision on (the lack of) zero-rating for digital publications and provided new guidance on correcting VAT errors. In addition, HMRC is consulting on the potential introduction of a voluntary standard for customs intermediaries. In the European Union, DG TAXUD has published its management plan for 2023, though with no mention of its review of VAT and financial services. The EU CBAM has moved a step closer, however, with the publication of draft implementing regulations for the initial reporting period for consultation.
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This month’s VAT review covers a number of developments in the VAT and indirect tax field. The FTT in Maxxim Residential Design has held that the issue of VAT liability and penalties for deliberate inaccuracies can be uncoupled, so that a penalty may be charged even where the assessment was out of time. Recent publications by HMRC have confirmed its understanding of the News Corp decision on (the lack of) zero-rating for digital publications and provided new guidance on correcting VAT errors. In addition, HMRC is consulting on the potential introduction of a voluntary standard for customs intermediaries. In the European Union, DG TAXUD has published its management plan for 2023, though with no mention of its review of VAT and financial services. The EU CBAM has moved a step closer, however, with the publication of draft implementing regulations for the initial reporting period for consultation.
If you are not a subscriber, subscribe now to read this content.
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