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Richard Cornelisse
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Blog- Criminal charges and jail time59 percent of respondents (53 percent in 2014) expect the personal liability of compliance officers to increase in 2015, with 15 percent expecting a significant increase. Compliance officers or its Executives at firms as diverse as Swinton Insurance, Bank Leumi, Bank of Tokyo-Mitsubishi, Brown Brothers Harriman and Deutsche Bank (DB: VAT fraud) having been f […]Richard Cornelisse
- Identify the lowest performing processIf you know the company's risk appetite, you have to identify the lowest performing indirect tax processes that have ‘the most direct impact on the company’s business objectives. Continue readingRichard Cornelisse
- Gain awareness and acceptanceCreate, protect and prove value and write a business case for investment to realize business objectives such as improve cash flow, reduce costs, improve tax processes and manage tax related risks. Continue readingRichard Cornelisse
- Spreadsheets and VAT complianceWith human error added into the equation, some defects are going to occur. If the tax function only has MS Excel to perform data transformation to make the data tax ready, the volume of procedures and controls will have to be significantly greater. The problem is that in Excel altered data can lose its audit trail back to its source: mismatches with a compan […]Richard Cornelisse
- SAP add-on for SAF-T PolandIn Europe SAF-T is now in force in Austria, France, Lithuania, Luxembourg and Poland. Germany, UK, Ireland, Norway and the Czech Republic are most likely next to introduce SAF-T. Lithuania is expanding its SAF-T.Starting October 1, 2016 all VAT-registered taxable persons, - including foreign companies registered for VAT - will be required to submit a SAF-T f […]Richard Cornelisse
- The Indian Parliament passes GST Constitution Amendment BillThe Indian Parliament has voted unanimously to introduce the Goods and Services Tax (GST). This is a significant development which will affect all businesses with interests in India or who trade with India. Continue readingIt is now time to take the necessary preparations as the go live date is ambitious. The article in the next hyperlink includes also a roa […]Richard Cornelisse
- Publishing your tax strategyCertain businesses have to publish their tax strategy and be able to demonstrate how the tax strategy is being applied in practice. The strategy should set out the business’ attitude to tax risk, its appetite for tax planning and its approach to its relationship with HMRC. Although it applies to the UK, being consistent across jurisdictions is important as t […]Richard Cornelisse
- Sale-and-lease back not rental but other service subject to VATThe Supreme Tax Court considers a sale-and-lease-back transaction as a taxable other service rather than a lease or the tax-exempt grant of a loan if the chosen scenario is a reasonable non-tax driven choice of form used to enable the seller (lessee) to enjoy certain accounting and reporting benefits.Continue ReadingRichard Cornelisse
- VAT exemption for Intra-Community supplies: Transport document can be replaced by destination documentIn order to apply the VAT exemption for intra-Community supplies in Belgium (article 39bis of the Belgian VAT Code), Belgian VAT authorities require the supplier (amongst others) to obtain and keep a set of commercial documents that the goods have been transported from Belgium to another Member State. Suitable evidence includes contracts, purchase orders, tr […]Richard Cornelisse
- Monthly SAF-T VAT PL - deadline 25 August 2016!According to new regulation Large Enterprises are obliged to submit mandatory VAT SAF-T file in legal XML format for the first time on 25 August 2016. It is a monthly obligation.SAP and VAT SAF-TI refer for complete overview to 'SAF-T for Poland and SAP'. Most companies download the standard SAP VAT return reports from SAP to Excel and have an Exce […]Richard Cornelisse
- Transfer pricing and IT needsFrom a tax controversy perspective TP documentation is important and often results in conflicting priorities within the tax function (allocation of budget and tax resources).Better resource allocation and process improvement can be achieved via (semi)automated documentations, configure ERP systems to support TP needs or implement add-on or bolt-on tools. For […]Richard Cornelisse
- Set concrete measurable actions (KPIs)Setting realistic objectives is the starting point for any successful change effort. In order to increase indirect tax function effectiveness it is important to set S.M.A.R.T. objectives and define tasks: add to objective the word by ... as shown in below example. Break down larger tasks into smaller ones.Read more: Concrete measurable actionsRichard Cornelisse
- Spreadsheets and VAT ComplianceWith human error added into the equation, some defects are going to occur. If the tax function only has MS Excel to perform data transformation to make the data tax ready, the volume of procedures and controls will have to be significantly greater.The problem is that in Excel altered data can lose its audit trail back to its source: mismatches with a compani […]Richard Cornelisse
- Facebook could owe $5 billion in taxes - Jul. 29, 2016Facebook (FB, Tech30) disclosed on Thursday that it could owe billions due to an IRS investigation into the way it moved assets to an Irish subsidiary to avoid higher taxes.The IRS tax penalty could total $3 billion to $5 billion, plus interest, according to a Facebook filing with the Securities and Exchange Commission. If so, Facebook says the penalty could […]Richard Cornelisse
- Real time VAT ledgers in HungaryFollowing the changes announced on ERP and invoicing software requirements in Hungary, the Hungarian government recently announced that businesses issuing invoices using an invoicing software will be required to provide real time data regarding these invoices.The real time data provision will have to include all transactions in which another business with a […]Richard Cornelisse
- OECD's - BEPS involving interest in the banking and insurance sectorsThe report on Action 4, Limiting Base Erosion Involving Interest Deductions and Other Financial Payments, establishes a common approach to tackling BEPS involving interest, but highlights a number of factors which suggest that a difference approach may be needed to address risks posed by entities in the banking and insurance sectors.These include the fact th […]Richard Cornelisse
- e-Learning modules on VATVAT eLearning programme developed by the European Commission consists of 12 individual courses. The eLearning modules on value added tax (VAT) aim at presenting the fundamental elements of the VAT Directive.The modules have an EU-wide perspective and do not explain national variations or derogations. Having completed all individual eLearning modules on VAT t […]Richard Cornelisse
- Introducing a new VAT systemOn 16 June 2016, the Finance Ministers of the Gulf Cooperation Council (GCC) held an extraordinary meeting in Jeddah, Saudi Arabia on GCC Value Added Tax (VAT). GCC States - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates that make up GCC - will most likely introduce VAT on 1 Jan 2018 or by 1 Jan 2019 at the latest. How to get ready?R […]Richard Cornelisse
- Manage business model changeThere is one common denominator that is too often missing from the strategic or planning elements of a business model change — indirect tax. But do these taxes get the attention they need, especially in light of increasingly complicated and globalized business models? And although these tax considerations may not be among the issues that drive a financial tr […]Richard Cornelisse
- Shift from direct tax to indirect taxCFOs / Head of Tax apparently still focus more on direct tax than indirect tax. This is interesting as from a tax revenue perspective the current trend is a shift from direct tax to indirect tax by decreasing direct tax rates and increasing VAT/GST rates.Corporate income tax rates are continuing to fall in many countries. Global indirect taxes can amount to […]Richard Cornelisse
- Criminal charges and jail time
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Richard Cornelisse
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- SAP add-on for SAF-T PolandIn Europe SAF-T is now in force in Austria, France, Lithuania, Luxembourg and Poland. Germany, UK, Ireland, Norway and the Czech Republic are most likely next to introduce SAF-T. Lithuania is expanding its SAF-T. Starting October 1, 2016 all VAT-registered taxable persons, – including foreign companies registered for VAT – will be required to submit a SAF-T […]Richard Cornelisse
- Norway might introduce SAF-T shortlyNorway has now also proposed to introduce SAF-T reporting for VAT registered businesses with a go-live date of 1 January 2017. Tax authorities, due to technological innovations, have become increasingly better in executing their tax audit. The probability that the Tax Authorities will issue additional assessments and penalties in the near future because erro […]Richard Cornelisse
- The Indian Parliament passes GST Constitution Amendment BillThe Indian Parliament has voted unanimously to introduce the Goods and Services Tax (GST). This is a significant development which will affect all businesses with interests in India or who trade with India. Continue reading It is now time to take the necessary preparations as the go live date is ambitious. The article in the next hyperlink includes … Continu […]Richard Cornelisse
- Sale-and-lease back not rental but other service subject to VATThe Supreme Tax Court considers a sale-and-lease-back transaction as a taxable other service rather than a lease or the tax-exempt grant of a loan if the chosen scenario is a reasonable non-tax driven choice of form used to enable the seller (lessee) to enjoy certain accounting and reporting benefits. Continue ReadingFiled under: BelastingnieuwsRichard Cornelisse
- VAT exemption for Intra-Community supplies: Transport document can be replaced by destination documentIn order to apply the VAT exemption for intra-Community supplies in Belgium (article 39bis of the Belgian VAT Code), Belgian VAT authorities require the supplier (amongst others) to obtain and keep a set of commercial documents that the goods have been transported from Belgium to another Member State. Suitable evidence includes contracts, purchase orders, tr […]Richard Cornelisse
- Facebook could owe $5 billion in taxes – Jul. 29, 2016Facebook (FB, Tech30) disclosed on Thursday that it could owe billions due to an IRS investigation into the way it moved assets to an Irish subsidiary to avoid higher taxes. The IRS tax penalty could total $3 billion to $5 billion, plus interest, according to a Facebook filing with the Securities and Exchange Commission. If … Continue reading Facebook could […]Richard Cornelisse
- Real time VAT ledgers in HungaryFollowing the changes announced on ERP and invoicing software requirements in Hungary, the Hungarian government recently announced that businesses issuing invoices using an invoicing software will be required to provide real time data regarding these invoices. The real time data provision will have to include all transactions in which another business with a […]Richard Cornelisse
- Tiberghien – VAT exemption of intra-EU supplies : Belgian VAT authorities simplify the proof required.On 1 July 2016, the Belgian VAT authorities published an important decision that should simplify the burden of proof requirements for the VAT exemption concerning intra-EU supplies. In principle, the VAT exemption for intra-EU supplies requires the fulfillment of two conditions: proving the customer’s VAT taxable status through a correct VAT-identification n […]Richard Cornelisse
- European Commission – Austria VAT infringementThe Commission requests AUSTRIA to amend its rules on the VAT treatment of resale rights of works of art. The Commission has requested Austria to change its rules on the value-added tax (VAT) treatment of resale rights on works of art. Resale rights – which give rise to what are commonly known as ‘royalties’ – constitute … Continue reading European Commissio […]Richard Cornelisse
- Tax advisers arrested in suspected £132m tax fraud investigation – HM Revenue & Customs (HMRC)Three tax advisers have been arrested as part of a HM Revenue and Customs (HMRC) investigation into a suspected £132 million tax fraud. More than 30 officers from HMRC searched four residential and one business address during morning raids yesterday in the North West and Midlands. Computers, business and personal records were seized during the … Continue rea […]Richard Cornelisse
- SAP add-on for SAF-T Poland
