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May 22, 2019
The new lease standard establishes a new accounting model for lessees by eliminating substantially all off-balance sheet accounting for leasing transactions. Lessor accounting is largely unchanged compared to IAS 17. IFRS 16 might affect key metrics, decisions such as lease or buy and might extend to affect negotiations of lessees with lessors and other lenders....
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The Tax Department issued two interpretative circulars providing certain clarifications with regard to the Informative booklet on Benefits in Kind which was issued in October 2018. The first circular provides clarifications regarding the below provisions included in the Informative booklet on BIK: Paragraph 2.3 of Informative booklet on BIK – Keeping of Records The Tax...
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Important CJEU Update: Recovery of VAT on qualifying bad debt in cases where debtors are no longer VAT registered Action Required In case C-127/18, the Court of Justice of the European Union held that a taxable person can claim back VAT on unpaid customer balances which qualify for VAT as bad debts, even if the...
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