Following the mandatory testing of employees at COVID-19 and the resulting ambiguity in the treatment of VAT, the financial administration decided to clarify the conditions for the exemption of these services from VAT. The Directorate-General for Finance states in official information that COVID-19 testing services, whether mandatory or self-paying, are exempt from VAT without the right to deduct. These services include not only antigen or PCR testing for the presence of the virus, but also testing for the presence of antibodies. This approach will be officially applied with effect from 1 April 2021. 

The VAT position of electronic interface operators will change dramatically from 1 July 2021. In connection with a planned amendment to the VAT Act relating to e-commerce, individual e-shops ensuring the sale of goods from foreign suppliers will have to assess whether they are operating as deemed suppliers.

Lower levels of demand. Disruptions to supply chains. Increases in exceptional, nonrecurring operational costs. These are the key factors which have led to a loss situation faced by many companies of multinational groups during the COVID-19 pandemic, irrespective of whether they are a limited risk or a fully fledged entity. What is the OECD’s view regarding how entities should approach transfer pricing in light of these circumstances?

Mazars, the international audit, tax and advisory firm, today releases the results of its survey of 500 audit users and decision makers from 12 countries in ‘The future of audit: market view - myths, realities and ways forward’. Data from 12 countries increases understanding of today’s audit market and helps dispel four ‘myths’ relating to audit’s objectives, appetite for joint audit and the role of auditors and technology Vast majority (93%) of audit users think audit needs to be reformed and 87% are favourable to joint audit Companies overwhelmingly welcome auditors expanding assurance services beyond financial reporting (96%); value a human-centric approach supported by technology to reinforce audit quality; and view boosting objectivity, confidence, and performance as primary audit goals