International transactions have always been a complex area for indirect taxes resulting in a number of potential pitfalls for businesses- and 2016 has seen many additional challenges for organisations to consider. A new specialist training service delivered by Anderson Anderson & Brown (AAB) is positioned to support businesses to prepare for and tackle these challenges.
While the full implications of Brexit will not be apparent for a number of years; there are still emerging issues such as the impact of BEPS, the introduction of the Union Customs Code, the EU’s Action Plan on VAT, the revised EU legislation on immoveable property and recent CJEU decisions to understand.
The movement of goods cross border places legal and financial burdens on organisations; whether it is the reporting requirements for intra-EU transactions or the cost of Customs Duties on goods imported from out with the EU. Businesses need to understand the duty reliefs available to them to ensure that they remain competitive in a challenging market. Equally, the provision of international services produces a range of unique issues for businesses. The tax authorities consider international transactions as a particular risk area, with cross border fraud being one of the prime drivers behind the proposed changes under the Action Plan. One area which has seen specific action taken by HMRC recently has been in relation to the incorrect application of the reverse charge mechanism. Increasingly, HMRC are refusing input VAT claims where the rules have been applied incorrectly and VAT charges are being disputed throughout the supply chain.
Any business involved in international trade needs to ensure it understands the regulatory processes in order that it can avoid unexpected, and unnecessary, costs and can benefit from the available reliefs and simplifications.AAB recognises this and addresses it in its training course “Indirect Tax Considerations for International Trade”. This is designed to provide finance and logistics staff who are involved in international supply chains with a clear and comprehensive overview of the VAT obligations for trade with other EU Member States and with third countries. This course will be running on Wednesday 7 December 2016 at AAB’s flagship new offices at Prime Four Business Park, Kingswells. More information on this specialist training course can be viewed here.