According to the latest changes in the legislation of Ukraine, the taxpayers shall keep and maintain documentation on transfer pricing, and on request of the central executive authority shall submit information on the implementation of the controlled transactions along with filing corporate income tax return. New transfer pricing rules envisage penalties for non-submission of such report and/or as well as for non-reporting of the controlled transactions.
In summer, employees usually use most part of their vacation leave. However, if the employee terminates the employment relationship before the end of the calendar year, it is possible that part of their vacation leave will have to be returned to the employer.
The Government has approved the expansion of the local reverse charge mechanism to new types of selected commodities. With effect from 1 July 2015, the reverse charge mechanism shall apply to all cereal and technical crops, including oil seeds, as specified under the customs nomenclature codes included in Chapter 10 and 12, which simultaneously meet the definition provided by the relevant Government Decree (e.g. wheat, rye, barley, buckwheat, millet, oat, rice, sunflower seed, flax and sesame seeds and seeds of certain herbs, soya beans, etc).
On 4th June 2015 by issuing preliminary ruling in case C-678/13 the Court of Justice of the European Union ended the dispute between European Commission and Republic of Poland regarding application of reduced VAT rate for delivery of some medical products. Court of Justice ruled that Poland have partly infringed the EU directive, among others by applying 8% VAT rate for delivery of cystine and cysteine.
On January 30th, 2015 the Supreme Court issued a resolution (case file III CZP 34/14), which settled the legal issue raised by the First President of the Supreme Court concerning the possibility of registering joint improper commercial proxy in NCR
This is not a new benefit in kind but a rather old one. Still, we consider that bringing the subject into present times was a valuable action, as few of foreign business owners and managers have knowledge about it.
We would like to draw your attention to the approved amendment on the Act No. 513/1991 Coll. the Commercial Code through the Act No. 87/2015 Coll. published in the Collection of Laws that introduces many important changes – mainly in terms of strengthening of the position of creditors and responsibilities when doing business. Please find below the overview of the most crucial changes that may influence also your business activity in Slovakia