VAT update

Article Abstract:

The new VAT developments in the month of May 2004 are outlined. The US High Court has made an important decision on whether an assessment should be struck out on the basis that it was not made in the VAT officer's best judgment where the case is that of Pegasus Birds Ltd in which the VAT tribunal, after a marathon session, concluded that the assessment was not in best judgment and should be struck out and on appeal, the High Court reinstated the assessment.

United States

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Carousel fraud saga takes new turn

Article Abstract:

The ongoing 'carousel fraud' saga took another turn as the government asked the European Commission to remove certain VAT charges from the supply chain of mobile phones and computer chips, in a bid to stem the revenues lost through missing trader intra-community fraud. However, the accountancy professional bodies have refused to sign up to a Revenue & Customs statement condemning the fraud even though several firms, including the Big Four, have done so.

Semiconductors and related devices, Semiconductor and Related Device Manufacturing, Europe, Integrated & Hybrid Circuits, Taxes, Integrated Circuits, Taxation, Semiconductor chips, European Union. European Commission, Standard IC

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Hands-off approach

Article Abstract:

The U.K. government has introduced tough legislation to prevent the use of mobile phones while driving. Several suggestions for companies to ensure that their employees are not distracted by work-related calls while driving are provided.

United Kingdom, Usage

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