Tax & Legal Update
Pitfalls of quick fixes: proving transport and chain transactions
In the May issue of Tax and Legal Update, we covered the first two changes arising from the draft 2020 amendment to the VAT Act. The amendment also contains important changes as regards proving transport to another member state and chain…
2019 VAT amendment: treatment of meal vouchers
In the March issue of Tax and Legal Update, we looked into whether meal vouchers meet the definition of a voucher for VAT purposes. The question of how to treat meal vouchers following the implementation of the Vouchers Directive in the amended VAT…
Major changes to tax procedure rules ahead
The Ministry of Finance has released for intra-departmental comments an extensive amendment to the Tax Procedure Code. Its impressive 130 points will affect many old ways. For instance, the ministry proposes to change the system of charging interest…
Rules of profit distribution for joint stock and limited liability companies…
Late in March, the Supreme Court issued a decision significantly diverging from its previous case law concerning the rules of profit distribution for joint-stock and limited liability companies (capital companies). The case law had mostly been…
Office for Personal Data Protection imposes fine for excessive keeping of copies
Last year, the Office for Personal Data Protection dealt with a case of an employer who kept excessive copies of employee documents. This is common practice among employers who, for safety’s sake make copies of all such documents. Nevertheless, this…
Supreme Court confirms strict rules for serving notice of termination
Under the Labour Code, employers must deliver documents by which an employment is terminated to their employees primarily in person, at the workplace, at their residence or wherever the employees can be found. Only of this is not possible may…
SAC on proving delivery to another member state and on abuse of right
The abuse of right concept has been recently quoted mainly in connection with the adoption of the tax package. According to the amended Tax Procedure Code that defines it, the abuse of right concept applies to transactions whose predominant purpose …
Where to pay VAT on professional training courses – CJEU rules on Swedish case
The CJEU’s judgement has again shuffled the cards as regards the place of taxation for professional training courses. Should the venue of a course be decisive?
Government to disallow certain foreign investments
On 10 April 2019, Regulation (EU) 2019/452 of the European Parliament and the Council, establishing a framework for the screening of foreign direct investments into the European Union, entered into effect in record time. In connection with this, the…
Outsourcing in financial services – new and stricter guidelines
The European Banking Authority (EBA) has issued new and stricter guidelines on outsourcing arrangements, affecting all entities subject to its supervision, including payment and electronic money institutions. EBA’s guidelines have been prepared in…
New EU Prospectus Regulation: more obligations for issuers or less strict rules?
What major changes in disclosing information about securities are to be introduced by Regulation (EU) 2017/1129 of the European Parliament and the Council? The regulation will be directly applicable from 21 July of this year. Will issuers of…