CREATION OF ASD UNITED KINGDOM

ASD Group is proud to announce the creation of its agency in England. For further information, feel free to contact...

VAT RATE IN UNITED KINGDOM

UK will amend its VAT rate from 17,5% to 20%. We'll keep you informed as soon as it will be applicable if this decision is confirmed.

NEW VAT RATES IN 4 EUROPEAN COUNTRIES

Greece, Portugal, Spain and Romania amend theirs VAT rates on 1st July 2010.
GREECE : On 1st July, Greece support a new VAT increase after one established on march 2010. By now, VAT normal rate increase from 21% to 23%, reduce rate for food, non alcoholic drinks and hotel increase from 10% to 11% and extra reduce rate increase to 5.5%.
PORTUGAL : Normal rates increase in 2002 from 17% to 19% and since 1st July, increased again from 19% to 21%. Reduce rate is now about 12% and the extra reduce rate is about 5%.
ROMANIA : The amendment established on 1st July predict a 5 points increase. Normal rate will increase from 19% to 24%. Reduce rate stay at 9%.
SPAIN : The Spanish law 26/2009 on 23rd December 2009 - General Budget of State for 2010 (published on 2009/12/24) in effect on 2010/07/01 : Standard Rate 18%, Reduced Rate 8%. The Spanish law 37/1992 on 28th December (published on 29th December) on Value Added Tax stay unchanged for : Extra Reduced rate 4%.

ONLINE BET AND GAME

Since May 2010 and the opening of Online Bet and Game in France, foreigner companies non-established in France must accredit a fiscal representative.
14th May 2010 Instruction
WITHDRAWAL ON GAME AND BET.ACCREDITATION PROCEDURE FOR PERSONS NON-ESTABLISHED IN FRANCE
(C.G.I., art. 302 bis ZN)
Article 47 of French law n° 2010-476 on 12th May 2010 relating to the competition's opening and regulation of Online Bet and Game impose 3 withdrawals on bet and game, on French articles 302 bis ZG, 302 bis ZH and 302 bis ZI (CGI).
On article 302 bis ZN (CGI), when a person non established in France is indebted to one of this 3 withdrawals ,he must accredit to fiscal authorities a fiscal representative who will be in charge of all formalities and will handle withdrawals for him. He must set up accounting files for all sessions of Online Bet and Game, and let this files available to fiscal authorities.

TAXES ON INSURANCE AGREEMENTS

All foreign underwriters in France must pay taxes on Insurance Agreement
All policy holder of an insurance agreement settled by a French or foreigner underwriter must pay the yearly tax on Insurance Agreement, no matter place and date of the subscription .This tax is compulsory and linked to actions on insurance agreements as creation, modification, amicable cancellation, expedition, copies, no matter place and date of redaction or in case of free registration's required.
This tax will be calculated on amounts received as profit by the underwriter and on all accessories he will benefit from contract of policyholder.

NOTA :
As indicated in French Law 2004-1485 2004-12-30 art. 95 IV, this layouts must be settled on agreements concluded and acted from 1st January 2006 when they are compulsory declared
and registered, in other case, when it's a volunteer presentation, it takes act as from this date.

REVERSE CHARGE IN ITALY

Since 20th february 2010 Italy use now the Reverse Charge Principle to invoiced goods and services sold by non-established companies to italian companies

For Example : when a french company buy and sell in Italy to an italian company OR if a french company import cargoes in Italy to sell it to an italian company

Before 20th february 2010 : this french company was able to invoiced its customers with the italian VAT and so obtain directly the VAT refund paid to its suppliers or to customs.
Since 20th february 2010 this french company must invoiced Without VAT and the VAT paid to its suppliers or to customs must be requested as VAT refund to the italian government

Be careful : VAT refund in Italy can take long time : between 2 and 5 years to get reimbursed.

ASD has submited a request to report the impact this system will have on accounts of non-established companies with so long waiting period.