Austria: Miscellaneous

NoVA. Last December the European Court of Justice ruled that the inclusion of the standard fuel consumption tax (NoVA) in the base for VAT calculation in the case of the supply of motor vehicles is in contrast with EU legislation. The Court motivated its decision stating that the main reason behind the tax is not supply but first registration of the vehicle.

Pursuant to the Court’s ruling, the suppliers of vehicles may claim refunding of the excessive VAT previously incurred if the procedural requirements are satisfied. In cases where an invoice has been issued regarding the supply of motor vehicles showing the VAT amount separately, in order to obtain refunding it is necessary to correct the invoice and send it to the client.

In this respect it is however important to bear in mind that a passage of the Law on NoVA states that the amount of NoVA has to be increased by 20% if it is not part of the VAT calculation base. Thus, the reduced VAT amount is compensated by a NoVA increase without any benefit to the taxpayer.

In a decree issued at the beginning of February, the Tax Administration explains that the NoVA amount increased by 20% is applied in all cases of individual importation in Austria of motor vehicles from an EU member country. This rule applies both to new cars and second-hand cars.

Finally the Ministry of Finance states that the current method, i.e. the consideration of VAT with reference to NoVA for the intra-communitarian supply and/or purchase of vehicles can be maintained until 30 June 2011. In order to avoid double taxation, until the end of June it is possible to refrain from the application of the increased NoVA amount.

Financial statements. If financial statements are not filed with the commercial register by the end of the statutory deadline of 9 months after the balance sheet date, a minimum fine of 700 euro will be imposed automatically without prior notice. It is possible to file an objection against the fine within a period of 14 days.

If the disclosure of a financial statement is not made within two months from the end of the 9 months’ deadline, additional fines will be imposed every two months. The amount of the fines may reach 2,100 euro for medium corporations and up to 4,200 euro for big corporations. By 28 February it is therefore necessary to provide for the disclosure of all financial statements for balance sheets with a closing date until 31 May 2010.

Share

Tags: , ,

Lascia un Commento

L'indirizzo email non verrà pubblicato. I campi obbligatori sono contrassegnati *

*

È possibile utilizzare questi tag ed attributi XHTML: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>