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Due to a change in the Austrian VAT Code the following two requirements must be additionally met in order to apply the zero VAT rate to intra-Community supplies of goods:

Wow! 3 years and 7 months after the EU Referendum in which 51,9% of voters ticked “Leave”, we only have a very short time left to go until the UK leaves the EU! With amazingly little fanfare or drama, the UK will quietly and legally exit the world’s largest trading bloc after 45 years as one of its most significant members. With the departure of the UK and its 16% budget contribution *(source Financial Times), the economy of the EU is set to become smaller than that of the US. Reading the British media over the past few weeks, it seems as if “Meghxit or Harrxit” seem to be more in the public interest than Brexit as a another fiercely independent member leaves a stable instituion that is argubaly in need of modernization.

In the transition phase lasting until the end of 2020 everything will essentially remain as before except that the UK will have no voting rights will have legally left the European Union. However, the trade agreements that govern the period after withdrawal must be made quickly. Both chambers of the British Parliament have approved the Brexit Act and the Queen has given Royal Assent. This means that the withdrawal agreement is now a done-deal on the UK side. The next step is for the European Parliament to approve the withdrawal agreement on 29 January. Only two days later, on 31 January at 24:00 (CET), Great Britain will leave the EU. More than three and a half years after the British had voted for withdrawal in a referendum, the Brexit is finally being executed.

A Conservative Government has been returned to Westminster. What are the tax implications?

IFRS news is your quarterly update on things relating to International Financial Reporting Standards (IFRS). Grant Thornton brings you up to speed on topical issues and significant developments, provide comments and give our point of view.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.

From 2020, employers who do not have a permanent establishment (PE) for taxes on salary in Austria will also be obliged to pay wage tax on their employees if their employees are subject to unlimited taxation. In particular, employees with domestic residence or habitual abode are affected.

In October 2018, the IASB issued ‘Definition of a Business’ making amendments to IFRS 3 ‘Business Combinations’. The amendments are a response to feedback received from the post-implementation review of IFRS 3 (‘the Standard’). They clarify the definition of a business, with the aim of helping entities to determine whether a transaction should be accounted for as an asset acquisition or a business combination. In summary, the amendments: clarify the minimum attributes that the acquired set of activities and assets must have to be considered a business remove the assessment of whether market participants are able to replace missing inputs or processes and continue to produce outputs narrow the definition of a business and the definition of outputs add an optional concentration test that allows a simplified assessment of whether an acquired set of activities and assets is not a business.

Despite increasing trade barriers and a rather pessimistic expectation of global economic development, technology and growth opportunities are driving companies internationally in new markets.

In times of uncertainty businesses often turn to a trusted confidant, who can diagnose their problems and recommend a course of action to thrive. It is perhaps therefore no surprise that when many sectors are starting to look off colour, the professional services sector is in relatively good health. In this article, we explore the vital signs for the Professional services sector and explore their outlook.

The OECD’s latest proposals on taxing digital business pull back from the radical roadmap put forward in May to something much closer to the January policy note by proposing a modified residual profit split with benchmarking of routine profits.

Research shows that R&D investment is a priority for businesses growing internationally – so how might R&D support your business’s overseas expansion?

Businesses of all shapes and sizes are trying to carve out a competitive advantage by leveraging digital information. The most cutting-edge companies harness customer preference data for a range of reasons, including to create personalised services and targeted marketing campaigns; to scrutinise employee performance data to drive productivity; and to analyse supply chain information to drive efficiencies. And that’s just the tip of the iceberg, with digitised data embedded across business practices.

Businesses have ploughed billions of dollars into technology that promises to keep cyber threats at bay. Gartner claims that end-user spending for the information security market is estimated to grow at a CAGR of 8.5% between 2017 and 2022, reaching $170bn.[i]

Expanding into new international markets can be challenging due to the many issues to consider and resolve. Our team provides advice and insights to support you on every step of your way.

IFRS 16 requires lessees and lessors to provide information about leasing activities within their financial statements. The Standard explains how this information should be presented on the face of the statements and what disclosures are required. In this article we identify the requirements and provide a series of examples illustrating one possible way the note disclosures might be presented.