Einde inhoudsopgave
The EU VAT Treatment of Vouchers (FM nr. 157) 2019/4.1.2
4.1.2 Accountancy rules and VAT
Dr. J.B.O. Bijl, datum 01-05-2019
- Datum
01-05-2019
- Auteur
Dr. J.B.O. Bijl
- JCDI
JCDI:ADS593620:1
- Vakgebied(en)
Omzetbelasting / Levering van goederen en diensten
Omzetbelasting / Bijzondere OB-regelingen
Omzetbelasting / Vergoeding
Voetnoten
Voetnoten
The Treaty on the Functioning of the EU (TFEU), under Article 113, specifically provides for the Council, acting unanimously in accordance with a special legislative procedure and after consulting the European Parliament and the Economic and Social Committee, to adopt provisions for the harmonisation of Member States' rules in the area of indirect taxation (principally Value Added Tax and Excise Duties) because indirect taxes may create an immediate obstacle to the free movement of goods and the free supply of services within an Internal Market. EU VAT legislation is based mainly on directives. A directive is binding upon each Member State to which it is addressed, but leaves the choice of form and methods to the national authorities who transpose it into national legislation. Currently, the main piece of legislation is the EU VAT Directive.
See, for example, the Study on reduced VAT applied to goods and services in the Member States of the European Union, Final report written by Copenhagen Economics, 21 June 2007, D(2008) 33113 – EN, available on-line on http://ec.europa.eu/taxation_customs/resources/documents/taxation/gen_info/economic_analysis/tax_papers/taxation_paper_13_en.pdf, last accessed on 21 February 2019.
See, for example, Sijbren Cnossen, A Primer on VAT as Perceived by Lawyers, Economists and Accountants, Tax Notes, August 17, 2009, p. 687-698.
See, for example, Governance, Taxation and Accountability: Issues and Practices, OECD, DAC Guidelines and Reference Series, 2008.
Clifford Gomez, Auditing and Assurance: Theory and Practice, New Delhi (India), 2012, p. 262.
Taxation is a legalised way1 of achieving economic and financial objectives.2 Therefore, taxation can be looked at from a legal, an economic as well as an accounting perspective.3 Not only is accountability relevant in any tax system,4 some of the accountancy rules are also a standardised and regulated way of establishing the nature or character of a transaction. After all, financial statements should reflect a true and fair view of the business affairs of an organisation.5 Therefore, I will also investigate the accountancy rules that are relevant for this purpose (i.e. identifying the nature or character of a transaction). The accountancy approach to transactions can also be seen as the application of (a form of) ‘commercial and economic reality’.
4.1.2.1 A very brief introduction into accounting standards4.1.2.2 ‘Consideration’ (a VAT concept) and ‘revenue’ (as an accounting concept)4.1.2.3 Accounting rules for determining whether a supply is made for consideration4.1.2.4 Proposed joint IASB/FASB rules for accounting for free products