The special measure requested by Hungary is in line with Council Directive (EU) 2020/285 ( 3), which seeks to reduce the compliance burden for small enterprises and avoid distortions of competition in the internal market. By letter dated 12 January 2023, the Commission notified Hungary that it had all the information necessary for the appraisal of the request. Pursuant to Article 395(2), second subparagraph, of Directive 2006/112/EC, the Commission transmitted the request made by Hungary to the other Member States by letter dated 11 January 2023. Having regard to the proposal from the European Commission,Īrticle 287, point (12), of Directive 2006/112/EC allows Hungary to exempt from value added tax (VAT) taxable persons whose annual turnover is no higher than the equivalent in national currency of EUR 35 000 at the conversion rate on the day of its accession.īy Council Implementing Decision (EU) 2022/73 ( 2), Hungary was authorised, until 31 December 2024, to continue to apply a special measure derogating from Article 287, point (12), of Directive 2006/112/EC and thus to exempt from VAT taxable persons whose annual turnover is no higher than the equivalent in national currency of EUR 48 000 at the conversion rate on the day of its accession to the Union (the ‘special measure’).īy letter registered with the Commission on 15 December 2022, Hungary requested an authorisation to increase the threshold of the existing special measure to EUR 71 500 for the remainder of the authorised period. Having regard to Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax ( 1), and in particular Article 395(1), first subparagraph, thereof, Having regard to the Treaty on the Functioning of the European Union, It has become the local hub of many brand flagship stores and first stores, leading Hubin Pedestrian Street and other physical commercial entities of Hangzhou toward the path of development.COUNCIL IMPLEMENTING DECISION (EU) 2023/1025Īuthorising Hungary to apply a special measure derogating from Article 287 of Directive 2006/112/EC on the common system of value added tax, and repealing Implementing Decision (EU) 2018/1490 Today, Yintai in77 is home to the flagship stores of Hermès, LV, GUCCI and other global luxury brands, as well as Asia’s largest Apple retail flagship store, Zhejiang’s first LEGO® flagship store, adidas urban brand center, and other flagship stores. As a core commercial entity situated at the Pedestrian Street, Yintai in77 has been actively innovating and upgrading, consistently improving both its brand services and shopping experience. Hubin Pedestrian Street, where it is located, is one of the first five pedestrian streets to be conferred “National Demonstration Pedestrian Street” status. Yintai in77, situated in the busiest commercial and tourist district of Hangzhou, is the sole multipurpose integrated urban complex in Hubin, West Lake. The relevant person in charge of Hangzhou Administration Bureau for Industry and Commerce said that the implementation of the departure tax refund policy will help promote and expand consumption demand, boost Hanghzou’s competitiveness, and gradually improve Hangzhou’s international standards and overall influence, The tax refund rate for eligible purchases is 11%. According to this departure tax refund policy, foreign visitors who apply for tax refunds should meet the following requirements: (1) the amount of tax-refundable goods purchased by the same foreign visitor on the same day in the same shop with tax refund status shall not exceed RMB500 (2) the tax-refundable good has not been used or consumed (3) the number of days between the departure date and date of purchase of the tax-refundable goods shall not exceed 90 days and (4) all tax-refundable goods purchased shall leave China accompanied by the said visitor either as carry-on or check-in luggage. The departure tax refund policy for purchases by foreign visitors means that foreign visitors leaving China may be entitled to a VAT refund on tax-refundable goods purchased in shops with tax refund status. Yintai in77 and 26 other retailers have been granted departure tax refund status. The Ministry of Finance, State Taxation Administration and General Administration of Customs have granted approval to Zhejiang to implement a departure tax refund policy for purchases by foreign visitors from December1st.
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