Taxation News – 3rd Issue (April 2014)-New Rules of VAT Taxation of Financial Leasing
Bulgaria
New Rules of VAT Taxation of Financial Leasing
The VAT taxation of financial leasing has been changed as of 1st of January 2014. With the amendment of
Article 6 paragraph 2 item 3 of the Value Added Tax Act, VAT on the total price of goods is chargeable
upon handing over the goods in cases when this transfer of right to ownership is provided as an option and
if the total amount of the lease installments, minus the interest payments, equals the fair value of
the leased goods.
Till 1st of January 2014 the VAT on the total price of goods was chargeable upon handing over the goods
only in cases when the leasing contract provides explicitly the transfer of right to ownership of the
goods. According to §29 of the Transitional and Concluding Provisions to the Act Amending and
Supplementing the Value Added Tax Act the new rules shall apply to deliveries under leasing contracts,
concluded after January 1st 2014.
European Union
VAT: Commission Publishes Guidelines to Help Businesses Prepare for Change of e-services Rules
Greece
The Ministry of Finance Issued the Updated Lists of
Uncooperative Jurisdictions and Jurisdictions with a
Preferential Tax Regime
The Ministry of Finance Issued Circular no.
1076/17.03.2014 Providing further Instructions to the
Application of the Controlled Foreign Corporation Rules
OECD
OECD Delivers New Single Global Standard on Automatic Exchange of Information
Romania
Urgency Edict of the Romanian Government no. 8 from
26th February 2014 – for the Amendment and the
Addendum of certain Normative Acts and other Fiscal –
Budgetary Measures
Ukraine
The Cabinet of Ministers Approved the Mechanism of
Investors’ Support in Arenas Building Projects for
EuroBasket Championship in Ukraine – 2015
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