There are many ‘simplifications’ in tax and not all of them deserve the title. However the application of the VAT relief for business transfers (known in the VAT world as the Transfer of a Business as a Going Concern ‘TOGC’) has been relatively uncontroversial. This may change in the light of the recent European Court case of AB SKF (Case C-29/08).
The simple
Anyone exposed to VAT will quickly realise that it is a tax capable of being applied to anything. Doing something in return for a payment may seem more intuitively taxable than refraining from doing something but they are both potentially VATable transactions.
Because of this VAT is a flexible and cheap to collect tax capable of applying to goods real property and intangibles alike. In essence everything which is deemed to be a...
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There are many ‘simplifications’ in tax and not all of them deserve the title. However the application of the VAT relief for business transfers (known in the VAT world as the Transfer of a Business as a Going Concern ‘TOGC’) has been relatively uncontroversial. This may change in the light of the recent European Court case of AB SKF (Case C-29/08).
The simple
Anyone exposed to VAT will quickly realise that it is a tax capable of being applied to anything. Doing something in return for a payment may seem more intuitively taxable than refraining from doing something but they are both potentially VATable transactions.
Because of this VAT is a flexible and cheap to collect tax capable of applying to goods real property and intangibles alike. In essence everything which is deemed to be a...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
