Insights

You may give your employees untaxed allowances, both in wages and in kind (such as a staff party or a Christmas package). This is arranged through the Work-related expenses scheme (WKR). To be untaxed these allowances must fit in the free space that the WKR allows. In this theme about the WKR, we take a closer look at the risks and opportunities of the WKR.

Starting in 2024, a new law for a global minimum profit tax for internationally operating companies will apply in the Netherlands: the 2024 Minimum Tax Act (Pillar 2).

Most goods imported into the Netherlands from outside the EU are subject to VAT. The VAT will have to be paid by the importer at the time of clearing goods into the EU.

Customs duty is levied across the EU at the place where goods are cleared into ‘free circulation’ in the EU. Once duty (if applicable) and VAT has been paid by the importer, the goods are in free circulation and they can then be released for use in the EU market.

In most of EU countries acting as an ‘Importer of Record’ means that you will have to register for VAT, charge VAT on sales and submit VAT returns.

Cyberattacks Ukraine also affect European companies The war in Ukraine is a reality. A war that can have a major impact and in which cyber-attacks are also used as a weapon, affecting not only Ukraine, but also European companies and organisations. Our cyber-security experts issue a warning for an increased cyber risk which is also of great importance for your company.

Since 27 September 2020 Dutch legal entities are required to register information regarding their UBOs in the UBO register. The UBO register is a direct consequence of European regulations. Its aim is to increase transparency among the individuals who are in control over companies, irrespective of the way in which an entity or concern is organized.

In January 2016, the International Accounting Standards Board (IASB) issued IFRS 16 ‘Leasing’, which represents the first major overhaul in lease accounting for over 30 years. The Standard brings fundamental changes to lease accounting that replace previous accounting that is considered no longer fit for purpose. These changes become effective from 1 January 2019.

Specific recommendations on digital taxation have been limited and the OECD’s calls for an international consensus on the way forward have so far been unheeded. So, what’s coming up on the horizon and how can your business deal with the implications?