The Act of Payment Services is the transposition of the European Directive 2007/64/EC.
This new legislation came into force on 3 December 2009 and applies to 30 countries of the European economic area: 27 that make up the European Union plus Norway, Iceland and Liechtenstein. It directly affects our operational with the banks. By way of summary:
The regulation applies to the following payment systems.
* Transfers
* Direct debits
* Payments with debit and credit cards
Its entry into force involves a series of changes in business practices of the specified payment instruments, including:
1. Shared expenses (SHARE): the costs of emission of transfers, should they exist, are shared between the payer and the payee, as per the criteria applied by the respective financial institutions.
2. Transfers are paid in accordance with the identification code provided by customers: the number of account (C.C.C.) or the IBAN.
The international code of Bank Account is the number of international identification of bank accounts. All bank account has an IBAN, but it does not replace the current code account customer (C.C.C.). It comprises 34 contiguous characters maximum bearing a fixed length in each country.
3. Orders will be executed within 3 working days from receipt.
4. Payments covered by this system are credited with the value date on which the amount of the transaction is received in our entity (in the case of non-business day shall be paid with date value of the next business day).
5 .You shall have a period of 8 calendar weeks to request the return of any receipt.
Source > Ing Direct
The Spanish Council of Ministers adopted a Royal Decree to complete the transposition of Community directives known as ‘VAT package’ referred to in the new system of ‘one-stop shop’ to enable the return of VAT quotas to European businessmen, announced the Executive in a note. The new system applies to employers established in the peninsula and the Balearic Islands when they supported VAT charges in other EU countries.
You can have it permanently. However, legally speaking, you can only drive it for six months in a calendar year. This means the six months need not be continuous and also means every 1st of January the term starts automatically from zero.
Now, let us come to real life. Given the fact that EU citizens no longer have to have their car formally sealed, there is no effective method for the authorities to prove whether or not you are driving the car and for how long.
The European Commission proposed a modification of the EC regulation on VAT (Value Added Tax) with the aim of facilitating on-line invoicing by means of reducing administrative constraints on companies, especially small and medium-sized enterprises.
The EC thinks that this will help member states fight tax fraud. Brussels calculates that this initiative will allow a saving of 18,000 million Euros within the EU.
The proposal suppresses the effective disposition of the EC regulation on VAT that prevents electronic invoicing and establishes the principle that electronic invoices have the same validity. It will allow companies to adopt 100% electronic invoicing systems.
The commissioner responsible for fiscal policy László Kovács, emphasized that at the present time the national rules regarding invoicing in the territory of VAT “are excessively complicated and diverse, creating useless administrative loads for the companies that exert international activities and which facilitate the merry-go-round type of fraud”. With the proposed changes, the invoicing rules “will be much more simple, modern and complete, and at the same time they will give effective ways of fiscal control to the administrations”.
The EC Executive presented a report on the European strategy for the reduction of administrative burdens; its conclusion is that citizens and companies are already getting benefit from this initiative. The suppression of about 1,300 legislative acts representing around 10% of the total or 7,800 pages of the Official Newspaper has been proposed. The anticipated measures of reduction estimate a saving of administrative loads worth more than 30,000 million Euros.
(Source: Vlex, Noticias Legales)