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In the current issue of Tax & Legal News we would like to draw your attention to the following highlights:

An amendment transposing the 5th AML Directive enters into force in November

The 5th AML Directive introduces namely measures to increase the transparency of beneficial ownership, extends the scope of obliged entities to virtual currency service providers, strengthens the rules for the assessment and increased care of obliged entities for clients from high risk third countries and addresses the risks associated with anonymous prepaid instruments.

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The Court of Justice of the European Union ruled in Slovak VAT case

The Court of Justice of the EU issued order in case C‑621/19 Finančné riaditeľstvo Slovenskej republiky v Weindel Logistik Service SR spol. s r.o. which deals with the possibility to claim import VAT deduction by the importer who does not become the owner of imported goods.

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Transfer pricing adjustments can lead to tax risks

The Municipal Court in Prague confirmed the approach of the Tax Authorities who reclassified marketing services contractually rendered abroad to the consideration received from a third party that should be included in the tax base for local supply of goods and be subject to the Czech VAT.

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EU list of non-cooperative jurisdictions for tax purposes was again revised

ECOFIN adopted a revised EU list of non-cooperative jurisdictions for tax purposes (the EU blacklist). The EU Finance Ministers agreed to add two new jurisdictions to the list as well as to remove two jurisdictions from the list.

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The Court of Justice of the EU decided on the deduction of input VAT for construction work on public roads carried out free of charge for the benefit of a municipality

On 16 September 2020, the Court of Justice of the European Union (“CJEU”) released its judgment in the case C-528/19 „Mitteldeutsche Hartstein Industrie AG“. CJEU dealt with questions whether it is allowed to deduct input VAT related to construction work carried out on a public road for the benefit of a municipality and whether extension of a public road completed free of charge for the benefit of a municipality represents a supply of goods for consideration.

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