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VATupdate Newsletter Week 13 2024

Penguins

Doing VAT can sometimes be confusing. Especially for other people. And specifically, to other tax people.

If you’re into Corporate Tax or Income Tax, you are looking at profit or income that a person or company makes. You want to know ‘the financials’, and you’ll look at deductions. Your focus will be on the effective tax rate and if this is in the (low) 20’s, you are happy. And you’ll probably get a bonus.

For VAT people, the world looks completely different. We are not interested in the annual accounts, Tax Havens and Offshore Entities, tax credits and incentives, or even tax treaties. VAT people look at the business. At the operations. We are interested what’s cooking in the kitchen.

The following joke can be used to illustrate that a little:

A man was driving down the road when a policeman stopped him. The officer looked in the back of the man’s truck and said, “Why are these penguins in your truck?”

The man replied, “These are my penguins. They belong to me.”

“You need to take them to the zoo,” the policeman said.

The next day, the officer saw the same guy driving down the road. He pulled him over again. He saw the penguins were still in the truck, but they were wearing sunglasses this time. “I thought I told you to take these penguins to the zoo!”, the officer said.

“I did,” the man replied. “And today I’m taking them to the beach.”

VAT is like that. We don’t want to look at the animals in the zoo: we want to take them out and play with them. Having a good time is part of doing VAT. At least, that’s what we think. And that’s why the VATupdate Team will always bring you the latest VAT news from around the world. To make your day a little better!

If you have any comments, questions, or ideas that you want to share with us, please send us an email at [email protected] or leave a comment under the posts of this newsletter on LinkedIn.


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