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On June 20, 2019, the Court of Justice of the European Union (CJEU) rendered its judgment in the Oribalt Rīga (C-1/18) case on the factors relevant to calculating the customs value in accordance with the deductive method of Article 30(2)(b) of the Community Customs Code (CCC), in the special context of the customs valuation of imported medicines. 

This is the second edition of our new Tax Update for the Shipping & Offshore sector, in which we inform you about national and international developments, various court decisions, bills and practical experience, which are both current and relevant to the sector. Please use it to your advantage!

On June 28, 2019, the Deputy Minister of Finance published a policy statement elaborating on the revised ruling policy for rulings with an international character (hereinafter: international rulings). This policy statement replaces three previous ruling policy statements (dated June 3, 2014) and took effect on July 1, 2019. 

On Sunday, June 30, 2019, the EU and Vietnam signed the Free Trade Agreement (FTA) and the Investment Protection Agreement (IPA) in Hanoi. The EU has described the FTA as the “most ambitious” free trade deal ever concluded by the EU with a developing country.

On July 2, 2019, the bill to implement the amendment to the EU Anti-Tax Avoidance Directive (ATAD2) was presented to the Lower House. As a result of this amendment, the Directive now combats both hybrid mismatches among EU Member States and between EU Member States and third countries. 

On July 3, 2019, the Court of Justice of the European Union (‘CJEU’) rendered judgment in the University of Cambridge case (C‑316/18). This case concerns the VAT recovery right of a university that collects gifts and donations and subsequently invests them in order to use the proceeds to finance part of its business activities. 

On July 3, 2019, the Court of Justice of the European Union (‘CJEU’) rendered judgment in the UniCredit Leasing EAD case (‘UniCredit’; no. C-242/18). 

In the Netherlands, multiple VAT taxable persons can together be regarded as a VAT group. This is particularly favorable in the case of a limited VAT recovery right. 

Who will be elected by the members of the Conservative Party? Will it be Boris Johnson or Jeremy Hunt? For the time being, Boris Johnson seems to be the favourite. On 22 July it will be announced who will be the new Prime Minister of the United Kingdom. Leon Kanters, Brexit expert and partner of KPMG Meijburg & Co, explains the current developments in his blog.

After 20 years of negotiations, the European Union and Mercosur states - Argentina, Brazil, Paraguay and Uruguay, on June 28, 2019 reached a political agreement for an ambitious, balanced and comprehensive trade agreement.