Recently, we outlined the need for speed in understanding fiscal representation obligations. Post-Brexit, there are many ramifications for businesses operating cross-border. Among them the requirement to appoint a fiscal representative to register for VAT purposes . As outlined in our previous piece, there is a limit on tax authorities’ capacity to authorise new fiscal representation […]
While Italy rolled out its continuous transaction controls (CTC) reform in 2019, 2020 has been a year of expansion. Italian authorities plan to leverage all potential benefits of the successful implementation of the country’s central e-invoicing platform. Many of the updates will either be launched or enforced in the upcoming year, or later in 2022. […]
The tax authority in Spain, Agencia Estatal de Administración Tributaria (AEAT), aiming to enhance the Immediate Supply of Information (SII) version 1.1, has introduced new validations and fields to the schema expected to be enforced from 1 January 2021. The new fields will record the sales of goods in consignment (Venta de bienes en consigna) […]
The scope of Hungary’s real-time reporting has been extended. From 1 January 2021, reporting obligations will also include invoices issued for domestic B2C transactions in addition to invoices relating to intra-community supplies and exports. However, the Ministry of Finance has granted a sanction-free three month grace period from 1 January to 31 March 2021 allowing […]
Brexit: What are the Implications for VAT Brexit is set to become reality at the end of December. So, what does it mean for organizations doing business in the UK and the European Union? Turns out, there are several tax implications that will need to be accounted for. In this episode of the Sovos Expert […]
Northern Ireland Protocol: ‘Windsor Framework’ Developments Update: 28 March 2023 by Russell Hughes UK Government reaches agreement with EU on new Brexit Deal The UK government has agreed with the EU on major changes to the Northern Ireland protocol, referred to as the ‘Windsor Framework’. The protocol is the part of the Brexit deal which […]
Companies have begun to transfer financial processes to the digital environment as a result of technological developments in recent years. Business efficiency has increased through the financial processes regulated via e-transformation applications. The e-transformation system in Turkey covers applications such as e-invoice, e-ledger, e-arşiv, e-ticket, e-reconciliation, and e-delivery note. Mandate scope of e-arşiv invoice According […]
We last reviewed the SAF-T global situation over a year ago, and in that time there have been many changes and proposals especially across the EU. Let’s look at what’s changed since then, as well as what to expect over the next year or two. A refresher What is SAF-T? The Standard Audit File for […]
Find out why it makes sense to invest in tech and automation to streamline tax processes and alleviate the burdens finance teams face. The shift towards digitisation necessitates a radical adaption and shift in existing tech for industries across the board. As this occurs, tensions and anxieties rise around automation and job losses. With Oxford […]
As we move full speed ahead towards the proposed deadline of 1 July 2021 for the new VAT e-commerce rules, EU countries are beginning to implement the changes to e-commerce transactions and distance sales into local legislation. While we track each Member State’s implementation, certain questions have been brought to the forefront and we can’t […]
Italy has been at the forefront when it comes to the introduction of continuous transaction controls (CTC) in the EU, and it still leads the way as other European countries look to Italy for inspiration on their local CTC implementations. But even before the introduction of its clearance e-invoicing system in 2018, the country had […]
Our Brexit and VAT series aims to offer the vital information and planning tips businesses operating cross border need. This week, we’re addressing fiscal representation in the EU. As the UK is now a third country from a VAT perspective, there are various urgent steps businesses must take. Post-Brexit Fiscal Representation in the EU Fiscal […]
As discussed in three key reasons to appoint a VAT managed service provider, the VAT compliance demands from tax authorities around the world continue to increase. They are only going to become more onerous to boost economic efficiency, combat fraud and reduce VAT gaps. The demands for more granular tax reporting are increasing for this […]
Businesses that trade cross border must turn their attention to the treatment of goods post-Brexit. Recently, we discussed postponed import VAT accounting in the UK. This week, we’re turning our attention to postponed import VAT accounting in the EU. Deferred and postponed accounting for VAT post-Brexit In theory, when goods enter the EU, import VAT […]
On 30 September 2020, the European Commission published its “Explanatory Notes on VAT E-Commerce Rules,” to provide practical and informal guidance on the upcoming July 2021 e-commerce regulations. This “EU VAT e-commerce package” was initially adopted (under Directive 2017/2455 and Directive 2019/1995) and set to be implemented on 1 January 2021 but has since been […]
Portuguese authorities recently published the long awaited regulation on unique ID number (ATCUD), in preparation for the entry into force of this requirement on 1 January 2021. Even though this effectively meant that a significant piece in the puzzle had now become available to the public, the Portuguese tax authority has postponed the requirement until […]
If you listen carefully, you can hear the tick tock of the Brexit clock growing ever louder. As 31 December looms into view, there’s lots to consider from a VAT point of view. One area business must get up to speed with is the movement of goods between the EU and the UK post-Brexit. Whether […]
In September, the Ningbo Municipal Taxation Bureau (NMTB) of the State Taxation Administration (STA) announced a pilot programme enabling selected taxpayers operating in China to issue VAT special electronic invoices on a voluntary basis. China’s VAT invoices China has two types of VAT invoices: VAT special invoices and VAT general invoices. The first type may […]