Keep current with VAT news without having to sift through the news every day. Here are the most significant happenings in the world of VAT reporting from July: United Kingdom Announces Change in Timetable for “Making Tax Digital” Initiative for Businesses On July 13, 2017, the parliament of the United Kingdom, along with Her Majesty’s […]
Businesses in two of Spain’s autonomous communities – Basque Country and Navarra – will soon be subject to Spain’s Immediate Supply of Information on VAT (SII) mandate. On July 1, 2017, Spain launched SII, requiring companies operating in the country to electronically submit ledger and invoice details. With the extension into two of Spain’s autonomous communities, […]
New numbers suggest the PATH Act deadline for filing W-2 and 1099-MISC forms is continuing to cause havoc for employers. The PATH Act, enacted in late 2015, moved the filing deadline from March 31 to Jan. 31. Filers are struggling to meet the new deadline and avoid financial penalties, which are attached to both late […]
At Sovos, we often find ourselves researching many different areas of compliance. Periodical tax reporting is one of the areas we’ve had reason to keep a close eye on. It wouldn’t be an overstatement to argue that tax authorities are getting increasingly more creative when it comes to finding new areas to come down hard […]
Global tax compliance and reporting software leader recognized with two Stevie Awards in Global Risk & Compliance and FinTech Categories Wilmington, Mass. – July 26, 2017 – Global tax compliance and reporting software leader Sovos announced today it has been honored with two Product of the Year awards at the The 15th Annual American Business Awards, a […]
Businesses in two of Spain’s autonomous communities – Basque Country and Navarra – will soon be subject to Spain’s Immediate Supply of Information on VAT (SII) mandate. On July 1, 2017, Spain launched SII, requiring companies operating in the country to electronically submit ledger and invoice details. With the extension into two of Spain’s autonomous […]
On Tuesday, the Senate passed a motion to proceed on health care by a vote of 51-50 with Vice President Pence casting the tying vote. This was only a procedural vote and not any sort of repeal or replace vote. As a result of this motion passing, the Senate can begin to debate on the […]
The IRS has updated the instructions for Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals). There are a number of changes from the previous revision: Some minor updates made to Form W-8BEN to conform with Form W-8BEN-E. Instructions have been updated to reflect temporary and final […]
Getting a VAT refund has become simpler for suppliers registered in Romania under the MOSS scheme. In the past, taxable persons established outside the EU who supplied electronic services in Romania were required to appoint a tax representative. But on July 13th, the Fiscal Administration (ANAF) released a press release announcing that in accordance with […]
The Danish Customs and Tax Administration (SKAT) has announced a limitation on the VAT exemption for supplies of blood plasma. Previously, the SKAT had allowed for exemptions on all deliveries of the human blood plasma. Going forward this exemption will no longer apply to supplies of plasma to companies intending to use the plasma in […]
Hungary has continued to release additional information about its upcoming invoice reporting requirements. Starting on July 1, 2018 VAT registered persons will be required to report B2B invoices of over 100,000 HUF to the government. The National Tax and Customs Authority (NAV) launched the KOBAK program at the beginning of July 2017. Registered persons can use […]
Earlier this month, bill number 34755, which would modify the treatment of vouchers under the Dutch VAT Act, was introduced to the Dutch Parliament. The proposed law would differentiate between single use vouchers, defined as vouchers where the place of supply and amount of VAT on the supply are known at the time of the voucher’s issuance, […]
The Financial Administration of the Czech Republic recently published amended filing instructions for the “Kontrolní hlášení”, or the “Check Report” form, which is a required filing for all taxable persons under the Czech VAT Act. Among the changes to the instructions is, first, a new requirement for contract companies (partnership-structured entities) to now file by individual partner instead […]
The Italian Tax Authorities issued Resolution No. 87/E on July 5, 2017, confirming that a taxable person may amend a previously filed communication even after the 15th day following the day on which the deadline expires. The communication must include sales invoices issued and purchase invoices recorded in the VAT ledger during the period of […]
The Federal Ministry of Finance has released guidance related to a VAT exemption on storage fees for frozen reproductive material. When frozen gametes are stored for therapeutic purposes – such as contributing to a pregnancy as part of fertility treatment – the storage fee is properly VAT exempt. Absent a direct therapeutic purpose, however, storage fees for […]
On July 12, 2017, the Tribunal Administratif de Paris struck down a bill of more than 1 billion euros assessed by the French government against Google for back taxes, including VAT. The Tribunal found in particular that Google did not have sufficient human and technical resources in France to subject the company to VAT; instead, the […]
The Cayman Islands’ Department for International Tax Cooperation has recently announced a “final extension” for reporting under the FATCA and CRS regimes in a “AEOI News & Updates” release. Reporting under both systems will now be due August 31, 2017. Reporting entities must register with the Department by July 31, 2017 to ensure they meet […]
Bahrain has recently published the Competent Authority Arrangement between itself and the United States for the purposes of FATCA reporting. The agreement is required by the Inter-Governmental Agreement between the two states to facilitate FATCA reporting.