The Court of Justice of the European Union (CJEU) has ruled that Member States must accept, as formally submitted, VAT refund requests that contain invoice identifiers other than sequential invoice numbers. In case C-346/19 (Judgment of 17 December 2020), an Austrian taxpayer’s VAT Refund application was rejected by Germany’s Federal Central Tax Office, on the […]
As a result of Brexit, COVID-19, and the Finance Act 2020, the VAT regime in Ireland has and will continue to undergo numerous changes. Highlights of these changes are outlined below. Postponed Accounting and Reporting Changes Beginning in January all taxpayers have the ability to apply postponed VAT accounting to their imports from outside the […]
In December, the expansion of China’s B2B e-invoicing pilot program, that enables certain taxpayers to voluntarily issue VAT special electronic invoices, was announced by China’s State Taxation Administration (STA). These e-invoices can be used to claim input VAT so are generally used for B2B purposes whereas VAT general invoices cannot so are commonly used for […]
In today’s business world, it’s common for companies to use third party providers. This includes for activities such as regulatory integrations, with organizations using third parties to assist with the processing and submitting of electronic records in Turkey including e-invoice, e-ledger, e-arşiv invoice and e-delivery note on behalf of the taxpayer in compliance with the […]
Update: 8 March 2023 South Korea has recently approved a tax reform which introduces several measures for 2023, among which is the possibility of issuance of self-billing tax invoices. This tax reform amends the current VAT law to allow the purchaser to issue invoices for the supply of goods and services. However, this will only […]
The EU-UK Trade and Co-operation Agreement (TCA) was finally agreed on 24 December 2020. A week before the end of the transition period. Fully implemented into UK law, but the TCA remains provisional. It needs to be ratified in the European Parliament. Therefore it applies on a provisional basis until 28 February 2021. The TCA […]
Technology can help businesses and governments measure and mitigate the impact of Covid-19. With further waves and recessions biting, technology offers an unparalleled opportunity for governments and business alike to gain a clearer picture of the current panorama. Digital tax returns and real-time or near-real time reporting offer up-to-date financial insight and many tax authorities […]
We recently shared news of the European Commission (EC) opening a feedback period concerning an initiative to review VAT rules for financial and insurance services. The feedback period has now ended, and a public consultation period is set for the first quarter of 2021. The consultation will gather stakeholders’ views on the current VAT treatment […]
We recently launched the 12th Edition of our Annual Trends Report. We put a spotlight on current and near-term legal requirements across regions and VAT compliance domains. The report, “VAT Trends: Toward Continuous Transaction Controls” is authored by a team of international tax compliance experts and provides a comprehensive look at the regulatory landscape as […]
The European Union’s VAT E-Commerce Package has been delayed until 1 July 2021. Consequently, in the New Year businesses will have to contend with both Brexit related VAT changes and the impact of the One Stop Shop – amounting to two new set of rules for VAT reporting in 2021. Treatment of B2C goods and […]
To help businesses understand the impact of Brexit, we’ve cover the essential considerations for supply chain planning in this blog. Goods and services in 2021 The treatment of goods moving between Great Britain and the EU will change significantly from 1 January 2021. Exports and imports will apply to GB-EU trade, replacing the concept of […]
The Polish Ministry of Finance announced a timeline for its plans to introduce a Continuous Transaction Controls (CTC) scheme, with a roll-out to start in a year’s time from now. Earlier this year, ministry officials described their intention to introduce an Italian-style clearance e-invoicing system, however since then, not much has been announced in terms […]
Today we will be concluding our preview of the upcoming release of the 12th edition of the Sovos Trends in Continuous Global VAT Compliance report. Hear from Christiaan Van der Valk as he jumps back in: 1. In your opinion, when is the right time for businesses considering major platform upgrades to involve tax? What […]
Today we will be previewing the upcoming release of the 12th edition of the Sovos Trends in Continuous Global VAT Compliance report. In this episode of the Sovos Expert Series, Harriet Vivian sits down with Sovos’ VP of Strategy, Christiaan Van Der Valk as he digs into what the Trends Report will look like this […]
Following our last article published on 25 November 2020, HMRC has recently updated its policy paper outlining the VAT accounting processes that will apply to goods moving between Great Britain and Northern Ireland 1 January 2021. The latest update includes changes made to the policy paper on the following topics: VAT retail exports; Personal exports […]
German VAT rates were temporarily reduced in July 2020 to alleviate the economic impact of COVID-19. A stimulus package reduced the standard rate from 19% to 16% and the reduced rate from 7% to 5% until January 2021 at an estimated cost of EUR 20 billion. A recent study indicates that the VAT cut has […]
These days another country adopting a continuous transaction control (CTC) regime doesn’t come as a surprise. Having seen the benefits of CTC systems, countries are increasing their efforts to implement these regimes in a way that meet their needs. Saudi Arabia is following this trend by introducing a new e-invoicing system that is expected to […]
Scope of mandatory e-invoice clearance extended The global trend of Continuous Transaction Controls (CTCs), having spread from Latin America to Europe and more recently to Asia, is now increasingly gaining popularity in Africa. Egypt is modernizing its tax control system, and one of the most important elements of this is implementing the digital processing of […]