Bermuda’s Ministry of Finance has launched its Tax Information Reporting Portal, through which Financial Institutions and filers may enroll in and exchange account information pursuant to the Common Reporting Standard (CRS). The Ministry has also published a User Guide for navigating the Portal. It provides an overview of commonly used functionalities within the Portal such […]
Last week, Sovos issued a new report covering The State of Regulatory Compliance, which details the evolution of technology-driven regulatory trends, as well as how businesses can proactively prepare for the new wave of global compliance obligations. Not surprisingly, the report shines a spotlight on Latin American governments who first introduced initiatives giving governments more […]
Two proposals to transform European VAT law have failed to gain approval of the EU’s Economic and Financial Affairs Council (ECOFIN). Both proposals needed unanimous approval of the delegates to become law. ECOFIN began its meeting of June 16 by debating a proposal that would allow Member States to apply reduced VAT rates to electronic publications. […]
The Spanish Tax Administration (AEAT) recently released a comprehensive set of files, tools, and documents necessary for the full implementation of the Immediate Information Remittance System (SII Version 1.0). As a final test step before actual go-live, AEAT announced that from June 21 through June 29 taxpayers and solution providers may begin submitting SII reports […]
After nearly two years of negotiations, representatives from the European Commission and Norway initialed an agreement on VAT cooperation in May of 2017. The agreement will facilitate administrative cooperation between the parties, and will provide a legal framework to combat VAT fraud and assist in the recovery of VAT claims. The initialed agreement will officially […]
By a vote of 590 to 8, with 10 abstentions, the European Parliament has formally agreed to allow Member States the option of applying reduced VAT rates on electronic books, newspapers and periodicals. This proposal, as put forth by the European Commission, is designed to bring the VAT treatment of e-publications in line with the […]
According to a report from Reuters, the German Economic Ministry has recently been analyzing a possible reduction in the country’s 19% VAT rate, as part of a larger analysis of German trade surpluses. A ministry spokesperson did not deny the report, but stated that a VAT reduction would have a minimal effect on existing surpluses, and that […]
On June 12 of 2017, the Italian Tax Authorities (ITA) issued Protocol No. 110418, to further implement the principles of EU administrative cooperation and combating fraud in the field of VAT. The purpose of the new rules is not only to identify potential VAT Fraud, but also to empower the ITA to cancel VAT numbers […]
On June 8, 2017, twenty European Union Member States voted to establish a new European Public Prosecutor’s Office (EPPO), which will be given broad powers to combat cross-border VAT fraud. The EPPO is envisioned as an independent body with the power to investigate fraud in all participating Member States; it will also be able to […]
Monaco recently published a list of reportable and participating jurisdictions on its CRS Frequently Asked Questions page. These lists are current as of April 2017, and should be considered as current until further notice. Please note that reportable jurisdictions are ones which have established exchange of information agreements with Monaco under CRS, while participating jurisdictions […]
The Ministry of Finance, Trade, and Investment in Turks & Caicos recently published a list of Reportable Jurisdictions for 2017. These jurisdictions have an existing agreement in place with Turks & Caicos to exchange tax information under CRS. Please note that while this list is currently up to date, it is subject to change by […]
Technology professionals at financial institutions are confident that their first U.K. Common Reporting Standard (CRS) submissions will go fairly well, but anxiety about a few issues persists. A poll conducted by Sovos amongst readers of ‘Banking Technology’ in the run up to the U.K.’s first CRS submission found respondents to be largely optimistic about the […]
In his June 1, 2017, budget speech, the Bangladeshi Minister of Finance announced the July 1, 2017, implementation of the Value Added Tax and Supplementary Duty Act, 2012. A full copy of Bangladesh’s 2017-2018 Budget Speech may be found here. While the Act was passed in 2012, its implementation has been deferred in order to […]
On June 11, India’s GST Council revised GST rates applicable to certain goods. The changes include a rate reduction from 28% to 18% on specified electronic products, such as computer printers, CCTV, and computer monitors not exceeding 17 inches. The schedule of all the revisions is available here. GST will be fully implemented in India on July 1, 2017.
The Croatian Tax Administration has recently published its response to a query about place of supply rules and VAT liability on a Dutch taxpayer’s sales. The Dutch taxpayer holds a VAT identification number in Croatia but does not have physical presence within the country. The conclusions made in this guidance by the Tax Administration are as […]
On June 8th, the Republic of Croatia submitted a final proposal to the European Commission, requesting a derogation from the EU VAT Directive regarding threshold amounts for tax application on small enterprises. This derogation would allow Croatia to exempt from VAT taxable persons whose annual turnover is EUR 45 000, effective January 1, 2018. Under Article […]
Pakistan’s Ministry of Finance has joined the Common Reporting Standard by signing on to the Multilateral Competent Authority Agreement (MCAA), bringing the total number of signatories to 90 countries. As such, Pakistan will aim to begin the Automatic Exchange of Information (AEOI) for its reportable accounts in 2018. By signing on to this agreement, Pakistan […]
On Thursday, June 8, 2017, the United Kingdom held its general election for Parliamentary seats, and the election concluded with shocking results, leaving the U.K. with no overall majority in the House of Commons. The report of the results was a disappointment for Prime Minister Theresa May, who was hoping to increase her Conservative Party’s majority, […]