Blog
For more than a year, India has been on the path to digitizing tax controls, with the first mandatory go-live for transmission of invoice data to a governmental portal scheduled for 1 April 2020. The very high pace of the roll-out of this reform has made many taxpayers concerned that they might not realistically be […]
A keystone of HMRC’s Making Tax Digital for VAT (MTD) regime is that the transfer and exchange of data between what HMRC define as “functional compatible software” must be digital whenever that data remains a component of the business’s digital records. This is to maintain a wholly digitally linked audit trail between systems. Soft landing […]
Certification of e-invoice service providers is an important first step and milestone ahead of the implementation of e-invoicing in Greece. The Greek Government has now defined the regulatory framework for e-invoice service providers, their obligations, and a set of requirements needed to certify their invoicing software. Key details and parameters Scope E-invoice service providers are […]
Italy has been a pioneer when it comes to automating e-invoicing processes. It first introduced a B2G e-invoicing system in 2014 which has since evolved into a robust and mandatory platform for the exchange of invoices now also expanded to include B2B and B2C transactions. The Italian central e-invoicing platform SDI was considered revolutionary by […]
With little over a month left to go before the first phase of Indian invoice clearance reform goes live, authorities are still busy finalizing the technical framework and infrastructure to support it. Just a few days ago, changes were made to the explanatory schema of the JSON file that will report data to the tax […]
What’s your digital transformation strategy? Whether you’re in IT, finance, tax or the executive suite, if that strategy doesn’t include tax, you may be overlooking a huge source of risk – and strategic benefit. It’s time to consider launching a conversation about tax in a digitally transforming world. Which is why we’ve created […]
What’s your digital transformation strategy? Whether you’re in IT, finance, tax or the executive suite, if that strategy doesn’t include tax, you may be overlooking a huge source of risk – and strategic benefit. It’s time to consider launching a conversation about tax in a digitally transforming world. Which is why we’ve created […]
What’s your digital transformation strategy? Whether you’re in IT, finance, tax or the executive suite, if that strategy doesn’t include tax, you may be overlooking a huge source of risk – and strategic benefit. It’s time to consider launching a conversation about tax in a digitally transforming world. Which is why we’ve created […]
Whilst Vietnam has allowed the issue of electronic invoices since 2011, this has not proved popular with domestic businesses. This is mainly due to the lack of an efficient framework for commercial processes and the technical capabilities required to issue e-invoices compliantly. During the last decade, the Vietnamese government has developed a more robust legal […]
The Hungarian Ministry of Finance had a productive end to the decade. As outlined in an earlier article, the MoF announced a package of measures and proposals as part of its Economic Action Plan for 2020. The aim of the plan is to improve VAT compliance and reduce fraud. A bill to amend the laws […]
Pivotal projects in the development of EU VAT The EU’s Economic and Financial Affairs Council (“ECOFIN”) issued a report in December. This followed its review of EU tax policies and developments since Finland took over Presidency of the Council of the European Union in July 2019. In a previous article we summarised their status review […]
Value-added tax (VAT) does not exist in the United States, but American companies are increasingly having to deal with VAT mandates in Latin America, Europe and Asia. Seeking to make up a massive gap in revenues, tax administrations are mandating strict policies to digitize VAT collection. American companies that fail to comply could see their […]
The new framework for invoice clearance in India is a hot topic that concerns many companies. This is not unexpected considering the size of the Indian economy and the number of companies that will be obliged to comply with the new framework. As outlined and confirmed in the Notification numbered 68/2019 published in the Indian […]
The wording of the EU Directive 2018/1910, effective since 1 January 2020, suggests that EU suppliers must check that other businesses they are trading with within the EU are properly VAT registered. The Directive has triggered concerns about the obligation and the timing of when these checks must be done. What is VIES? VIES, the […]
With today’s announcement that SAP is extending support for its Business Suite 7 software suite until the end of 2027 many are breathing a sigh of relief. But are they falling victim to a false sense of security? While SAP adjusted its timeline, largely due to increasing customer pressure, know that governments have no such […]
2019 was an exciting year for VAT and, given the ever-increasing pressure on governments to increase revenues, it’s likely that 2020 will be just as eventful. Although VAT is an ever-shifting landscape, below are three recent trends that we believe are poised to continue in 2020 and beyond: 1. VAT obligations for remote sellers Globally, […]
Working towards a ‘Definitive VAT System’ The EU’s Economic and Financial Affairs Council (“ECOFIN”) issued a report last month. This followed its review of EU tax policies and developments since Finland took over the Presidency of the Council of the EU in July 2019. The report is broad. It covers digital taxation, contributions to the […]
Romania has the largest so-called “VAT gap,” the difference between actual and expected VAT revenues, in the European Union. According to a 2019 European Commission study, 36% of Romania’s VAT revenues, EUR 6.41 billion, went missing in 2017. Romania’s VAT gap reached 48% in 2011, following a sharp increase in the standard VAT rate from […]