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Digital transformation continues to evolve and develop, introducing new solutions and cloud technologies for enterprises around the world. These technologies provide flexibility, agility and reduce operational costs for the companies. Advantages of cloud-based technologies Moving to cloud-based technologies provides many advantages including quality, increased efficiency, and profitability. It’s important to work with a service provider […]

Increased visibility into, and control over, taxpayer financial and trade data is the key benefit highlighted by governments that have introduced continuous transaction controls (CTC) regimes. Its importance cannot be overstated. Transactional data cleared by or exchanged through a tax administration authorised platform becomes the new source of truth for tax authorities to assess the […]

Update: 25 August 2023 by Carolina Silva Croatia to Introduce E-Invoicing and CTC Reporting System According to official sources from the Ministry of Finance, the Croatian tax authority will introduce a decentralised e-invoicing model alongside a continuous transaction control (CTC) real-time reporting system of invoice data to the tax authority. This move is part of […]

Brexit continues to create a stir and the only absolute is that confusion dwarfs certainty when it comes to understanding the new tax laws that went into effect when Brexit became a reality. To address some of the more pressing questions, we gathered three industry experts for a webinar to provide some clarity into this […]

“Regulation always follows innovation, and sometimes, in democracies, it follows a little further behind other jurisdictions.” – Chris Giancarlo, CFTC Chairman Regulators at the IRS, SEC and CFTC have been playing catch-up for years, and in their defense, it’s not easy to hit a moving target. The digital asset ecosystem continues to grow exponentially and […]

The Norwegian tax authority’s project for modernising VAT, the MEMO-project, has announced a new digital VAT return. It will take effect from the beginning of 2022 following a pilot program in August this year. This new VAT return seeks to provide simplification in reporting, better administration, and improved compliance in the VAT system. Currently VAT […]

When managing any e-transformation project the deadline is determined after careful planning. It should be based on the project scope and consider the available resources. However, when the project is to ensure regulatory compliance, the government determines the project’s deadline and it must be met. Many taxpayers choose to work with an external integrator to […]

President Biden signed the American Rescue Plan Act of 2021 which included a variety of provisions aimed at helping Americans get through the aftermath of the COVID-19 pandemic. To help fund this most recent round of aid, Section 9674 of the Act includes a change to the Form 1099-K reporting threshold for Third-Party Settlement Organizations […]

Following the introduction of ‘fiscalization’, Albania’s Continuous Transactions Controls scheme (CTC), in early 2020, the Albanian government published more information about the CTC system and in late 2020 updated the roll-out timeline. During 2020, the Albanian government published a series of secondary legislation about different elements of the CTC scheme. The Albanian CTC scheme is […]

The EU is re-considering plans to give its Member States more freedom to determine which goods and services should be subject to reduced rates in their territory. The proposed changes would also allow Member States the opportunity to apply a third reduced rate. Current VAT rate system Currently, the EU VAT Directive gives national governments […]

Back in July 2020, the Turkish Revenue Authority (TRA) published a Draft Communique including several amendments to existing e-document regulations. Very recently, on 9 February 2021, the Draft Communique amendments were implemented into a new Communique, amending General Communique (‘Amending Communique’) with some changes, exemptions and additional provisions. Let´s take a closer look at the […]

2020 was significant for the mandatory transition to e-transformation applications following the General Communique issued by the Turkish Revenue Administration (TRA). 2021 will be a year of mandatory transition to various e-documents for taxpayers. Who must use e-invoice from 2021? Taxpayers with gross sales revenue of TRY 5 million and above in 2020 and all […]

Although Brazil is known for its complex tax laws that make compliance a difficult task in the country, it is undeniable that the Continuous Transaction Control (CTC) system implemented more than a decade ago is one of the most stable in the world. However, even a sophisticated CTC system continues to evolve and mature, and […]

HM Treasury recently published a call for evidence on VAT and the Sharing Economy. The aim is to test the government’s assessment of VAT challenges created by the Sharing Economy and to explore next steps. The consultation document defines the Sharing Economy as “an accessibility-based socio-economic model, typically enabled or facilitated via advanced technological solutions […]

Digital transformation will continue to be a business priority for years to come. Efficiency is still one of the primary issues that companies want to improve and the digitization of many business processes is helping to increase efficiency, reduce errors and ensure compliance. Technology is helping to transform departments, including tax. The benefits of tax […]

The challenge of how to fairly tax the digital economy was identified in the OECD’s BEPS initiative as ‘Action 1: Addressing the Tax Challenges of the Digital Economy’. The standard rules in place today do not capture certain business models that make profits from digital services in a country without being physically present. This has […]

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 […]