As Switzerland is not part of the European Economic Area (EEA), several premium tax issues need to be considered by insurers when they are providing insurance policies in this country. These considerations are around location of risk, double taxation and compliance concerning stamp duty, which is the main tax that Switzerland levies on insurance premiums. […]
In the European Union, the VAT rules around supplies of goods, as well as ’traditional’ two-party supplies of services, are well-defined and established. Peer-to-peer services facilitated by a platform, however, do not always fit neatly into the categories set out under the EU VAT Directive (Council Directive 2006/112/EC). There are ambiguities around both the nature […]
Governments throughout the world are introducing continuous transaction control (CTC) systems to improve and strengthen VAT collection while combating tax evasion. Romania, with the largest VAT gap in the EU (34.9% in 2019), is one of the countries moving the fastest when it comes to introducing CTCs. In December 2021 the country announced mandatory usage […]
According to research firm Gartner, IT spending will reach an estimated $4.5 trillion in 2022. This represents a 5.1% increase as compared to 2021. This much needed increase allows businesses to focus on technology updates and advancements that had to be placed on the backburner due to the COVID-19 pandemic. IT departments are now eager […]
In today’s global and digital world, organizations are continually having to adjust to the challenges posed by government mandated e-invoicing. With governments continually leveraging technology to facilitate compliance and track tax fraud efficiently, there has never been a more crucial time for businesses to remain compliant. While remaining compliant and avoiding costly penalties and fines […]
The Insurance Premium Tax (IPT) sphere has typically lagged behind other taxes regarding digital filing. Until recently, there were several countries based in the European Union (EU) where paper returns still had to be physically sent to the relevant tax authority. This practice remains in some cases. However, there have been some significant developments in […]
The European Commission’s “VAT in the Digital Age” initiative reflects on how tax authorities can use technology to fight tax fraud and, at the same time, modernise processes to the benefit of businesses. A public consultation was launched earlier this year, in which the Commission welcomes feedback on policy options for VAT rules and processes […]
Making Tax Digital for VAT – Expansion Beginning in April 2022, the requirements for Making Tax Digital (MTD) for VAT will be expanded to all VAT registered businesses. MTD for VAT has been mandatory for all companies with annual turnover above the VAT registration threshold of £85,000 since April 2019. As a result, this year’s […]
In November 2021, a Draft Royal Decree was published by the Chancery of the Prime Minister of Belgium, aiming to expand the scope of the existing e-invoicing mandate for certain business to government (B2G) transactions by implementing mandatory e-invoicing for all transactions with public administrations in Belgium. This obligation was already in place for suppliers […]
Registering for Insurance Premium Tax (IPT) with tax authorities across Europe can be challenging and complex, particularly when multiple territories are involved. There are many elements businesses must consider when registering for IPT. What are the required supporting documents? Who can sign? Do documents need to be legalised? Is there a two-step process? These are […]
On 10 March, the European Parliament (EP) adopted a Resolution to the Commission’s Action Plan on fair and simple taxation supporting the recovery strategy, which set forth 25 initiatives predominantly related to European Union Value Added Tax (EU VAT). The document includes several general considerations and recommendations to the Commission for the VAT Directive revision […]
Poland has been moving towards introducing the CTC framework and the system, the Krajowy System e-Faktur (KSeF), since early 2021. As of 1 January 2022, the platform has been available for taxpayers who opt to issue structured invoices through KSeF and to benefit from the introduced incentives. As the taxpayers have been using KSeF for […]
Governments throughout the world are implementing government mandated e-invoicing for its ability to facilitate compliance and track fraud quickly and efficiently. Driven by the continual growth of global digitization, governments are increasingly leveraging technology to review every transaction in real-time. Real-time monitoring and enforcement has introduced a range of potentially costly penalties ranging from fines […]
Update: 11 April 2023 by Gabriel Pezzato The adoption of Pre-Filled VAT Returns so far The trend of tax authorities pre-filling VAT returns using data gathered in continuous transaction controls (CTCs) is persisting across many countries. CTCs see transactional data sent in real-time through e-invoices or e-reports auto-populate VAT returns and ledgers. Below is the […]
With a new month comes yet another report due in the Insurance Premium Tax (IPT) sphere. Insurance companies covering risks in Greece must report their insurance policies triggered in 2021 in the form of the Greek annual report. This is due by 31 March 2022. Let us cast our minds back, in late 2019 this […]
Many businesses will now be involved in “cross border” transactions meaning that a business in one territory will sell and, often, deliver goods to a customer located within another territory. The existence of two or more tax territories in the transaction, and the possibility that there may be a customer in the EU and a […]
IPT in Ireland reflects the dynamic shifts in the global tax landscape. With an increasing number of tax jurisdictions adopting electronic filings, Ireland has joined this progressive movement. The Irish tax authority has announced changes to how Stamp Duty, Life Levy, Government Levy and the Compensation Fund are declared and paid from the Quarter 1 […]
Unlike many other country initiatives that we have seen in the e-invoicing space recently, Australia does not seem to have any immediate plans to introduce continuous transaction controls (CTC) or government-portal involvement in their B2B invoicing. Judging from the recent public consultation, current efforts are focused on ways to accelerate business adoption of electronic invoicing. […]