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As 2020 draws to a close, Brexit is firmly back on the radar as a concern for businesses across Europe, and the insurance industry is no exception. With the end of the transition period rapidly approaching, the UK is on course to become a third country after 31 December 2020. The UK is currently seeking […]

Even though India’s continuous transaction controls (CTC) reform went live less than a month ago, the surrounding legal and technical framework for the e-invoicing platform still has many moving pieces. However, little by little, these puzzle pieces have started to come together. Earlier this year, the Indian authorities announced their intention to facilitate the e-invoicing […]

Portuguese authorities recently published the long awaited regulation on unique ID number (ATCUD), in preparation for the entry into force of this requirement on 1 January 2021. Even though this effectively meant that a significant piece in the puzzle had now become available to the public, the Portuguese tax authority has postponed the requirement until […]

If you listen carefully, you can hear the tick tock of the Brexit clock growing ever louder. As 31 December looms into view, there’s lots to consider from a VAT point of view. One area business must get up to speed with is the movement of goods between the EU and the UK post-Brexit. Whether […]

New cells in Italy’s annual IPT return Update: 8 June 2023 by Edit Buliczka On 31 March the Italian tax authority released a new Insurance Premium Tax (IPT) return form. The Italian IPT return is an annual return due by 31 May in the year following the reporting period. Related payments are due on a […]

In September, the Ningbo Municipal Taxation Bureau (NMTB) of the State Taxation Administration (STA) announced a pilot programme enabling selected taxpayers operating in China to issue VAT special electronic invoices on a voluntary basis. China’s VAT invoices China has two types of VAT invoices:  VAT special invoices and VAT general invoices. The first type may […]

After a roller-coaster period, full of changes and updates, India’s e-invoicing deadlines went live on 1 October this year. This e-invoicing reform is considered to be the second biggest tax development in the country after the introduction of Goods and Services Tax (GTS) in 2017. The Indian authorities chose to go ahead with implementing the […]

In our Brexit and VAT series, we delve into some of the most important issues of the day to bring you clarity and advice. Last week we looked at goods, services, and VAT. This week, we address UK border controls post-Brexit and importing goods.  Movement of goods post-Brexit Currently, the concept of dispatches and acquisitions […]

In most cases, the primary responsibility of calculating, reporting and settling insurance premium tax (IPT) remains with the insurance company. But similar to VAT and other indirect taxes, although the insurer acts as the collector and administrator, the economic cost is ultimately borne by the policyholder as the purchaser of the insurance. The cost can’t […]

It’s now over two years since goods and services tax (GST) was implemented in India. And yet GST reporting continues to present challenges for businesses. With the unveiling by the GST Network of new filing enhancements and considering the increased focus on GST compliance with the advent of e-invoicing, a review of periodic GST filing […]

The sands of transition period time are draining away. As we edge ever closer to the final Brexit deadline, there are a raft of VAT related considerations for businesses to attend to. Though uncertainty reigns about the shape of the trading relationship, most of the Brexit scenarios up for debate would render the UK a […]

For cross-border insurers, navigating the complex tax landscape across multiple jurisdictions can feel overwhelming. Tax authorities continue to take measures to boost revenues, increase efficiency and reduce fraud.  There is a notable shift towards digital insurance premium tax (IPT) reporting, which places an additional burden on insurers. Ensuring that taxes are filed correctly and are […]

On the actual go-live date of the Greece Tax Authority AADE myDATA (my Digital Accounting and Tax Application) reporting framework, the Greek authorities published a decision introducing last-minute changes. After having evaluated the preparedness of businesses as a result of Covid-19 they decided to provide taxpayers in scope with additional relief by recategorizing the roll-out […]

The Indian e-invoicing mandate is live. Even though there was significant public pressure to postpone the 1 October deadline, the set date remains the same and the initial phase has started for taxpayers with an annual aggregate revenue of 500cr. rupees or more during any financial year after 2017. Even though the mandate has formally […]

There’s no harmonisation across Europe for how tax declarations are submitted. And methods vary tax by tax, country by country, and even region by region. This can be challenging for many insurers in not only meeting current requirements but in also keeping up with the ever changing insurance premium tax (IPT) landscape. Frequency Although there […]

Oman is on its way to introduce VAT. After the approval of the State Council and the Shura Council the draft law was sent for final approval to Sultan Haitham Bin Tariq Al Said. If the draft law is approved, VAT is expected to be implemented in 2022. Background Gulf Cooperation Council (GCC) member states […]

With a VAT gap across EU countries estimated at €140 billion in 2018, tax authorities are continuing to take steps to boost revenues, increase efficiency and reduce fraud.  As a result, VAT compliance obligations are becoming more demanding. Failure to comply can not only result in significant fines but also reputational damage. Many multinational companies […]

Tax filing, wherever you are in the world, is becoming increasingly complex, with regular rate updates and governments eager to close tax gaps via new mandates that demand real-time reporting. Despite this, many captive insurers still rely on resource-heavy, manual procedures to capture, validate and process large volumes of data. As well as taking significant […]