Blog

EC Considers Indirect Carbon Tax for Carbon Border Plan

The European Commission recently opened a public consultation on a carbon border adjustment mechanism (CBAM) to maximise the impact of tax in meeting the EU’s climate goals. A CBAM would reduce the risk of carbon leakage, which occurs when production is moved to countries with less robust climate policies, by ensuring that import prices better […]

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Portugal: New Unique ID Number and QR Code Regulations Bring Challenges

As anticipated, further information has been published by the Portuguese tax authorities about the regulation of invoices. Last weeks’ news about the postponement of requirements established during the country’s mini e-invoice reform, and the withdrawal of a company’s obligation to communicate a set of information to the tax authority, culminated in the long-waited regulation about […]

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New VAT Rules for Online Marketplaces and Imports of Goods into the UK

The United Kingdom’s HMRC has issued new guidance on the VAT treatment of cross-border sales of goods and online marketplaces beginning 1 January 2021, following the end of the transition period. Cross-Border Sales under £135 New rules will apply when a business sells goods for £135 or less to a UK customer and the goods […]

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New EU Tax Package: VAT Priorities

On 15 July 2020, the European Commission (EC) adopted a new Tax Package, intended to increase tax compliance while reducing administrative burden on businesses. The Tax Package contains a number of proposals related to VAT, of which three in particular stand out: A single EU VAT registration for taxpayers; Modernized VAT reporting obligations; and Facilitated […]

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Building a VAT Roadmap for 2021 and Beyond

At a time when the global VAT landscape is undergoing significant change, we teamed up with Shared Services Link to understand more about the key challenges faced by AP and VAT professionals at multinational companies and what their focus is for 2021 and beyond. What remains clear is that pace of digital change is increasing […]

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The Trend Continues – BEPS Action Plan 1 Accelerates Globally

Addressing Base Erosion and Profit Shifting (BEPS) has been a key priority of governments around the world.  The Organisation for Economic Co-operation and Development (OECD) has been working for years to tackle taxation issues across the globe.  Much of the world has expressed concern about tax planning by multinational enterprises that make use of gaps […]

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Cancellation and Refund Policies for E-Invoice and E-Arşiv Invoice

Taxpayers with annual gross sales of TRY 5 million and above are obliged to use e-invoice or e-arşiv invoice from 1 July 2020. Although the e-invoice has the same qualities as a paper invoice, there are occasions where it should be treated differently such as for cancellations and refunds. What is a refund invoice? A […]

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Tax IDs and List Checks: The New Trend

VAT gaps can generally be found in countries that collect indirect taxes. This hiatus has led many tax administrations to implement Continuous Transaction Controls (CTCs), through which transactional and accounting data are monitored in real-time or near real-time. However, even countries with sophisticated CTCs may encounter fraud involving missing traders and non-existent supplies. This creates […]

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Turkey: Penalties for Noncompliance with the Mandatory Electronic Document Framework

For rules to carry any real weight, the rule-maker must combine compliance with that rule with either a carrot or a stick. In the field of tax legislation, the rule-maker, in this case, the legislator or the tax authority, almost always goes down the route of the stick in situations of noncompliance. And the penalties […]

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Digital Services Tax Debate Intensifies

On 18 June 2020 European officials announced that an EU-wide digital services tax (DST) will be introduced if the US’s recent withdrawal from global tax negotiations stops international agreement. The US’s withdrawal follows the United States Trade Representative’s (USTR) initiation of Section 301 investigations into DSTs adopted or proposed in the EU and nine countries. […]

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Different Class: New Varying Approaches to Customs Administration from UK and EU

A touch of CLASS: simplifying access to customs tariff data CLASS – short for Classification Information System – is the new single point access search facility from the European Commission. It provides access to tariff classification data of goods entering or leaving the EU and is the latest step in developing an integrated approach to […]

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Industry First: Businesses and Government Partner on New Digital VAT Compliance Principles

For the first time in history, international business and governments have come together. Their aim was to define and agree a guiding set of principles for tax compliance in a world where continuous tax controls (CTCs) are becoming the norm.  The International Chamber of Commerce‘s (ICC) executive board has now formally approved the first set […]

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Upcoming VAT Mandates – a Tax Technical or Technology Issue?

A new and growing reporting trend in Europe, despite the current pandemic, is the move towards more transaction-based reporting – also known as Continuous Transaction Controls (CTCs). In an economic climate where the protection of government revenue bases is more important than ever, we still see the continuing trend of mandates providing governments with more […]

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E-Delivery Note Usage Scenarios

The General Communiqué no. 509 (communiqué) established the date of transition to the e-delivery note application and the full scope of the mandate. Whilst the communiqué addressed the general use of the application and the basic practices, it didn’t contain all the information businesses require and although the FAQ and information from the Turkish Revenue […]

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E-invoicing Trends Across the Middle East and North Africa

Update: 20 November 2023 by Dilara İnal E-invoicing systems in the Middle East and North Africa are undergoing significant transformations, aiming to modernise the financial landscape and improve fiscal transparency. Recent updates have seen numerous countries implementing electronic invoicing solutions designed to streamline tax collection and reduce VAT fraud. E-invoicing Trends in the Middle East […]

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Key Facts About Turkey’s E-Arşiv Invoice System

The era of paper invoices is coming to an end. With the e-arşiv invoice system, you can issue an electronic invoice, even to non-registered e-invoice taxpayers. This regulation enables companies to send invoices directly to the end-user via e-mail removing the need for paper invoices. Due to the official statement from the Turkish Revenue Administration […]

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VAT Rate Changes – Key Economic Lever or Just Another Burden for Businesses?

Throughout this year, one development we’ve seen substantially increase is the use of targeted VAT rate changes by governments around the world. Given the large proportion of transactions in an economy that attract VAT, these changes are used as a key tool in economic stimulation, especially as economies throughout Europe slowly start to re-open following […]

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Greece: Focus on E-Invoicing as MyDATA Bill is Signed

After a period of solid work around the myDATA framework, with little documentation left to implement the entire scheme in Greece, the IAPR has shifted its attention to e-invoicing. Last week the IAPR and the Ministry of Finance signed the long-awaited myDATA bill, which once turned into law will enforce the myDATA system within Greece. […]

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