Blog

E-invoicing Trends Across the Middle East and North Africa

The concept of e-invoicing as a vehicle for increased tax control and cost reduction, continues to spread into new areas of the world. The number of countries adopting e-invoicing regimes are rising in the Middle East and North Africa as both governments and businesses by now are well-aware of the benefits. While some countries in […]

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With Disruption at Unprecedented Levels, How is InsurTech Helping?

InsurTech companies are really getting their claws into the insurance industry. New products are coming to market, processes are being overhauled and end customers are benefiting from the positive disruption. From Zego’s flexible policies to By Miles pay-per-mile car insurance, new solutions are rewriting the rules of insurance to better serve customers. But are these […]

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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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In Focus: France’s IPT Landscape

France is usually known for the complexity of its insurance premium tax filing system with many parafiscal charges potentially applying to insurance premiums and with many overseas territories where IPT should be filed directly. Over the last decade, France has either introduced new taxes and contributions on insurance premiums or increased rates. Now, as for […]

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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 bill, which once turned into law will enforce the myDATA system within Greece. According […]

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India’s E-invoicing Mandate Deadline of October is Looming

Renowned for its diversity, India is taking the same approach to its e-invoicing framework.  There have been several changes and new possibilities included in the required processes and technical (“JSON”) invoice schema since e-invoicing was introduced. Such changes are unsurprising as many of the existing Continuous Transaction Controls (CTC) systems regularly bring new elements to […]

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Turkey: Which Documents Can Replace E-Delivery Notes?

From 1 July 2020, all taxpayers with revenue above 25 million TL in 2018 or subsequent years must switch to the e-delivery note system. E-invoice instead of e-delivery note With the deadline fast approaching, one of the questions on taxpayers’ minds is whether e-invoices can be used to replace e-delivery notes as paper invoices can […]

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Remember, COVID-19 Isn’t the Only Challenge Facing Insurers

The coronavirus pandemic’s full effect on insurance is yet to be revealed, however one thing is for certain, the shockwaves will be felt for years to come. Looking at the numbers, Lloyds of London have recently forecast that COVID-19 will cost the insurance industry £167bn globally this year resulting from claims related to the pandemic […]

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European Court Rules Against UK on VAT Treatment of Futures Trading

In the midst of ongoing negotiations following the UK’s exit from the European Union (EU), the Court of Justice of the European Union (CJEU) has ruled that the UK has impermissibly expanded the scope of its 0% VAT rate on futures trading.  And, that this has been occurring over a period spanning more than forty […]

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Italian Parafiscal Complexities

Premium tax and parafiscal compliance for insurers authorised to operate under the Italian regime can be challenging. For the experienced, it may seem that each year brings a different obligation to be met with new requirements often being introduced. There are almost always links between an upcoming year’s reporting requirements and declarations made in previous […]

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Turkey’s Transition Conditions for E-ledger

On October 19, 2019, the Turkish Revenue Administration (TRA) published a communique making the e-ledger application mandatory for e-invoice users, companies subject to an independent audit, and companies identified by the Presidency to have poor tax compliance.  The e-ledger application enables businesses to create the legally mandated general journals and ledgers and submit e-ledger summary […]

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Why IPT Reporting is so Complex for Insurers

Accurately calculating insurance premium tax (IPT) for reporting can be complex.  And the ramifications of getting it wrong can be far reaching from impacting profit margins to unwelcome audits, fines and damage to your company’s reputation in the market and with customers. Calculation methods When I speak to customers about how they calculate insurance premium […]

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The Future of VAT in Northern Ireland

As negotiations to determine the future relationship between the EU and UK beyond the end of the transition period resume, after a COVID-19 initiated pause, it’s worth taking a moment to review some of the anticipated VAT implications of Brexit, and in particular the impact on Northern Ireland. Prior to the UK leaving the EU, […]

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Albania’s New Tax Reform: Fiscalization

Following the trailblazing efforts by countries such as Italy, Hungary and Spain, this past year has seen an increase in European countries announcing digital tax control reforms. Earlier this year, Albania joined the ranks of France and Poland by announcing the introduction of a continuous transaction controls (CTC) system, called fiscalization. This scheme requires clearance […]

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Is COVID-19 Rewriting the Rules for how Insurers Cover Epidemics?

Coronavirus has already immeasurably changed how we live, work, travel and socialise, and the insurance industry is certainly no exception. Looking back, policies agreed at the beginning of this year could never have reasonably taken into account the scale of this pandemic because nothing like this situation has graced the world in living memory. Furthermore, […]

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In Focus: Easing the Pain of Negatives for Insurers

Anyone involved in insurance premium tax (IPT) compliance will be only too aware of negatives.  Sadly, they almost always cause a headache and not only for financial reasons but also from a tax compliance perspective as well. What are negatives? Negatives for IPT purposes mean negative policy lines in documentation created to support the premium […]

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Deadline Looming for Turkey’s E-delivery Note Mandate – are you Ready?

Following the successful implementation of the e-invoicing mandate that has gradually expanded its scope, Turkey introduced a new mandate to track the movement of goods in a more technology-efficient way. Like many other countries, Turkey has already been able to retroactively track the movement of goods by obliging taxpayers to issue delivery notes. Having seen […]

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