Blog

Preparing for Poland’s New JPK_VAT Structure

We recently reported the Polish government’s decision to delay introduction of the new JPK_VAT  with a declaration structure until 1 July 2020. This move is part of the country’s Tarcza antykryzysowa (“Anti-Crisis Shield”) initiative to support business during the coronavirus pandemic and gives welcome extra preparation time especially as the Ministry of Finance only recently […]

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Portugal – New Stamp Duty Filing Requirements Delayed

The global tax landscape is rapidly changing as more tax jurisdictions require detailed electronic transactional reporting. This trend also applies to premium taxes, with Spain leading the way having introduced a new digitised reporting system and requesting Consorcio surcharges be declared on a transactional line-by-line basis. Greece shortly followed with detailed IPT reporting and most […]

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Finland Expands Adoption of E-Invoicing

Finland’s government already receives over 90% of invoices electronically. Aiming to expand the use of e-invoices in B2B transactions, the country has granted B2B buyers the right to receive a structured electronic invoice from their suppliers if requested. The scheme applies to all Finnish companies with a turnover above €10,000 and came into force on […]

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Spain’s Tax System – The Complexities of Compliance

Spain’s tax system is one of the most complex in Europe. For this reason, it presents a unique challenge for insurers when it comes to insurance premium tax (IPT) compliance. It has various taxes on insurance premiums with varying rates and several reports which must be declared. There are four provinces in Spain, each requiring […]

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What Cross-border Insurers Need to Know About French, Spanish and Portugese IPT

When operating across multiple regions, it’s challenging to stay abreast with every jurisdictions’ insurance premium tax (IPT) rates, particularities and exemptions. Country-specific filing and audit processes vary country to country too. If you operate in Portugal, France or Spain, or are looking to expand your business into these European territories, we’ve compiled a quick guide […]

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Further EU VAT Measures in Response to Coronavirus

Sovos recently published a blog regarding prospective measures EU member states are taking in response to the Covid-19 pandemic.  Included below are additional actions introduced from countries across the EU: European Union The European Commission has approved requests from all EU Member States to temporarily suspend VAT and customs duties on imported medical equipment.  This […]

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Turkey Publishes Storage Guidelines for E-Ledger

On 3 April 2020,  storage guidelines for e-ledger were published by the Turkish Revenue Authority (TRA). The guidelines set out the requirements and standards for special integrators, and the requirements for supporting secondary storage services for e-ledgers, e-ledger summary report (Berat) files and other documents created through the e-ledger system. Background The Communique, first published […]

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Beyond Tax Reliefs: The Impact of Covid-19 on E-Archiving

The economic impact and consequences of coronavirus are unprecedented as it spreads across different countries. To protect their markets, many countries have reacted by loosening obligations and lowering rates. While most of these initiatives have an immediate impact on a business’s cashflow and are welcome they also, in many cases, have a long-term impact on […]

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Norway and the Trend to Taxing Low Value Goods

From 1 April 2020, Norway will require non-resident suppliers of “low value” goods to Norwegian consumers to charge VAT on such supplies. Norway is the latest in a series of countries to take this step ahead of similar changes scheduled to begin in the European Union next year. Around the world, countries impose VAT style […]

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Turkey’s Digital Transformation and E-Invoicing Landscape

For companies operating in Turkey, 2019 was an eventful year for tax regulatory change and in particular, e-invoicing reform. Since it was first introduced in 2012, the e-invoicing mandate has grown, and companies are having to adapt in order to comply with requirements in 2020 and beyond.  According to the General Communique on the Tax […]

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EU VAT Measures in Response to Coronavirus

Countries worldwide are introducing indirect tax measures intended to mitigate the economic consequences of the coronavirus pandemic. Prospective measures by EU Member States include:   Austria Austria has announced that taxpayers can seek elimination of default interest and penalties for late submissions resulting from coronavirus.  Belgium Belgium has announced that businesses encountering financial difficulties can […]

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Prepare to Pay Taxes on Crypto Held in Foreign Accounts

The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it has offered the public. The GAO’s Recommendation However, a portion of the report was directed at the IRS and the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. […]

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ECOFIN Speaks on EU VAT Reforms

Pivotal projects in the development of EU VAT The EU’s Economic and Financial Affairs Council (“ECOFIN”) issued a report in December. This followed its review of EU tax policies and developments since Finland took over Presidency of the Council of the European Union in July 2019.  In a previous article we summarised their status review […]

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Insurance Trends: The Reshaping of the Insurance Market

The insurance market for 2019 was marked by two key trends:  insurers implementing post-Brexit strategies, and the continuous rise of insurtech companies. But classic and more traditional insurance companies and captives have not surrendered. A hard Brexit has been anticipated by UK insurers British insurance companies have carefully planned for the different flavours of Brexit […]

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Ongoing Trends in VAT Determination and Reporting

2019 was an exciting year for VAT and, given the ever-increasing pressure on governments to increase revenues, it’s likely that 2020 will be just as eventful. Although VAT is an ever-shifting landscape, below are three recent trends that we believe are poised to continue in 2020 and beyond: 1.  VAT obligations for remote sellers Globally, […]

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Technology Enhancements in Insurance

The insurance world is often seen as slow and reluctant to fully embrace technology. However, new competition from the growing number of insurtech companies and the digitisation of reporting to local authorities are forcing insurers to wake up to the wave of technology transformation the sector is experiencing. Still, people behind technology remain key. Perhaps […]

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Incoterms 2020: A New Coat of Paint and Important Clarifications for a New Decade

The International Chamber of Commerce (ICC) has released the new 2020 version of the Incoterms.  Incoterms are important business shorthand and understanding their express meaning and intended usage is incredibly important in minimizing business risk and ensuring compliant VAT reporting.  The following information provides some basic guidance for tax compliance professionals looking to refresh their […]

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HMRC Overhauls its Business Risk Review (BRR) Regime

HMRC administers the whole of the tax system for the UK and Northern Ireland.  Although there are some 5.7 million active businesses in the UK, less than half a percent are responsible for 40% of the tax HMRC collects (approximately £217 billion in 2017).  So, how well those businesses manage their tax compliance will make […]

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