Whilst the UK leaving the European Union (EU) on 31 December 2020 seems like a long time ago, UK businesses still have to deal with changes to the processes in place when importing goods from suppliers in the EU. Customs Declarations Throughout 2021, goods imported into Great Britain from the EU were subject to several […]
The EU-UK Trade and Cooperation Agreement (TCA) provides for tariff-free trade between the United Kingdom (UK) and the European Union (EU) but does not work in the same way as when the UK was part of the EU. Before Brexit, if the goods were in free circulation within the EU, they could be moved cross-border […]
During the last decade, the Vietnamese government has been developing a feasible solution to reduce VAT fraud in the country by adopting an e-invoice requirement for companies carrying out economic activities in Vietnam. Finally, on 1 July 2022, a mandatory e-invoicing requirement is scheduled to enter into force nationwide. 2020 e-invoicing mandate postponement Despite the […]
Towards the end of 2021, the tax authority in Turkey published a draft communique that expands the scope of e-documents in Turkey. After minor revisions, the draft communique was enacted and published in the Official Gazette on 22 January 2022. Let’s take a closer look at the changes in the scope of Turkish e-documents. Scope […]
No matter the size of the business, the tax season kicked off this past month with tax reporting professionals tackling the massive task of issuing and filing annual 1099s, W-2s, and other tax returns by January 31st. When January is in the rear-view mirror, businesses will turn to the next hurdle of 2022 tax reporting season; annual reporting of Form 1042-S […]
The number of continuous transaction controls (CTC) jurisdictions worldwide is increasing at a high speed. What’s equally interesting to note is a parallel development: countries that already have CTCs in place are expanding the scope of their CTC regimes by introducing new obligations around related document types, notably for transport documents. We are witnessing a […]
The EU Council approved a proposed directive to amend rules governing reduced VAT rates at the ECOFIN meeting held on 7 December 2021. The new rules grant EU Member States more options and flexibility in determining the reduced VAT rates to apply to certain goods and services through amendments to the EU VAT Directive. New […]
In our previous blog, we completed the compliance cycle with tax authority audits. However, that’s not the end of the challenges businesses face in remaining compliant in the countries where they have VAT obligations. VAT rules and regulations change as do a business’s supply chains – these need to be carefully reviewed and appropriate action […]
In our previous blog, we looked at the challenges that businesses face in submitting VAT and other declarations on an ongoing basis. However, the compliance cycle doesn’t end there as tax authorities will carry out audits for a variety of reasons to validate declarations. Why do tax authorities carry out audits? When VAT returns consisted […]
As we inch closer to the implementation date of 1 January 2022 for Norway’s new digitized VAT return, let’s take a second look at the details. Norway announced its intentions to introduce a new digital VAT return in late 2020, with an intended launch date of 1 January 2022. With this update comes the removal […]
The Turkish Revenue Administration (TRA) published a Draft Communique that includes significant changes to the Tax Procedure Law General Communique No. 509, which initially aimed to unify all e-document regulations when it was published in October 2019. With the Draft Communique, the TRA will lower the current gross sales revenue threshold for mandatory e-fatura and […]
In our previous blog, we looked at how businesses can determine their obligations when they’re registered for VAT in other countries. We will now focus on what is required to meet those obligations. Submitting VAT returns The VAT return is the most obvious declaration that has to be submitted although as we highlighted in our […]
Update: 26 March 2024 by Dilara İnal Parliament Passes Germany’s B2B e-Invoicing Mandate The German parliament passed the Growth Opportunities Act (Wachstumschancengesetz – the Act) concerning various tax matters on 22 March 2024, including Germany’s B2B electronic invoicing mandate. The Act was originally scheduled for a vote at the end of 2023, with enforcement planned for January […]
Regardless of where the event, conference or exhibition is held, there will be VAT obligations to be met. For event organisers, understanding these VAT requirements is key as failure to do so will not only impact profit margins but may also result in late payments and possible penalties. VAT on conferences and events If your […]
The global e-commerce market continues to transform in today’s digital world. E-commerce transactions consist of a variety of digital services and products such as software, applications, streaming media, web hosting, online advertising, e-books, online newspapers, and various others. From an indirect tax perspective, nations across the globe apply destination-based VAT and GST legislation to these […]
In our previous blog, we focused on VAT registration and the steps a business needs to go through to determine where it needs to be registered. Once the registration is in place, there are a wide range of obligations that need to be met on an ongoing basis. The first step is fully understanding these […]
Registering for VAT in the EU remains an overly complicated task, with each Member State having its own processes and procedures to obtain a VAT number. The various One Stop Shop schemes that were introduced on 1 July 2021 show what the future could look like, with online application and a similar registration process in […]
Korea’s National Tax Service recently shared an investigation in which it discovered several foreign companies were evading tens of billions of dollars in taxes to be reported in Korea using international transactions. A few examples of the tactics used by these companies included stealing sales through offshore companies located in tax havens, and unfairly transferring […]