Blog

Oman Introduces VAT System

The Sultanate of Oman has imposed a Value Added Tax from 16 April 2021. The VAT system is scheduled to be implemented in phases, with businesses required to register for VAT at different points over the next year based on their turnover. Turnover Mandatory Registration Deadline Effective Date of Registration Greater than 1,000,000 OMR March […]

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Understanding Mexico’s Miscellaneous Fiscal Resolution for 2021 and its Modifications (Part II)

Mexico’s Miscellaneous Fiscal Resolution (MFR) for 2021 includes a number of changes, the first of which you can read about in our previous blog on the subject. In this blog we will discuss the approved specific technical modifications related to the validations Authorised Certification Providers (PACs) should make to electronic invoices sent to them for […]

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Tax compliance for insurers intensifies – the cost of getting it wrong

Tax authorities have increased their focus on the insurance industry to ensure Insurance Premium Tax (IPT) and parafiscal taxes are collected correctly, accurately, and on time. Operating in multiple countries inevitably means also having to comply with many local regulations in line with IPT statutory and parafiscal filing. Compliance regimes can be simple or complex, […]

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Croatia’s fiscalization system: Cash transaction monitoring made easier

Croatia was one of the first countries in the world to introduce a real-time reporting system for cash transactions to the tax authority. Known as the online fiscalization system, new requirements have been introduced to improve tax controls for cash transactions. Croatia’s online fiscalization system The system aims to combat retailer fraud by providing the […]

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A Brief History of VAT Digitization

VAT accounts for 15-40% of all public revenue globally. We estimate that the global VAT gap – i.e. lost VAT revenue due to errors and fraud – could be as high as half a trillion Euros. The GDP of countries like Norway, Austria or Nigeria are at a similar level and this VAT gap is […]

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What is the Tax Fallout from Brexit? 3 Questions for 3 Experts

Brexit continues to create a stir and the only absolute is that confusion dwarfs certainty when it comes to understanding the new tax laws that went into effect when Brexit became a reality. To address some of the more pressing questions, we gathered three industry experts for a webinar to provide some clarity into this […]

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Norway’s New 2022 VAT Return: Detailed and Digital

The Norwegian tax authority’s project for modernising VAT, the MEMO-project, has announced a new digital VAT return. It will take effect from the beginning of 2022 following a pilot program in August this year. This new VAT return seeks to provide simplification in reporting, better administration, and improved compliance in the VAT system. Currently VAT […]

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Spain: IPT Increase and Transmission Measures

The new rate for Insurance Premium Tax (IPT) was published in the Spanish Gazette (BOE) on 31 December 2020. It increases from 6% to 8%. This increased rated applies to the first tax period of 2021 (for submissions to be made the next February). In this blog, we’ll look at the challenges faced by insurers […]

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How to Manage E-Transformation Projects When Deadlines are Set by Government Agencies

When managing any e-transformation project the deadline is determined after careful planning. It should be based on the project scope and consider the available resources. However, when the project is to ensure regulatory compliance, the government determines the project’s deadline and it must be met. Many taxpayers choose to work with an external integrator to […]

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Will Bulgaria be the Next EU Member State to Introduce Continuous Transaction Controls?

Bulgaria could be the next EU Member State to introduce continuous transaction controls (CTCs) following Italy, France and Poland. Introducing CTCs provides tax administrations with more granular and continuous visibility into tax-relevant business data. Bulgaria announced it’s considering mandating e-invoicing and the transmission of invoices to the tax authority. This could be done either via […]

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Saudi Arabia Publishes Draft Rules for E-invoicing

The General Authority of Zakat and Tax (GAZT) has published draft rules for the controls, requirements, technical specifications and procedural rules for implementing the provisions of the e-invoicing regulation. In addition to the draft rules, the associated technical specifications (Electronic Invoice Data Dictionary, Electronic Invoice XML Implementation Standard and Electronic Invoice Security Implementation Standards) are […]

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Luxembourg – Online IPT Filing from April 2021

From April, insurers will start to make their first electronic filing of Insurance Premium Tax (IPT) in Luxembourg using the new online submission portal – myGuichet. Along with other European territories, the Luxembourg tax authority has sought to streamline and improve IPT collection and administration. Using an online portal is an efficient and secure way […]

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Possible Consequences of not Reviewing Contracts Post-Brexit

Given the complexity of international VAT and the potential risk, pitfalls and associated costs, finance directors are faced with a predicament. Unlike direct taxes which tend to be retrospectively determined, VAT is effectively calculated in real-time, linked to various aspects of the supply chain, and if the related transaction has incorrect VAT calculations or erroneous […]

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Historical Declarations Across Europe: Questions You Should Ask

Although insurance companies do their best to settle their tax liabilities in the most compliant manner, historical liabilities may still occur. Here is an overview of the different types of historical declarations with some insurance premium tax (IPT) examples. When a tax liability becomes a historical liability Let’s start with a simple chart: Are we […]

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Understanding Mexico’s Miscellaneous Fiscal Resolution for 2021 and its Modifications (Part I)

Mexico introduced changes to the Miscellaneous Fiscal Resolution (MFR) this year. The Miscellaneous Fiscal Resolution is a group of regulations issued by the Mexican tax administration (SAT). The regulations contain the official interpretations of the rules enacted for the application of the taxes, levies and related obligations applicable to taxpayers in Mexico. The MFR is […]

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How the World can Meet the Post COVID-19 Automation Challenge

It’s good to see light at the end of the tunnel. Nonetheless, it’s too little, too late for many smaller – but also plenty of larger – companies. Thousands couldn’t weather the storm because they were particularly dependent on human contact. Others were affected disproportionally simply because COVID-19 hit them just as they traversed a […]

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Breaking News: E-invoicing Scope in India Expanding from 1 April 2021

During the past few months, in the absence of formal clarification, there has been much speculation on whether the Indian authorities would move forward with the expansion of the mandatory e-invoicing scope. While some have raised concerns that the Indian mid-market to SME segment would not be ready for such a change, others, including government […]

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IPT Regulation Changes in Europe for 2021

2021 sees several significant regulation changes for insurers when complying with insurance premium tax (IPT) across Europe. These include a new reporting system, an IPT increase, and new exemptions. To help insurers understand these changes, in this blog we’ll look at each of these changes. Spain – IPT increase Probably the most significant change this […]

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