Blog

Oman to Introduce VAT

Oman is on its way to introduce VAT. After the approval of the State Council and the Shura Council the draft law was sent for final approval to Sultan Haitham Bin Tariq Al Said. If the draft law is approved, VAT is expected to be implemented in 2022. Background Gulf Cooperation Council (GCC) member states […]

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Three Key Reasons to Appoint a VAT Compliance Managed Service Provider

With a VAT gap across EU countries estimated at €140 billion in 2018, tax authorities are continuing to take steps to boost revenues, increase efficiency and reduce fraud.  As a result, VAT compliance obligations are becoming more demanding and failure to comply can not only result in significant fines but also reputational damage. Many multinational […]

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The Benefits of Insurtech to Captive Insurers

Tax filing, wherever you are in the world, is becoming increasingly complex, with regular rate updates and governments eager to close tax gaps via new mandates that demand real-time reporting. Despite this, many captive insurers still rely on resource-heavy, manual procedures to capture, validate and process large volumes of data. As well as taking significant […]

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Navigating Insurance’s Digital Highway

From underwriting to reporting, the insurance industry is having to adjust and by choice or imposed, is embracing the digital evolution of its practices. On the reporting front, more tax authorities are forcing insurance companies to tailor their internal processes by jurisdiction, directly impacting the collection of information at the underwriting stage. Digitized services continue […]

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India’s E-Invoicing Reform: The Clock is Ticking

Taxpayers are only two weeks away from the initial start of India’s e-invoicing reform. Even though the continuous transaction controls (CTC) invoicing system was officially first introduced in December 2019, there have been many changes and updates from the GSTN. In addition to changes announced in July which affected the schema and scope for India’s […]

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Mexico: Changes to VAT Obligations, E-Signature, and E-Invoicing

Part 2: Main Aspects of the 2nd Modification of the Miscellaneous Fiscal Resolution for 2020 In addition to the provisions related to digital services explained in Part I of this blog, the second Modification to the Miscellaneous Fiscal Resolution for 2020 (RMF2020) also introduced the following changes related to VAT obligations, the use of electronic […]

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Turkey Amends the General Communique

The Turkish Revenue Authority (TRA) continues to innovate digital tax controls, most recently by introducing a new document type among other changes. They recently published a Draft Communique including several amendments to existing regulations which were opened up for public consultation. The General Communique on the Tax Procedural Law (General Communique), which this recent draft […]

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Frequently Asked Questions: Calculating Insurance Premium Tax Liabilities

Accurately calculating Insurance Premium Taxes (IPT) across Europe can be a challenge, especially when there are inconsistent methods of calculations and a vast array of taxes to understand. Our recent webinar How to accurately calculate IPT liabilities sheds light on the challenges insurers face in ensuring accurate calculations, the various calculation methods different territories use […]

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Mexico: Changes for Digital Services Suppliers

Part 1: Main Aspects of the 2nd Modification of the Miscellaneous Fiscal Resolution for 2020 The Mexican Tax Administration (SAT) released the second modification of the Miscellaneous Fiscal Resolution for 2020 (RMF2020). This is the first of two blogs, where we address some of the main changes in compliance obligations for suppliers of digital services […]

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A New EU Country Code on the Horizon for Northern Ireland

Since 31 January 2020, the UK is officially no longer part of the EU but is considered a third country to the union although EU legislation will still apply to the country until the end of 2020. Although Northern Ireland is part of the UK, the region will remain under EU VAT legislation when it […]

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Spanish Registration and Filing Process

The Spanish tax system is one of the most complex in Europe. If the tax system and surcharges are not fully understood it can be a real challenge for insurance companies writing business in Spain or for those that want to start their business in this country. Spain has different taxes and reports that must […]

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Impact of Greek Tax Reform on E-Invoicing

With the 1 October go-live date for myDATA, the first Greek implementation of Continuous Transaction Controls (CTC), fast approaching, legal clarity around the broader tax reform should ideally be close to completion. Greece’s tax reform is expected to not only cover CTC reporting but also e-invoicing.  So far, however, we have only seen fragmented documentation […]

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Turkey Continues to Protect Employees from Effects of COVID-19

The Turkish government continues to minimize the effects of the COVID-19 pandemic on companies. A Presidential decree has extended the deadline for the Ban on Layoffs and Cash Wage Support from 17 July 2020 until 17 August 2020. This measure, which protects both employees and employers, is extended until 30 June 2021 and will be […]

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Streamlined IPT: The Unspoken Benefit of M&As

Whilst M&A activity may have slowed down slightly, deals are still taking place and the future of many insurers could depend on a buy-out. Continued volatility in share prices could make a once expensive acquisition target more appealing than it once was. For sectors such as travel and events insurance, now could be the time […]

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SAP Helping to Lead the Way in Creating a More Sustainable Planet

SAP recently announced the launch of an initiative that will plant one tree for every online purchase made on SAP Store and SAP App Center. This program is part of a larger project with a goal of planting 5 million trees by 2025. This is not the first initiative of its kind for SAP. The […]

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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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Portugal – Are you Ready for the Changing Stamp Duty Reporting Requirements and What Lies Ahead?

With the fast pace of change happening on the global tax landscape, where tax authorities require more granular information with electronic tax submissions, it’s not surprising to see another country embarking on their digital journey. Portugal is now following in the footsteps of other nations by changing the way in which stamp duty is declared. […]

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