Blog

Revisiting the EU VAT “2020 Quick Fixes”

Part 3:  Chain Transactions This is the third in a series of four blogs providing explanatory detail to the EU’s “2020 Quick Fixes” that aim to standardise certain VAT rules throughout the EU. Part one of this series focussed on VAT Identification of the Customer, whilst part two provided guidance on the Exemptions of Intra-Community […]

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Will the myDATA Project be Delayed in Greece and Mandatory E-Invoicing be Introduced?

Two months after closing the public consultation on the myDATA scheme, the Greek tax authority, IAPR, has yet to share the feedback received from the industry on the proposed scheme or make any official announcement in this regard. However, local discussions indicate that, the IAPR may reintroduce its initial agenda proposed back in August 2018, […]

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Revisiting the EU VAT “2020 Quick Fixes”

Part 2: The Exemptions of Intra-Community Supplies of Goods This is the second in a series of four blogs providing explanatory detail to the EU’s “2020 Quick Fixes”. This article focuses on updated guidance around the Exemption of Intra-Community Supplies of Goods coming into effect on 1 January 2020.    The EU Implementing Regulation contains a […]

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Revisiting the EU VAT “2020 Quick Fixes”

Part 1: VAT Identification of the Customer We recently wrote about the EU’s latest report on the “VAT Gap” – the overall difference between the expected VAT revenue and the amount collected by each Member State. It is hoped that the VAT Gap will be substantially reduced by the introduction of a new definitive VAT […]

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VAT Gap: EU Countries Lost €137bn in VAT Revenues in 2017

In September, the European Commission released its latest study on the so-called ‘VAT Gap’. The VAT Gap is defined as the difference between the amount of VAT collected and the VAT Total Tax Liability (VTTL), in absolute or percentage terms. The VTTL is an estimated amount of VAT that is theoretically collectable based on VAT […]

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VAT Mini One Stop Shop – Part 3

What to Expect Next In Parts One and Two of this series on the VAT MOSS scheme for digital services we provided a background, considerations for applying and a recent update on the existing MOSS scheme. This recent update is the first stage that will pave the way for a smooth transition to the new VAT […]

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Ensuring SAP Tax Compliance and Data Purity in AP E-invoicing Processes

About a decade ago, countries in Latin America, led primarily by Mexico, Brazil and Chile, stepped up their efforts to close the VAT gap by requiring companies to move away from paper-based invoicing processes and toward electronic methods of billing and completing payments. The idea was that a tax administration could more easily and effectively […]

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VAT Mini One Stop Shop – Part 2

An update and the effects of Brexit In the first part of this series on the VAT MOSS scheme for digital services we provided a background on this scheme and considerations for applying.  In this second part we provide you with a recent update and describe how Brexit will affect the scheme. Our third and […]

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Key Steps for MTD Second Stage Filers

In our previous piece reflecting on the aftermath of the initial MTD deadlines for ‘First Stage filers’ we also noted that the first submission experiences of ‘Second Stage’ filers should hopefully run more smoothly.  To recap, Second Stage filers are often referred to as ‘complex’ businesses, as HMRC have determined certain features to their operations […]

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VAT Mini One Stop Shop – the Current Status

The European Commission published in September a statistical report on the VAT Mini One Stop Shop (MOSS). According to this report the overall VAT revenue collected under MOSS (Union and Non-Union) shows a constant growth from EUR 3 billion of VAT collected in 2015 to EUR 4.57 billion collected in 2018. In 2018, the VAT […]

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MTD For VAT: Lessons and Reminders for ‘Second Stage’ Filers

7 August 2019 was a landmark in one of the most significant changes ever to occur in UK business-to-government VAT reporting.  The requirement to file VAT returns via HMRC’s new digital tax system Making Tax Digital for VAT (MTD) affected 1.2 million VAT registered taxpayers.  The vast majority file quarterly returns and were therefore expected […]

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The New Era in Greece’s Tax System

Greece made an important step to digitize its tax system and introduce an innovative platform for taxpayers to fulfil their tax obligations. The new platform will offer businesses a collaborative environment where the data they provide to the Greek Independent Authority of Public Revenues (IAPR) will not only affect their own books but will also […]

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Spain: CCS Reporting Requirements – a Challenging Journey

For some of us, this journey started back in 2018 when we were notified that the Consorcio de Compensacion de Seguros (CCS) was implementing a new reporting requirement.  The intention was to make insurance companies provide information at a transactional level on an ongoing monthly basis. To date, this change has had one of the […]

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France Takes First Steps Towards Mandatory B2B Electronic Invoicing

Back in June this year, many heads were turned when the French Minister of Public Accounts and Action, Gérald Darmanin, went on record stating that the French Government has the intention of making e-invoicing mandatory also for B2B transactions. Now it seems that the Government – spearheaded on this topic by Minister Darmanin as well as by the Minister of Finance Bruno Le Maire – has moved from word to […]

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Meeting the New Indirect Tax Challenges of Accounts Payable Automation

A substantial number of companies are unaware of the full challenges around tax compliance and their procurement processes. Part of the challenge is that tax compliance must functionally sit with procurement and other business functions in the enterprise that own the data interchange, while the ultimate responsibility for tax compliance remains with the tax department. […]

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Countdown to NSO – Italy’s Electronic Purchase Orders Platform

In less a  weeks’ time, on 1 October, all purchase orders associated with the Italian National Health System (Servizio Sanitario Nazionale, SSN) will be exchanged through the public administrations’ Purchase Orders Routing Node platform (Nodo di Smistamento degli Ordini), commonly referred to as NSO. Although the new e-order mandate won’t affect the collection of VAT, […]

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Indirect Tax Compliance Challenges in Accounts Payable Automation

AP automation is supposed to save SAP customers money, but developments in digital tax could derail its benefits and actually create further liabilities. With tax authorities all over the world seeking to increase revenues and close tax gaps, IT professionals and AP system administrators face new challenges in indirect tax compliance. Among those challenges are […]

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Three Key Steps to Apply IPT on New Lines of Business

In the increasingly complex world of IPT, understanding, assessing and applying the right taxes to new insurance products can be a challenge for insurers when complying with fragmented regulations. As new risks continue to emerge, so do new insurance products. But how can insurers ensure insurance premium tax (IPT) is correctly applied? The three questions […]

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