A tax authority audit can come in various forms, whether it be directly to the insurer itself or indirectly through a policyholder or broker. It can be targeted, for example, where an insurer has been specifically identified to be investigated due toa discrepancy on a tax return, or it can be indiscriminate in its nature […]
In the “Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalization of the Economy” issued on 1 July 2021, members of the G20 Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) have agreed upon a framework to move forward with a global tax reform deal. This will address the […]
Since 1993, supplies performed between Italy and San Marino have been accompanied by a set of customs obligations. These include the submission of paperwork to both countries’ tax authorities. After the introduction of the Italian e-invoicing mandate in 2019, Italy and San Marino started negotiations to expand the use of e-invoices in cross-border transactions between […]
Some European tax authorities require annual insurance premium tax (IPT) reports to be submitted for the calendar year in addition to regular monthly or quarterly reporting. Annual reports usually require significant detail, making the process time consuming and labour intensive for insurers. Annual reporting requirements vary from country to country, making it complex for cross-border […]
In September 2020, Italy introduced major changes to the country’s rules on the creation and preservation of electronic documents. These new requirements were expected to be enforced on 7 June 2021. However the Agency for Digital Italy (AGID) has now decided to postpone the introduction of the new e-document rules until 1 January 2022. The […]
When Italy introduced its mandatory e-invoicing system, cross-border invoices weren’t included in the scope of the reform. To introduce the mandate, Italy asked the European Council for a derogation from the VAT Directive and the country was granted permission for the introduction of a mandatory clearance system for domestic transactions performed between Italian taxpayers. It’s […]
In September 2020, the Agency for Digital Italy (AGID) introduced new requirements for the creation and preservation of electronic documents, which will be enforced from 7 June 2021. This blog discusses the requirements and how they affect the issuance and storage of e-invoices. Electronic Documents in Italy The AGID is responsible for the Italian digital […]
EESPA, the European E-invoicing Service Providers Association, recently published EESPA Standard Definitions for Legally Compliant Electronic Invoicing and their usage. This document aims to provide a basis for e-invoicing service providers and their customers to agree on allocation of responsibility of the legal compliance of processes supported by the services. These standard definitions will contribute […]
While Italy rolled out its continuous transaction controls (CTC) reform in 2019, 2020 has been a year of expansion. Italian authorities plan to leverage all potential benefits of the successful implementation of the country’s central e-invoicing platform. Many of the updates will either be launched or enforced in the upcoming year, or later in 2022. […]
Italy has been at the forefront when it comes to the introduction of continuous transaction controls (CTC) in the EU, and it still leads the way as other European countries look to Italy for inspiration on their local CTC implementations. But even before the introduction of its clearance e-invoicing system in 2018, the country had […]
Premium tax and parafiscal compliance for insurers authorised to operate under the Italian regime can be challenging. For the experienced, it may seem that each year brings a different obligation to be met with new requirements often being introduced. There are almost always links between an upcoming year’s reporting requirements and declarations made in previous […]
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 […]
In the past five years, transaction automation platform vendors who embraced e-invoicing and e-archiving compliance as integral to their services grew on average approximately 2.5 to 5 times faster than the market. Two decades of EU e-invoicing: many options, different models Until 1 January 2019, when Italy became the first European country to mandate B2B […]
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 […]
Anyone predicting Italy’s clearance model e-invoicing system, FatturaPA, would undergo further reform would be right. Agenzia delle Entrate – AdE, the Italian tax authority, has issued new technical specifications and schemas for Italian B2B and B2G e-invoices. But – what do these changes really mean? And what impact do they have on business processes? Technical […]
Italy has been a pioneer when it comes to automating e-invoicing processes. It first introduced a B2G e-invoicing system in 2014 which has since evolved into a robust and mandatory platform for the exchange of invoices now also expanded to include B2B and B2C transactions. The Italian central e-invoicing platform SDI was considered revolutionary by […]
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. […]
What’s your digital transformation strategy? Whether you’re in IT, finance, tax or the executive suite, if that strategy doesn’t include tax, you may be overlooking a huge source of risk – and strategic benefit. It’s time to consider launching a conversation about tax in a digitally transforming world. Which is why we’ve created the “Yes, […]