Blog

Industry First: Businesses and Government Partner on New Digital VAT Compliance Principles

For the first time in history, international business and governments have come together. Their aim was to define and agree a guiding set of principles for tax compliance in a world where continuous tax controls (CTCs) are becoming the norm.  The International Chamber of Commerce‘s (ICC) executive board has now formally approved the first set […]

Read More
E-Delivery Note Usage Scenarios

The General Communiqué no. 509 (communiqué) established the date of transition to the e-delivery note application and the full scope of the mandate. Whilst the communiqué addressed the general use of the application and the basic practices, it didn’t contain all the information businesses require and although the FAQ and information from the Turkish Revenue […]

Read More
Key Facts About Turkey’s E-Arşiv Invoice System

The era of paper invoices is coming to an end. With the e-arşiv invoice system, you can issue an electronic invoice, even to non-registered e-invoice taxpayers. This regulation enables companies to send invoices directly to the end-user via e-mail removing the need for paper invoices. Due to the official statement from the Turkish Revenue Administration […]

Read More
India’s E-invoicing Mandate Deadline of October is Looming

Renowned for its diversity, India is taking the same approach to its e-invoicing framework.  There have been several changes and new possibilities included in the required processes and technical (“JSON”) invoice schema since e-invoicing was introduced. Such changes are unsurprising as many of the existing Continuous Transaction Controls (CTC) systems regularly bring new elements to […]

Read More
Vietnam’s E-invoicing Mandate – Delayed Until 2022

The Ministry of Finance in Vietnam recently presented a draft decree to the Prime Minister for ratification, indicating that the go-live date for mandatory e-invoicing in the country will be delayed from 1 November 2020 to 1 July 2022. This proposed delay is in response to difficulties encountered by local companies to implement a compliant […]

Read More
Turkey’s Digital Transformation and E-Invoicing Landscape

For companies operating in Turkey, 2019 was an eventful year for tax regulatory change and in particular, e-invoicing reform. Since it was first introduced in 2012, the e-invoicing mandate has grown, and companies are having to adapt in order to comply with requirements in 2020 and beyond.  According to the General Communique on the Tax […]

Read More
Prepare to Pay Taxes on Crypto Held in Foreign Accounts

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. […]

Read More
Starbucks Shakes Up the Banking World

Experts believe Starbucks plans to enter the financial services industry. This belief is based on the huge sum of money Starbucks holds in stored value card liabilities and Starbucks’ investments in crypto. It also removed the word coffee from its signboard. Billions in value card liabilities Starbucks customers generate a massive amount of money purchasing […]

Read More
China: Draft VAT Law Review

The Ministry of Finance and the State Taxation Administration are pressing ahead with China’s VAT reform having issued a Consultation Draft of the VAT law of the People’s Republic of China on 27 November 2019.  It called for feedback from the public and other interested stakeholders. This draft law aims to consolidate the reforms and […]

Read More
New Global VAT Compliance Report Provides Guidance for Multinationals

Companies are dealing with a fundamental shift in the way they do business with trading partners. In a rapidly increasing number of countries, there’s a third party inserting itself into every transaction. It’s the government, and it’s wedging its way into every order a company ships or receives.  In an effort to close a massive […]

Read More
Is Your Business Ready for Turkey’s Digital Tax Transformation?

The value of data is rising The value of data is becoming more precious than oil.  Technology has transformed market dynamics across all sectors and the way businesses operate. Big data has grown in importance and data-based platforms are today’s new technology giants. On one hand; Facebook, Google and other data-based platforms are collecting data […]

Read More
Central Asia’s Adoption of E-Invoicing Mandates Grows

It’s no longer controversial to say that real-time VAT control initiatives such as e-invoice clearance or real-time reporting are becoming increasingly popular with governments and tax authorities across the world. Such initiatives, commonly referred to under the umbrella term CTC, or Continuous Transaction Controls, are now largely considered to be the new normal as governments […]

Read More