Electronic Invoicing
Vietnam Makes E-Invoicing Mandatory
Whilst Vietnam has allowed the issue of electronic invoices since 2011, this has not proved popular with domestic businesses. This is mainly due to the
Category: Value Added Tax
Value Added Tax
Hungary Amends VAT Act – Real-Time Reporting Affects All
The Hungarian Ministry of Finance had a productive end to the decade. As outlined in an earlier article, the MoF announced a package of measures
Tax Compliance
ECOFIN Speaks on EU VAT Reforms
Pivotal projects in the development of EU VAT The EU’s Economic and Financial Affairs Council (“ECOFIN”) issued a report in December. This followed its review
Value Added Tax
What Is Value-Added Tax, Anyway? Trends Report Excerpt
Value-added tax (VAT) does not exist in the United States, but American companies are increasingly having to deal with VAT mandates in Latin America, Europe
Electronic Invoicing
India’s Upcoming Mandate: Are the Necessary Invoice Clarifications Coming?
The new framework for invoice clearance in India is a hot topic that concerns many companies. This is not unexpected considering the size of the
Value Added Tax
VIES: New VAT Identification Requirements
The wording of the EU Directive 2018/1910, effective since 1 January 2020, suggests that EU suppliers must check that other businesses they are trading with
Global Tax Determination
Despite SAP Delays, the Time to Get Tax Right is Now
With today’s announcement that SAP is extending support for its Business Suite 7 software suite until the end of 2027 many are breathing a sigh
Global Tax Determination
Ongoing Trends in VAT Determination and Reporting
2019 was an exciting year for VAT and, given the ever-increasing pressure on governments to increase revenues, it’s likely that 2020 will be just as
Tax Compliance
ECOFIN speaks on EU VAT reforms
Working towards a ‘Definitive VAT System’ The EU’s Economic and Financial Affairs Council (“ECOFIN”) issued a report last month. This followed its review of EU
Tax Compliance
Romania to Introduce SAF-T
Romania has the largest so-called “VAT gap,” the difference between actual and expected VAT revenues, in the European Union. According to a 2019 European Commission
E-archiving
4 Challenges of the New India E-invoicing Mandate GSPs Can’t Solve
The deadline for the electronic invoicing mandate in India is rapidly approaching, and if multinationals aren’t careful, compliance issues could catch some SAP customers by
Tax Compliance
Romania Cancels VAT Split Payment Mechanism Effective 1 February 2020
Controls to close the VAT gap and combat VAT fraud The VAT gap for Europe remains around €137 billion every year, according to the latest
Electronic Invoicing
Hidden USMCA Compliance Pitfalls for American Companies in Mexico
As part of the recently updated “new NAFTA,” or USMCA, Mexico is enticing companies to move operations into its maquiladora zone of factories along the
Tax Compliance
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
Tax Compliance
Recent Developments: Complex Reporting Requirements in the European Union
Digital tax reporting requirements have arrived and are here to stay. As the global VAT gap continues to grow (estimated to be as high as
E-archiving
“Trends” Report Excerpt: The Consequences of VAT Non-Compliance
The following is an excerpt from “Trends in Continuous Global VAT Compliance,” the 11th edition of the industry’s most comprehensive guide to e-invoicing, e-archiving and
Global Tax Determination
Incoterms 2020: A New Coat of Paint and Important Clarifications for a New Decade
The International Chamber of Commerce (ICC) has released the new 2020 version of the Incoterms. Incoterms are important business shorthand and understanding their express meaning
Tax Compliance
HMRC Overhauls its Business Risk Review (BRR) Regime
HMRC administers the whole of the tax system for the UK and Northern Ireland. Although there are some 5.7 million active businesses in the UK,