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
Category: Value Added Tax
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,
Tax Compliance
Mexican Tax Reform Introduces Anti-Abuse Rule
Mexico is introducing a tax reform to be enforced on 1 January 2020, implementing a general anti-abuse rule. Its aim is to increase governmental control
E-archiving
Long-awaited Indian e-Invoicing Legislation Finally Published
For those following the ongoing tax control reform in India, 2019 has been a very eventful year for Indian e-invoicing. Starting last spring, a group
Tax Compliance
Norway to Mandate SAF-T Reporting from 2020
Mandatory SAF-T (Standard Audit File-Tax) reporting will be introduced in Norway from 1 January 2020. Use of SAF-T, a standardized XML format containing exported accounting
E-archiving
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
Tax Compliance
Poland’s Departure from the Traditional VAT Return
In Europe, Poland seems to be the first country to move away from the traditional VAT return replacing it with a detailed Standard Audit File
Tax Compliance
Hungary Expands Scope of Real-Time Reporting
Since July 2018, taxpayers in Hungary have been obliged to disclose the data of electronic invoices issued for transactions with accounted VAT exceeding HUF 100,000
Electronic Invoicing
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