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On 22 March 2021 the EU Council approved DAC7, which establishes EU-wide rules meant to improve administrative cooperation in taxation. In addition, the Directive addresses additional challenges posed by a growing digital platform economy. What is DAC7? In 2011, the EU adopted Directive 2011/16/EU on administrative cooperation in the field of taxation in the EU […]

Russia introduces a new e-invoicing system for traceability of certain goods on 1 July 2021. Federal Law No. 371-FZ will amend the Russian Tax Code to introduce the new procedure for the traceability system, which will bring the introduction of mandatory e-invoicing for taxpayers dealing with traceable goods. Since its introduction, B2B e-invoicing in Russia […]

It’s difficult to pinpoint exactly when new taxes or tax rate increases will happen. Covid-19 has impacted almost everything, including a massive deficit in the economy. Many banks have applied negative interest and governments have put funding in place to aid recovery. It’s highly likely that tax authorities will be looking at ways to bring […]

Update: 25 August 2023 by Carolina Silva Croatia to Introduce E-Invoicing and CTC Reporting System According to official sources from the Ministry of Finance, the Croatian tax authority will introduce a decentralised e-invoicing model alongside a continuous transaction control (CTC) real-time reporting system of invoice data to the tax authority. This move is part of […]

VAT accounts for 15-40% of all public revenue globally. We estimate that the global VAT gap – i.e. lost VAT revenue due to errors and fraud – could be as high as half a trillion Euros. The GDP of countries like Norway, Austria or Nigeria are at a similar level and this VAT gap is […]

Given the complexity of international VAT and the potential risk, pitfalls and associated costs, finance directors face a predicament. Unlike direct taxes, which tend to be retrospectively determined, VAT is effectively calculated in real-time. It’s linked to various aspects of the supply chain. If the related transaction has incorrect VAT calculations or erroneous codes, these […]

It’s good to see light at the end of the tunnel. Nonetheless, it’s too little, too late for many smaller – but also plenty of larger – companies. Thousands couldn’t weather the storm because they were particularly dependent on human contact. Others were affected disproportionally simply because COVID-19 hit them just as they traversed a […]

The EU introduces the E-Commerce VAT Package and OSS on 1 July 2021. The previous delay from 1 January 2021 was due to the COVID-19 pandemic. COVID-19 is far from resolved with many Member States still suffering significantly with wide-ranging restrictions in place in many countries. Regardless, the European Commission’s current plan is to press ahead […]

The basic principle of value added tax (VAT) is that the government gets a percentage of the value that is added at each step of an economic chain, which ends with the consumption of the goods or services by an individual. While VAT is paid by all parties in the chain, including the end customer, […]

The UK entered into a new relationship with the EU on 1 January 2021. The Transition Period ended and the EU-UK Trade and Cooperation Agreement (TCA) came into force. The UK fully implemented this into law but applied on a provisional basis by the EU. The European Parliament needs to ratify it. This is due […]

There is a plethora of misinformation and misconceptions surrounding Brexit and tax. The aim of this blog is to dispel such myths and clear up any confusion. We will dig deeper into news stories to explain the facts and keep you informed. Brexit Myth 1 – Brexit’s unique taxation regime for EU imports The story: […]

The EU-UK Trade and Co-operation Agreement (TCA) was finally agreed on 24 December 2020. A week before the end of the transition period. Fully implemented into UK law, but the TCA remains provisional. It needs to be ratified in the European Parliament. Therefore it applies on a provisional basis until 28 February 2021. The TCA […]

We recently launched the 12th Edition of our Annual Trends Report. We put a spotlight on current and near-term legal requirements across regions and VAT compliance domains.  The report, “VAT Trends: Toward Continuous Transaction Controls” is authored by a team of international tax compliance experts and provides a comprehensive look at the regulatory landscape as […]

The European Union’s VAT E-Commerce Package has been delayed until 1 July 2021. Consequently, in the New Year businesses will have to contend with both Brexit related VAT changes and the impact of the One Stop Shop – amounting to two new set of rules for VAT reporting in 2021. Treatment of B2C goods and […]

To help businesses understand the impact of Brexit, we’ve cover the essential considerations for supply chain planning in this blog. Goods and services in 2021 The treatment of goods moving between Great Britain and the EU will change significantly from 1 January 2021. Exports and imports will apply to GB-EU trade, replacing the concept of […]

Recently, we outlined the need for speed in understanding fiscal representation obligations. Post-Brexit, there are many ramifications for businesses operating cross-border. Among them the requirement to appoint a fiscal representative to register for VAT purposes . As outlined in our previous piece, there is a limit on tax authorities’ capacity to authorise new fiscal representation […]

Northern Ireland Protocol: ‘Windsor Framework’ Developments Update: 28 March 2023 by Russell Hughes UK Government reaches agreement with EU on new Brexit Deal The UK government has agreed with the EU on major changes to the Northern Ireland protocol, referred to as the ‘Windsor Framework’. The protocol is the part of the Brexit deal which […]

Find out why it makes sense to invest in tech and automation to streamline tax processes and alleviate the burdens finance teams face. The shift towards digitisation necessitates a radical adaption and shift in existing tech for industries across the board. As this occurs, tensions and anxieties rise around automation and job losses. With Oxford […]