Keep up on what’s happening in the digital transformation of tax worldwide.
From 1 July 2021, the EU will introduce its e-Commerce VAT Package. The package replaces existing distance-selling rules and extends the Mini One Stop Shop (MOSS) into a wider-ranging One Stop Shop (OSS).
At present, the Norwegian SAF-T must only be submitted on demand in connection with an audit. However, it is expected to be extended to areas such as corporation tax.
Greece introduced a new Continuous Transaction Controls (CTC) scheme, myDATA
In 2020 the tax administration announced a new version of the SII, introducing a ledger to record operations related to the sale of goods in consignment. This came into effect on 1 January 2021.
In 2018, Hungary established a legal framework requiring taxpayers to use a designed schema to report invoice data to the tax authority (NAV) in real-time for domestic transactions above a minimum VAT amount.
South Korea introduced its Tax Electronic Invoice System i.e. e-Tax in 2011. This is a mandatory e-invoicing requirement alongside the obligation to report e-tax invoices shortly after issuance.
Under the new Goods and Services Tax (GST) framework, the Indian e-invoicing system falls under the category of Continuous Transaction Controls (CTC).
France, one of the EU’s largest economies, is introducing Continuous Transaction Controls (CTCs) by implementing a B2B e-invoice clearance and e-reporting obligation, to be rolled out from 2023.
Submitting the SAF-T JPK_VAT file and the availability of electronic accounting information is mandatory for all companies operating in Poland, even without a physical office.
Turkey’s e-transformation started in 2012 when the Turkish Revenue Authority (TRA) introduced the first e-ledger mandate. Turkish reporting mandates have continued to evolve from that point.
As the End of the Transition Period Looms Large on the VAT Horizon – Businesses Need a Plan-of-Action in Place.
As the End of the Transition Period Looms Large on the VAT Horizon – Businesses Need a Plan-of-Action in Place.
In order to reduce the risk of audits and supply-chain interruptions, companies doing business in Brazil need to adopt an e-invoicing system capable of integrating and automating all of the fiscal requirements within their ERP systems.
Companies operating in Mexico need to be aware that invoices (factura), and how they are presented, can have an effect on their business in Mexico, particularly with Mexican tax authorities.
Colombia’s tax authority, the DIAN, has introduced changes to its e-invoicing model. The new model requires organisations currently invoicing electronically through SAP to implement the new model by 2 November 2019. Companies implementing e-invoicing for the first time should follow the guidance published by the DIAN in Resolución 000020, which requires compliance beginning on 1 August 2019, for many organisations.
Italy’s 2018 Budget Bill now requires that you submit all electronic invoices through the governmental electronic invoicing platform: Sistema di Interscambio (SDI).
For Italy, this change is the first step towards a full clearance model, which has been successful in reducing the VAT gap in Latin America.