Regulatory Analysis
In conjunction with its revised 1,100 bn budget projection for the period 2021-2027, the European Commission has published its Next Generation EU strategy for alleviating the social and economic impact of the Covid-19 pandemic, to be financed by up to 750bn euros of borrowing. The intention is that this borrowing will be paid back in […]
On 28 May 2020, the Polish Ministry of Finance announced that compulsory filing by all taxpayers of the new combined JPK_VAT uniform control file and VAT return structure has been deferred to 1 October 2020 due to compliance challenges arising from coronavirus, according to a Gazeta Prawna report. It was previously deferred to 1 July as […]
Due to the coronavirus (COVID-19) crisis, the European Commission has proposed to defer the application of the VAT e-commerce package from 1 January 2021 to 1 July 2021. The Commission expects that the European Parliament and Council will soon adopt the proposal.
Spain enacted Decree 15/2020 by which electronic publications become subject to a reduced rate of 4%. This new rate became effective on April 23, 2020 and applies to all books, magazines, newspapers and similar publications issued digitally. The new decree also establishes a temporary exemption until July 2020, of all imports and intra-EU acquisitions of […]
According to the ruling 166579/2020, from 20 April 2020, the version 1.6 of the technical specifications of the FatturaPA introduced by ruling 99922/2020 is now applicable as of 1 October 2020 on a voluntary basis and will be mandatory starting on 1 January 2021. Taxable persons may use the schema attached to version 1.5 of […]
The Ministry of Finance in Vietnam presented a draft Decree to postpone the mandatory adoption of e-invoicing in the country from November 1, 2020, to July 1, 2022, due to the difficulties encountered by local companies to implement on time a compliant e-invoice solution to meet the previous deadline. However, agencies, organizations, and individuals are encouraged […]
A recently published official decision de facto amending the timeline for full Portuguese implementation of the Directive 2014/55/EU on electronic invoicing in public procurement has been published. According to the Despacho 129/2020-XXII, the Portuguese public administration will continue to accept B2G invoices in PDF format until June 2020. Until then, such PDF invoices will be considered legal […]
Israel is planning to introduce a Continuous Transaction Controls reform, likely in the form of mandatory clearance e-invoicing. The proposed CTC model is currently expected to include a direct connection between the Tax Authority and businesses in real time for each transaction. The Israeli Tax Authority is reviewing the proposal and liaising with interested stakeholders to […]
We recently reported that the new “JPK with the declaration” JPK_V7M (monthly) and JPK_V7K (quarterly) periodic VAT reporting files (a combined Uniform Control File and VAT Return) were due to be implemented from 1 April 2020 for taxpayers defined under Polish legislation as being large businesses. However, as part of a new “Anti-Crisis Shield” (Tarcza […]
The German Parliament last week published in its Federal Law Gazette a law to reduce the insurance premium tax applied on drought insurance from 19% to 0.03%. The reduction brings the rate for drought insurance in line with tax rates for other agricultural risks, such as hail, frost, and flood damage. Discussions in Parliament touched […]
HMRC has informed Sovos that it is extending the soft landing period for MTD digital links until 1 April 2021, for all taxpayers. The effect of this is that businesses will now have until their first VAT return period starting on or after the 1 April 2021 to have digital links in place. Our understanding […]
The Portuguese tax authorities have postponed the implementation of their new Stamp Duty reporting system until 2021. The decision has been taken in light of the ongoing coronavirus crisis that led the Portuguese government to declare a State of Emergency. The previous Stamp Duty reporting system will therefore remain in place until the end of […]
The Hungarian Tax Authority announced that the deadline to implement the mandatory real time reporting version 2.0 xsd is postponed from 1 April 2020 to 1 July 2020. It is important to note that 2.0 xsd can already be used live in parallel with Version 1.1 xsd. Official announcement can be found at the following link: https://onlineszamla.nav.gov.hu/home
The new “JPK with the declaration” JPK_V7M (monthly) and JPK_V7K (quarterly) periodic VAT reporting files are due to be implemented from 1 April 2020 for taxpayers defined under Polish legislation as being large businesses. To recap, this means any businesses undertaking operations in Poland that in at least one year of the last two financial […]
The Chancellor of the Exchequer announced his UK budget for 2020 earlier today. After three rate rises in the previous five years, Insurance Premium Tax (IPT) gained a reprieve from any further increases. The Chancellor mentioned in his Budget document that the Government will shortly publish a summary of responses to the recent call for […]
The European Commission has released some Customs Guidance Notes in readiness for the implementation of the Import One Stop Shop (IOSS) due to commence on 1 July 2021. This guidance complements the VAT Explanatory Notes on the importation and returning of low-value e-commerce goods that were issued back in October 2020. The guidance offers clarifications […]
In 2019, many European Union Member States took advantage of the alignment of physical publications and electronic publications, recently allowed by Council Directive (EU) 2018/1713. It appears 2020 is no different, as the following Member States have followed suit: Austria Electronic publications in Austria are currently taxed at the standard VAT rate of 20%, while physical […]
The Portuguese tax authorities are implementing a new filing system to declare Stamp Duty in Portugal in 2020. Tax payers will now be required to provide detailed information on a transactional basis in order to issue the Stamp Duty return. For insurers, this means that, each month, they will be required to report: The tax […]