Regulatory Analysis
The Portuguese tax authority clarified obligations for non-resident companies. In principle, companies that are not resident but have a VAT registration in the country should comply with domestic VAT rules (which includes issuing e-invoices through certified software). The tax authority also clarified other obligations such as circumstances that require or dismiss a VAT registration, indication […]
The Indian authorities have recently announced two significant changes related to its e-invoicing framework: While invoices relating to B2C transactions are not within the scope of mandatory e-invoicing in India, it is mandatory to include a self-generated QR code on B2C invoices. The Central Board of Indirect Taxes and Customs (CBIC) has now extended the […]
The National Revenue Agency (NRA) with industry stakeholders are discussing the idea of introducing mandatory e-invoicing. By the end of 2021 a decision will be reached. In parallel, changes for till reporting are proposed and are subject to public consultation. The changes will allow online retailers to not use cash registers but report their […]
Due to the effects of the pandemic on businesses, the Greek Ministry of Finance together with the IAPR (Greek tax authority) announced that the go-live of the myDATA eBooks mandate will be postponed to 1 July 2021. Data generated during the first six months of 2021, must be reported until 31 October 2021.
The UK Chancellor, Rishi Sunik, has just announced his 2021 budget for the UK. Amongst many tax measures announced was an extension to the current VAT rate reduction for the tourism and hospitality sector which was due to end on 31 March 2021. Businesses in the tourism and hospitality sector are currently able to apply […]
Two amendments in Croatian law, Fiscalization in Cash Transactions, which were introduced in the last two years came into effect on 1 January 2021. The amendments pertain to: a) the implementation of the fiscalization procedure for sales through the self – service devices; secondary legislation about the process and measures for data security and exchange […]
The Slovakian Ministry of Finance has announced that it is preparing legislation for the introduction of a CTC scheme in the country, following in the footsteps of countries such as Italy, Hungary and Spain. The CTC scheme will require businesses to report invoice data to the tax authority prior to issuing the invoice to their […]
The Polish Ministry of Finance has published a draft act introducing e-invoicing via the national platform (Krajowy System e-Faktur – KSeF, or National System of e-Invoices) in a Continuous Transaction Control (CTC) system. The draft is available for public consultation during a two-week period, after which the law is planned to come into force by […]
After months of talks, on 24 December 2020, the EU and UK were finally able to agree a new working trade agreement known as the EU-UK Trade and Cooperation Agreement (TCA). The new Trade and Cooperation Agreement came into effect on 1 January 2021 and will be applied on a provisional basis until 28 February […]
The Austrian government has introduced a new bill to extend tax measures to support taxpayers during the Covid-19 pandemic. The VAT measures include the following: The temporary application of a reduced VAT rate of 5% in the gastronomy, culture and publishing sectors extended until 31 December 2021 Introduction of a VAT exemption for COVID-19 in […]
The Bulgarian government have introduced new legislation that requires UK and other non-EU businesses to now appoint a fiscal representative who will have joint and several liability over their VAT compliance and VAT debts. Under the new provisions, UK and other non-EU businesses registered for VAT in Bulgaria will have to appoint a fiscal representative […]
On December 31, 2020, Mexico published a new decree by which it expands a number of fiscal benefits to 22 municipalities located in the southern states of Quintana Roo, Tabasco, Campeche and Chiapas. Among the main benefits extended to those locations is the reduction of the standard VAT rate to 8% to all sales and […]
On January 11, 2021, the temporary reduced VAT rate of 5% as applied to hotel accommodation, catering and passenger transport services in Cyprus was reverted back to a rate of 9%. Cyprus had temporarily reduced the VAT rate for such services in response to economic hardships brought on by the pandemic.
Portugal postponed the obligation to include a QR code in invoices until 2022. Previously expected to enter into force on 1 January 2021, the obligation is suspended, but still voluntary, during 2021. The decision was taken in the 2021 Budget Law published on 31 December. With this decision, Portugal delayed both the QR Code and […]
Afghanistan has delayed plans to implement Value Added Tax to 21 December 2021. A 10% VAT is expected to replace the country’s current business receipt tax (BRT). The Afghanistan Revenue Department is also contemplating amendments to the proposed VAT system so to create a simplified tax scheme for those businesses below the VAT threshold. Once […]
Effective January 1, 2021, Austria is ending its temporary VAT rate reduction on journals and magazines. The VAT rate on restaurant food, publications, and several other industries was reduced to 5% for the period from July 1, 2020 to December 31, 2020. Recently, Austria has approved legislation to extend that VAT rate reduction until January […]
The Chilean tax administration recently released Resolution 167/2020, which mandates financial entities to submit a quarterly report that provides information about payments made by their clients to foreign suppliers of digital services, when such suppliers are paid via credit or debit cards, or similar electronic means managed by banks or financial entities.
Following requests from market participants and also due to COVID-19 pandemic, it was deemed necessary that the first quarter of 2021 is offered as additional time for training and adaptation of companies to myDATA. Data issued in the 1st quarter of 2021 should also be transmitted to the myDATA platform with a different deadline and […]