Regulatory Analysis
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 […]
Turkey introduced the Economic Stability Shield Package (Package) to lessen the impacts of COVID-19 on businesses. According to the Package there are two types of measures: measures for taxpayers that are considered to be under force majeure conditions and general measures introduced for all taxpayers. The latter are as follows; The filing date of the […]
La Hacienda, the revenue department for the island territory of Puerto Rico, has issued an additional extension for the filing of 2019. Administrative Determination DA 20-09 has extended the due date for 2019 informatives to May 15; informatives filed with the SURI system on or before May 15 will not be subject to penalties. Other […]
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 […]
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 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 here
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 Ministry of Finance of El Salvador has announced that the country is about to start an e-Invoicing Pilot program sponsored by the Inter-American Development Bank. The exact day when the program will begin has not been released yet by the tax authorities, but the tax administration has informed that they are selecting the roughly 50 largest taxpayers to […]
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 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 […]
Back in July 2019 Costa Rica enacted a new VAT law that, among other things, taxed digital goods and services. The law provided that in the cases of trans-national supplies of digital goods and services where the supplier was not established in Costa Rica, VAT would be withheld by the financial entities/credit card companies used […]
The Paraguayan congress approved the law N° 6380/19 which among other things mandates local credit card companies to collect and pay to the tax administration the VAT applicable to sales of digital services when the supplier is a foreign company and the service is considered as provided in the country. For that purpose, the law […]
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 (approximately €300). This data must be transmitted to the National Tax and Customs Administration of Hungary (NAV) in a structured manner once the electronic invoice has been issued. This fiscal obligation […]
From July 1, 2020, on an experimental basis, Italian taxpayers (i.e. businesses resident and established in Italy) may submit pre-completed VAT returns. Specifically, Article 16 of recently enacted Decree n. 124/2019 provides that data gleaned from transactional information supplied from electronic invoices via SDI, cross-border transactions, as well as data collected on fees electronically will […]
From 1 November 2019, the Polish Ministry of Finance (“MoF”) will implement the Binding Rate Information scheme (“WIS”), a facility enabling taxpayers to apply to the MoF for a legally binding agreement on the VAT rate pertaining to a specific good or service (or combination of goods and services). Most WIS agreements will only become […]
The European Council and the United Kingdom have agreed to defer the latter’s departure date from the European Union until January 31, 2020. The agreement has been labeled a “flextension,” because it leaves open the possibility of an earlier departure date, should the two sides successfully negotiate a Withdrawal Agreement. Prime Minister Boris Johnson, in […]
The Polish Ministry of Finance has published a regulation in the Journal of Laws detailing the structure of the new JPK_VAT standard audit file (labelled up to now with the title “JPK_VDEK”), filing of which will become mandatory for large taxpayers from 1 April 2020 and for small and medium taxpayers from 1 July 2020. Taxpayers […]