Regulatory Analysis

The Albanian Ministry of Finance and Economy has launched a public consultation that would require real-time reporting of all business-to-consumer (B2C) transactions to the tax authority from January 1, 2020. The bill would also require electronic invoicing for business-to-business (B2B) and business-to-government (B2G) transactions from January 1, 2021. Public consultation will last through August 2019.

The Kenyan Revenue Authority (KRA) has informed taxpayers that in the upcoming months it will become mandatory for businesses with revenues above 5 million Kenyan Schillings (Around 48,470 dollars) to use electronic tax registers that communicate sales data in real time to the tax authorities. The announcement comes after KRA started a successful pilot program […]

[August 5, 2019] On August 2, Zambia’s newly appointed Finance Minister, Bwalya Ng’andu, requested that the Sales Tax Bill be withdrawn from Parliament for consideration. The Sales Tax Bill, which was the initiative made by Zambia to shift from an existing Value Added Tax system to a new Sales Tax structure, was originally supposed to take effect […]

The Spanish Motor Insurers Bureau (OFESAUTO) has agreed its budget for fiscal year 2019 and 2020. OFESAUTO administers the Green Card in Spain and as part of its budget has reduced the rate from €0.07 to €0.06 for each card issued. The Spanish Green Card relates to motor insurance and is a fixed fee per […]

The Consorcio de Compensación de Seguros (CCS) now requires insurance companies to report and declare the surcharge to the Environmental Damage Compensations Fund through its new reporting system (SIR). This requirement took effect on 01 July 2019. As for Extraordinary Risks surcharges, detailed information on the policies subject to the 8% Environmental surcharge must now […]

With effect from 1st July 2019, e-books and electronically provided magazines and journals will become subject to the lower rate of 6% VAT (the standard rate of 25% previously applied) in Sweden. This change will result in equal treatment of electronic publications and their physical equivalents under Swedish VAT law. This falls into line with […]

[June 10, 2019] The Bulgarian Parliament introduced a new bill on the 5th June 2019 that includes various proposed changes to the Bulgarian Value Added Tax Act. Included among the changes is a new lower VAT reduced rate of 5%, which would come into effect from 1st January 2020. Under the current proposed language, the […]

Following the introduction of a voluntary split payment system last year, Poland is now proceeding with a mandatory regime to come into effect from 1st September 2019 for all payments of 15,000zl (approximately 3,500 euros) or more.  Under the scheme, which will apply to both established and non-established businesses, the VAT element of any payment, […]

Effective May 1, 2019, Polish taxpayers making B2C supplies of goods and services will be required to use online cash registers connected to the newly established Central Repository of Cash Registers. Data from the Central Repository of Cash Registers will be available to heads of tax and customs offices, directors of tax administration chambers, and the Minister […]

On 17 January 2019, the European Court of Justice delivered its judgment in Case C-74/18, concerning the location of risk rules for insurance premium tax purposes. The case concerns insurance written by the UK insurer, referred to as ‘An Ltd’, which operates in Finland on a freedom of services basis, without a separate permanent place […]

The 2019 Finance Act has introduced a reduction in the tax on pleasure craft insurance. The rate will move down from 1.34% of the sum insured to 1% of the sum insured. The change applies to insurance policies where the insurance premium is due on 01 February 2019 or later. The tax on pleasure craft […]

The 2019 Budget Act was approved by the Italian Parliament on 30 December 2018. As anticipated, the approved budget includes an increase in the IPT prepayment rates. The approved rates are as follows: 85% in November 2019 for tax year 2020 90% in November 2020 for tax year 2021 100% in November 2021 for tax […]

Death cover of Payment Protection Insurance will be subject to 9% Insurance Premium Tax (IPT) for contracts issued on or after 01 January 2019. Previously such covers were subject to an IPT exemption. The change has been approved by the French Parliament as part of the 2019 Budget Law voted just before Christmas. The change […]

The Polish Insurance Ombudsman has suspended the Q4 2018 declaration and payment of the levy, citing article §17.5 of the Regulation of the Minister of Development and Finance. This permits the suspension of the Levy where the Ombudsman’s funding needs have been fully satisfied. The Q4 declaration would normally require the declaration of premiums collected […]

President of the Slovak Republic has signed off the IPT Act no. 213/2018 Coll. which is effective from 01 January 2019. Moreover, the Ministry of Finance of the Slovak Republic has issued a guidance MF/010937/2018-731 dated 30 July 2018 establishing the IPT return form. According to section 2 of the guidance, the new IPT form […]

Slovakian IPT Update Sovos FiscalReps met with the Slovakian Tax Office on 23 March 2018 and amongst other agenda points also discussed the transition from the current Non-Life Insurance Levy to Insurance Premium Tax (IPT). On 26 March 2018, the Ministry of Finance of the Slovak Republic released an amended draft IPT legislation which changes […]