Regulatory Analysis

Get the latest updates in regulatory analysis news

Posted October 14, 2020 by Selin Adler Ring
Oman announces the introduction of VAT in 2021

Important steps have recently been taken towards the long awaited adoption of VAT in Oman, making it the fourth Gulf State to introduce VAT as part of Gulf Union agreement. The Sultan of Oman has issued a Royal Decree (Decree) in relation to VAT implementation. According to the Decree, a 5% VAT rate will be […]

Read More
Posted October 2, 2020 by Joanna Hysi
Greece introduces last-minute changes: myDATA live as pilot for 2020

Yesterday, on the actual go-live date of the myDATA reporting framework, the Greek authorities recategorised the roll-out from mandatory to a voluntary pilot program for 2020. The mandatory phase, which should have started yesterday, has instead been deferred to 1 January 2021. For more information about the announced changes, read our blog.  

Read More
Posted September 11, 2020 by Gabriel Pezzato
Hungary: New technical specifications for the real-time reporting system

The Hungarian tax authority has published new documentation applicable to its real-time reporting system. The documents are now in version 3.0, as follows: XML Schema Definitions: OSA v3 Schemas (last updated 07 Sept/2020) API example XML: API example XML (last updated 07 Sept/2020) Web Application Description file: Application WADL (last updated 07 Sept/2020) According to the Minister of Finance, the version 2.0 can be […]

Read More
Posted August 14, 2020 by Filippa Jörnstedt
Portugal: Invoicing requirements for unique ID numbering and QR code have been published

Beginning 1 January 2021, companies issuing invoices under Portuguese law must proactively inform the Portuguese tax authorities about the number series expected to be applied on invoices, prior to being applied. Once the series has been communicated, the tax authority issues a validation code for each reported number series. The validation code is then used […]

Read More
Posted August 11, 2020 by Gabriel Pezzato
PORTUGAL: New Law Decree-48/2020 removes notification requirements

Portugal has just passed Law-Decree 48/2020, which revokes some obligations that were established in 2019 during the mini e-invoicing reform. Among the obligations stipulated by last year’s Law-Decree 28/2019, taxable persons were to communicate a set of information to the tax authority, including the identification and localization of the company’s establishments that were issuing invoices, […]

Read More
Posted July 21, 2020 by Joanna Hysi
Greece publishes law on e-invoicing incentives

The Greek parliament has adopted legislation (Law 4701/2020) which provides a number of incentives to businesses who decide to use e-invoicing through a service provider during the tax years of 2020-2022. These incentives for example include a reduction of the statute of limitation for fiscal matters by 2 years, and a depreciation of twice the […]

Read More
Posted June 26, 2020 by Denise Hatem
Preliminary Agreement to Postpone EU VAT e-Commerce Package to 1 July 2021

On June 24, 2020, European Union member states’ ambassadors reached a preliminary agreement on postponing the VAT e-Commerce Package from 1 January 2021 to 1 July 2021. Reports indicate that the postponement should be formally adopted by the Council following legal and linguistic review. The European Commission initially proposed the postponement in May due to the impact […]

Read More
Posted June 18, 2020 by Jeff Gambold
UK: Further delay to implementation of VAT reverse charge to domestic construction services

UK HM Revenue & Customs has announced that the application of VAT by reverse charge on the provision of construction services in the UK will be delayed from 1 October 2020 to 1 March 2021 (the originally planned commencement date was 1 October 2019).  The revised reverse charge rules will impact any businesses that supply […]

Read More
Posted June 18, 2020 by Jeff Gambold
Germany: Temporary lowering of VAT Standard Rate and Reduced Rate between 1 July and 31 December 2020

Germany’s Federal Ministry of Finance has announced that VAT rates will be temporarily reduced from 1 July 2020 through 31 December 2020 to stimulate the economy in response to the coronavirus pandemic. The standard rate is to be lowered from 19% to 16%, and the reduced rate is to be lowered from 7% to 5%. […]

Read More
Posted June 18, 2020 by Muazzam Malik
Czech Republic: New VAT rules for cross-border e-commerce from 2021

The Czech Ministry of Finance has announced the removal of the concession whereby the import into Czech from outside the EU of small consignments valued at less than 22 euros were exempted from import VAT.  This equalizes the VAT treatment with goods arriving from EU countries.  This change will coincide with the adoption of the […]

Read More
Posted May 29, 2020 by Jeff Gambold
European Commission suggests a new levy on large businesses

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 […]

Read More
Posted May 29, 2020 by Jeff Gambold
Poland: JPK_VAT launch delayed to October 2020

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 […]

Read More
Posted May 11, 2020 by Denise Hatem
European Commission Proposes Postponement of 2021 VAT E-Commerce Package due to Coronavirus

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.

Read More
Posted May 1, 2020 by Ramón Frias
SPAIN: New Reduced Rate for Electronic Publications

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 […]

Read More
Posted April 20, 2020 by Gabriel Pezzato
The Italian tax authority delays the introduction of the new FatturaPA

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 […]

Read More
Posted April 2, 2020 by Jeff Gambold
Poland delays introduction of new JPK_VAT with the declaration to 1 July 2020

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 […]

Read More
Posted March 31, 2020 by Muazzam Malik
UK MTD for VAT Digital Links soft landing period extended to 1 April 2021

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 […]

Read More
Posted March 25, 2020 by Victor Duarte
Mandatory Adoption of Hungary Real Time Reporting V. 2.0 Postponed

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

Read More