Regulatory Analysis

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Posted 1 week ago by Kelsey O'Gorman
Italy to Introduce Pre-Completed VAT Returns by July 2020

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 […]

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Posted 2 weeks ago by Jeff Gambold
Poland: From 1 November 2019 Taxpayers Can Apply to the Ministry Of Finance For Binding Rate Information

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 […]

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Posted 3 weeks ago by Andrew Decker
Brexit Delayed

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 […]

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Posted 3 weeks ago by Jeff Gambold
Poland: Ministry Of Finance Publishes New Regulation For The Incoming JPK_VAT

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 […]

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Posted 3 weeks ago by Muazzam Malik
UK: Requirement To File Intrastat Declarations To Continue After Brexit

HMRC’s trade statistics portal uktradeinfo has announced that businesses presently required to file periodic Intrastat declarations reporting the movement of goods between the UK and EU Member States will have a continuing obligation to do so after the UK leaves the EU.  HMRC has cited the reasoning for this as that the information provided remains […]

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Posted 3 weeks ago by Ramón Frias
EFD-Reinf Version 2.0 Delayed

On October 14, 2019, the General Coordinator of Audits for the Federal Tax Administration in Brazil (Receita Federal), published Executive Ruling 55 revoking Version 2.0 of the EFD-Reinf layout. In so doing, it restores the Executive Ruling 65 (September 2018) Establishing Reinf Layout Version 1.4 as the required format. As a result, the planned expanded […]

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Posted 3 weeks ago by Jeff Gambold
United Kingdom: HMRC introduces ‘advanced notification’ scheme for VAT registration to EU businesses in the event of a ‘No Deal’ Brexit

Businesses operating in the EU currently not required to register for UK VAT because of cross-border simplifications (e.g. zero-rating of intra-community acquisitions, or call-off stock arrangements) may need to do so if the UK leaves the EU on 31 October without a withdrawal deal.  In order to support supply chains for UK businesses with UK […]

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Posted 1 month ago by Jeff Gambold
Bulgaria Changes Intrastat Reporting Thresholds for 2020

The National Statistical Institute of Bulgaria has announced the following Intrastat thresholds starting on January 1, 2020: For Intrastat reporting dispatches, the threshold will increase from BGN 280,000 to BGN 290,000.  For Intrastat reporting arrivals, the threshold will increase from BGN 460,000 to BGN 470,000.   Thresholds for declaring statistical value are also increasing.  For dispatches, […]

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Posted 1 month ago by Jeff Gambold
Austria to increase VAT registration threshold from 1 January 2020

In its recently published Tax Reform Act 2020, Austria has announced its intention to increase the VAT registration threshold for Austria-established businesses from EUR 30,000 to EUR 35,000 with effect from 1 January 2020. The Act has passed the lower house of Parliament (Nationalrat) and is currently being debated in the upper house (Bundesrat).   The […]

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Posted 1 month ago by Ramón Frias
Colombia Extends Deadline for Compliance with Pre-Validated E-Invoice

The Colombian tax administration (DIAN) has issued a new Resolution 0000064/2019 that basically extends by 2 to 3 months the deadline for complying with the new pre-validation system established by Resolution 000020/2019. Originally, Resolution 0000020 established two schedules of compliance: The first one classified the taxpayers into 14 groups, and established deadlines according to the […]

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Posted 1 month ago by Denise Hatem
Poland: Reminder of ‘MPP’ Split Payments regime from 1st November, with payments into a specified recipient bank account to follow

The Polish Ministry of Finance (“MoF”) has issued a reminder regarding the introduction of a mandatory split payments regime (known as “MPP”) for certain VAT-bearing transactions for selected categories of goods and services, commencing 1 November 2019. If a transaction falls within the scope of MPP, whilst the net or taxable amount of the payment […]

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Posted 1 month ago by Kelsey O'Gorman
Uzbekistan Reduces Standard VAT Rate from 20% to 15%

On 26 September 2019, Uzbekistan’s Presidential Decree #5837 “On measures for further improvement of the tax policy of the Republic of Uzbekistan” was adopted.  This decree lowers the standard VAT rate from 20% to 15%, effective October 1, 2019. For more information, please find the decree here.

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Posted 2 months ago by Andrew Decker
Hungary Releases Updated Specifications for Invoice Reporting

As long anticipated, Hungary has released the finalized specifications for version 2.0 of the invoice data reporting schema. At this time bilingual XSD documentation and Hungarian-only API documentation have been released. Tax authorities have indicated that full testing of the new schema is expected to be available in the test environment by the end of […]

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Posted 3 months ago by Ramón Frias
Upcoming Mandatory Use Electronic Tax Registers in Kenya

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 […]

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Posted 3 months ago by Ramón Frias
Mandatory Switch to UBL 2.1 in Colombia Delayed But Coming Up Fast

[August 9, 2019] Effective November 2, 2019, most taxpayers in Colombia will be required to transmit electronic invoices pursuant to the schema defined by Universal Business Language (UBL) Version 2.1. Specifically, the Colombian Tax Administration (DIAN) issued Resolution 000020/2019 establishing the schedule for complying with the new pre-clearance e-invoicing requirements and for upgrading to UBL […]

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Posted 3 months ago by Kaitlyn Smethurst
Zambia Delays Sales Tax Implementation Again

[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 […]

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Posted 5 months ago by Jeff Gambold
Sweden: lower VAT rate to be applied to electronic publications

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 […]

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Posted 6 months ago by Jeff Gambold
Poland to introduce mandatory split payments regime

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, […]

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