Latvia VAT changes
The Latvian 2017 budget has introduced a range of changes to the VAT law. These amendments include: The option for bi-annual VAT returns for small businesses has been abolished. VAT registered...
View ArticleCzech reduces VAT on restaurants
The Czech Republic has reduced that Value Added Tax rate on food-related services from 21% to 15%. The services include food provided in restaurants and cafes, but excludes alcohol provided as part of...
View ArticleCyprus VAT e-filings compulsory May 2017
From 2 May 2017, VAT registered entrepreneurs will be required to file their VAT returns online. The Cypriot VAT reporting portal, TAXISnet, is now fully operational for all VAT returns and...
View ArticleEU VAT fraud sweeping reverse charge proposal
The European Commission has proposed allowing member states to introduce the domestic reverse charge on all B2B transactions above €10,000 across all sectors. The move would effectively remove VAT...
View ArticleBulgaria lowers Intrastat thresholds
Bulgaria is to lower the reporting threshold for Intrastat filings from 1 January 2017. The new threshold for reporting arrivals of goods from other EU member states will be BGN 410,000, down from BGN...
View ArticleFinland 2017 VAT changes
Finland is to introduce a range of changes to the VAT regime from 1 January 2016. These amendments include: A new online tax reporting portal, OMAVERO, is to be launched All tax payers must file...
View ArticleFrance high-value VAT live reporting
The new 2017 French Finance Law contains a requirement for any business to report within 24 hours any VAT transaction above €863,000. The new requirement is not due to come into force until January...
View ArticleZimbabwe VAT changes
The 2017 Budget has introduced a range of changes to the Zimbabwean VAT regime. These include: Extension of the 15% standard VAT rate to a range of foodstuffs VAT exemption on banking, and related...
View ArticleHungary live invoice reporting July 2017
From 1 July 2017, all Hungarian VAT registered businesses will be required to electronically live report all B2B sales invoices with VAT above HUF100,000. Hungarian VAT is currently 27%, so the net...
View ArticlePoland VAT fraud measures
Poland has introduced a range of anti-VAT fraud measures from the 1 January 2017. These include VAT registrations are no longer granted automatically as part of a business’ incorporation process Agents...
View ArticleItaly annual VAT return due Feb 2017
Italy has confirmed that the 2016 annual VAT will be due by 27 February 2017. The returns portal will be accepting filings from 1 February 2017. The return has been updated from last year to include...
View ArticleNorway SAF-T delay till 2018
Norway has postponed the implementation of Standard Audit File for Tax reporting (SAF-T) requirements. Norway was set to be the seventh European country to impose SAF-T reporting from the 1 January...
View ArticleIceland doubles VAT registration threshold
Iceland has increased the annual taxable sales threshold for VAT registration from ISK1million to ISK2million. This will apply from 1 January 2017. The threshold only applies to resident businesses....
View ArticlePeru cuts VAT to 17%
Peru has announced plans to reduce its standard VAT rate by 1% to 17% from 1 July 2017. The measure has already been delayed several times in recent years as the country has failed to achieve matching...
View ArticleEU pushes for Skandia implementation
The European Commission’s VAT Committee has called for a full imposition of the Skandia tax case. The European Court of Justice case considered whether EU transactions between a foreign bank branch and...
View ArticleFrench VAT 2017 changes
France has updated its VAT code for 2017 with a number of changes. Paper-based sales and purchase invoices may now be transferred to digital-only storage instead. The reduced 5.5% VAT rate is now...
View ArticleArgentina non-resident VAT
Argentina has updated the rules on non-resident service providers providing taxable supplies in-country. The current standard VAT rate in Argentina is 21%. Any such provider must have their local...
View ArticleBahamas VAT due date change
The Bahamas has amended its VAT reporting deadline from 1 January 2017. Quarterly or monthly VAT returns must now be submitted by the 21st of the month following the reporting period. The deadline had...
View ArticleUK VAT free allowance on small value packages
The UK has increased the VAT-free threshold for small packages being imported into the country from outside of the EU. The maximum value of goods is now £39 – previously £34. The new threshold was...
View ArticleIndia GST risks delay till Sept
Plans for the implementation of a new Goods & Services Tax by April 2017 now look uncertain. The latest potential launch date looks likely to be set to September. Discussions between the Centre and...
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