Which EU states have applied and obtained an e-invoicing derogation Under current European Union VAT Directive rules, member states may not mandate the use of electronic invoices in place of paper invoices. However, they may apply to the European Commission for a temporary derogation from
VAT rules updates as country readies for EU membership The east European state of Montenegro is continuing to harmonise its Value Added Tax regime with that of the European Union. This is part of its longterm accession negotiations which include the obligation to adopt the
Ending Covid-related reduced VAT rate cuts from 1 January 2025 The Baltic state of Estonia is to unwind two reduced VAT rate cuts from 2022. The two reduced rate changes are: accommodation services and accommodation services with breakfast will be reclassified from the 9% reduced
Compliance simplification: Ending forms Ba and Bs reports on sales and purchase transactions Turkey’s Revenue Administration has announced a significant regulatory change regarding tax reporting requirements for businesses. A draft communiqué has been prepared, which proposes terminating the requirement for taxpayers to submit Notification on
Harmonise sales tax rate rules for sellers shipping goods from outside Illinois The Illinois Governor has signed into January 2025 law changes to the sales tax sourcing regime for out-of-state sellers. This will make it fairer by using the same tax base for local and
Fraud by shoppers reselling tax-free goods prompts reform Japan is planning to revise its Consumption Tax exemption system for foreign visitors to curb the resale of tax-free goods within the country. The current Consumption Tax rate is 10%, with an 8% lower rate for essentials.
Prime Minister won’t follow other Baltic states with VAT increase to fund military Latvia’s Prime Minister, Evika Silina, has quashed speculation by here Finance Minister of a 1% VAT increase to 22%. But further tax rises will have to be found as security spend rises
Talks begin September on consolidating 12% & 5% Goods and Services Tax rates Following the ruling BJP party failing to secure a majority in this months national general election, India’s GST Committee is to revisit the consolidation of the country’s five rates to four (inc
Sept 2024: Reductions in penalty fines for VAT compliance and payment infringements Italy has softened many of the rules and rates around its VAT penalty regime from 1 September 2024. Specific measures relate to: Fines for late returns; Fines for unpaid VAT; Penalties on late
Operational challenges & market risks mean we may see retreat from full liability, deemed supplier VAT obligations for marketplaces The introduction of deemed supplier VAT obligations for online marketplaces has created a range of challenges for both the platforms themselves and the wider ecosystem of
