Largest taxpayers must now annually detail unresolved GST maters; control issues; risks; and errors The Australian Taxation Office (ATO) is looking to strengthen GST compliance at the largest taxpayers with the introduction of a new annual GST return. It requires disclosures and reporting reconciliations on
MyInvois B2B and B2C e-invoicing v4.0 guidelines issued On 3 October 2024, the Malaysia Revenue Board (LHDN) issued Version 4.0 of its e-invoice Guidelines. On 1 August 2024, Malaysia’s mandatory B2B, B2C and B2G e-invoicing regime launched. This includes a first wave with soft-launch (taxpayers
Norway and the EU are intensifying their cooperation to combat VAT fraud and claims recovery The EU and Norway have signed an updated agreement on administrative cooperation in the field of VAT The most recent agreement, an update from the 2018 original agreement, updates the
Annual comparative review of countries’ tax of goods and services Included within the OECD’s annual Tax Policy Reforms: OECD and Selected Partner Economies are an analysis of VAT and GST strategies of 90 countries which are part of the OECD and G20’s BEPS reform programme.
Temporary domestic gas and electricity cut from 13.5% to 9% until 30 Apr 2025 Ireland has again extending the reduced 9% VAT rate on domestic gas and electricity. This latest extension was contained within the 2024 Budget on 1 October 2024. The cut was due
Tourism VAT cut prolonged again for further six months till 30 April 2025 Uruguay has extended for the third time its reduced Value Added Tax rate for tourism services as the economic effects of the coronavirus continue. VAT on hospitality services is normally 22%. This
VAT Gap cut from €6 billion to €3 billion with myDATA reporting, POS reporting and e-payments Greece is turning into the new poster child of anit-VAT fraud policies. Its Prime Minister, Kyriakos Mitsotakis, has been claiming significant progress Greece has made in reducing VAT fraud through
Bill to cut key supplies to 5% rate whilst 2025 standard rate rise to 24% still being considered A new Estonian bill in its parliament is proposing the following reclassifications of taxable reduced rates with the following supplies moving to the reduced 5% rate. restaurant
HMRC publishes good practice in relation to VAT accounting and compliance processes The UK’s HMRC has published on 18 September 2024 a wide ranging Guidelines for Compliance (GfC) set of best practises for VAT controls. GfC’s are a series of summaries of HMRC’s views on
Confirmed: military emergency VAT rise following Jan 2024 2% increase Estonia’s government has confirmed a July-announced temporary VAT increase. The rate will rise from 22% to 24% from 1 July 2025. The rise would expire, and the rate return to 22% from 1 January 2029.
