January 2025 threshold for cash simplification reporting €250,000 per annum Small businesses and entrepreneurs will be able to opt for the cash-based VAT reporting option from 1 January 2025 if their annual sales are below €250,000. This is change from the €1.2m threshold for all
Marketplace facilitators must switch to purchaser-based sales tax calculation Tennessee has changed from 1 July the basis under which marketplace facilitators must calculate sales tax. Previously, this was based on the customer’s shipping address. From July, it is now the customer or purchaser’s location. Following
1 January 2025: Romanian SAF-T monthly transaction reporting extended to VAT registered non-residents The Romanian National Agency for Fiscal Administration (ANAF) is extending its monthly Standard Audit File for Tax (SAF-T) report to foreign, VAT-registered businesses. This will apply from 1 January 2025. Reports are
Aug 2024 direct deductions on B2C transactions The Somali Ministry of Finance has imposed a type of Sales Tax split payments from 18th August 2024. The Somali Sales Tax rate is 5%. Previously, tax collecting businesses reported Sales Tax takings in a periodic return. However,
1st October 2024: Preliminary hearings of certain VAT, excise and customs cases redirected to General Court The EU Parliament and Council of the EU have agreed to that VAT cases may initially be heard at the European General Court to free-up time for the Court
175 countries have implemented VAT or GST – August 2024 Since the first introduction of a Value Added Tax in France in 1954, it has now been adopted by 175 countries around the world. This follows the adoption of VAT / GST last summer São
Baltic state to increase threshold from €45,000 to €55,000 – fifth highest in the EU Lithuania has drawn up legislation to increase the annual sales threshold for VAT registration. From the 1 January 2025 it will increase from €45,000 to €55,000. This would make it
Deducting VAT in EU VAT returns: complexity of rules; varying application by member states; partial deductibility; timings of deductions; and administrative obligations In a crowded field of complexity, VAT deductibility is most challenging area of EU (and global!) compliance. The premise of VAT neutrality, businesses
