Live transaction reporting since 2017; will be supplemented by e-invoicing from early 2023 Spain introduced its live VAT invoice reporting regime, Suministro Inmediato de Información SII from 1st July 2017. The requires the submission of various sales and purchase invoices, plus cash payments, within four
One-nation Goods and Services Tax implementation simplifies range of overlapping consumption taxes India has implemented a Goods and Services Tax on 1 July 2017. It is administered by the Central Board of Indirect Taxes & Customs (CBIC). It is operated by the Goods and Services
The central American state of Ecuador has cut its standard Value Added Tax rate from 14% to 12% from 1 June 2017. The Internal Revenue Service (Servicio de Rentas Internas, SRI) originally raised the rate to 14% in 2016 following a major earthquake. There is
Norway is to implement Postponed VAT Accounting to enable imports to avoid the cash payment of VAT on entering into free circulation into the country. This will be effective from 1 January 2017. Deferred import VAT via reverse charge Import may no longer be paid
Romania reverse crisis VAT cuts Romania completes the roll back of the crisis VAT rate cuts. Its standard VAT rate will drop from 20% to 19% on 1 January 2017. This follows the cut from 24% to 20% on 1 January 2015. During the height
Third VAT increase following bail out Greece has raised its standard Value Added Tax rate from 23% to 24% from 1 June 2016. This reflects the struggling budget deficit and commitments made to its Euro bail out partners, the European Central Bank, EU Commission and
India’s opposition, the Congress party, continues to block the passage of the Goods and Services Tax (GST) bill. India plans GST implementation from October 2017. GST will replace a range of indirect taxes, including: CENVAT; VAT; Professional Tax; and Service Tax. Many of these taxes
VAT registered business to submit VAT invoice listings with VAT return To help combat VAT fraud, particularly missing trader or carousel fraud, the Czech Republic (Czechia) has introduced Control Statements from 1 January 2016. These require resident businesses to list all sales and purchases each
Since 1 January 2015, EU and non-EU businesses have been able to report their pan-EU sales of digital services to consumers via a single Mini One-Stop-Shop return. This may be filed in the country of establishment, or country of identification for third-country resident businesses. The
Luxembourg is to raise its VAT rate from 15% to 17% on 1 January 2015. The principality’s Value Added Tax rate remains the lowest in the European Union – albeit joint lowest with Cyprus. The following changes are made to the reduced VAT rates: 6%
