Single national sales tax levy propositions to replace state income, payroll, state sales and gift taxes The US Congress’ research service has floated a proposal for a 2025 single national retails sales tax (NST) – a variation of VAT – regime to replace many existing
Raised thresholds for declarations for EU intra-community dispatches and arrivals to Denmark Denmark has raised its Intrastat reporting thresholds to the following levels: Arrivals DKK 22m (previously 13m); and Dispatches DKK 11m (previously 10m). The Intrastat electronic reporting form requires data including: goods description; commodity code;
HM Treasury – how proposed EU ViDA overlaps and complicates Northern Ireland’s post-Brexit position in EU VAT regime for goods The UK’s HM Treasury has issued a policy paper discussing how elements of the EU’s proposed VAT in the Digital Age (‘ViDA’) reforms may affect goods
New draft VAT Law consolidates existing rules, adding major reforms to bring into line with OECD guidelines China has issued a new draft VAT Law to consolidate a number of existing VAT regulations, but also to continue the development of the rules inline with the
ViDA – major progress needed on Single VAT Registration and Platform Economy reforms in 2023 for 2025 launch. Significant consensus on more complex Digital Reporting Requirements also required for 2028 implementation On 8th December 2022, the European Commission (EC) published its proposed VAT in the
Poland joins 18 other EU member states with VAT group simplification option Poland has now introduced the option for related taxpayers to join under a single VAT number for reporting and exempt intra-group invoicing – ‘VAT group’. Thisis based on Article 11 of the EU VAT
Ukraine may seek exception to EU’s 15% minium VAT rate during accession period As Ukraine plans its long-term aim to join the European Union, it has been reviewing how to comply with the 15% minimum standard VAT rate requirement of the EU’s VAT regime. Currently,
Two rulings clarify VAT liabilities on Cryptoassets The Italian Agenzi Entrate has provided guidance on the VAT liabilities of Cryptoassets in two rulings VAT exemption for Cryptoassets Mining The tax authorities stated that mining or forging (creation) of cryptoassets is an exempt activity. This is
Struggling economy given tax boost as 3% VAT on small businesses temporarily withdrawn for 2023 and replaced with 1% rate On 9 January 2023, the Chinese Ministry of Finance provided fiscal relief for small businesses by reducing the Value Added Tax rate applicable to small
