Richard Asquith - vatcalc.com

UK HMRC automatic VAT assessments for non-compliant overseas sellers

27 July 2022 in

Starting 1 September 2022 automatic VAT liability assessments for non-UK online sellers where inaccurate returns HMRC is to start imposing automated VAT assessments on non-resident online sellers where their VAT returns indicated inaccurate information. These assessments will cover the period prior to December 2022. Sellers

Mexico updates approved non-resident VAT registered digital service providers list

27 July 2022 in

e-services

List of VAT compliance foreign providers of digital services grows to 155 The Mexican Servicio de Administración Tributaria, SAT tax authorities has published an extended list of non-resident digital or electronic service providers who have registered to charge Value Added Tax. Mexican VAT on digital

Slovenia to cut VAT on domestic energy and digital news as inflation rises

27 July 2022 in

Inflation

Temporary VAT cut to 9.5% bill on domestic energy and digital newspapers Slovenia has confirmed a VAT rate cut on gas bills from 22% to 9.5%. This comes as inflation hit 10.4% in June. The Slovenian Parliament is reviewing a bill to temporarily reduce the

Italy considers emergency food VAT cuts

26 July 2022 in

Inflation

July 8% inflation prompts proposals to cut VAT rate on range of foods As inflation hit a 36-year high in July at 8% (June 6.8%), the government is considering a range of temporary VAT rate cuts: Bread and pasta cut to zero VAT rate; and

South Korea VAT e-invoice e-Tax – threshold cut July 2023

25 July 2022 in

e-invoice

Threshold on electronic reporting of e-invoices cut to KRW 100m from 1 July 2023 South Korea’s near real-time e-invoicing regime will be made mandatory for a larger group of companies as it cuts the reporting annual sales threshold from KRW 200m to KRW 100m (approx.

Tanzania VAT on digital services extended to non-residents

24 July 2022 in

digital services

18% VAT and 2% income tax on electronic services extended to foreign providers from July 2022 Tanzania has this month, July 2022, extended VAT charging obligations to providers and facilitating marketplaces for digital services to local consumers. This also includes potential 2% income tax liabilities.

Lithuania raises VAT registration threshold

23 July 2022 in

Lithuania

Increase in resident VAT registration threshold for intra-community acquisitions of goods Lithuania is to increase the VAT registration threshold for resident businesses who are only acquiring goods from other member states under the reverse charge from €14,000 to €30,000. This will come into effect from

Brazil caps ICMS on fuel, electricity and public transport on inflation worries

22 July 2022 in

11.9% inflation prompts Brazil to limit ICMS (VAT) on range of supplies to 18%; states to challenge as unconstitutional Brazil has limited states freedom (Complementary Law 194/2022) to charge ICMS above the standard rate of 18% on a range of supplies, including Petrol and fuel

Bhutan GST implementation is off indefinitely

20 July 2022 in

Bhutan

Bhutan Integrated Taxation System (BITS) platform delayed indefinitely Following the last-minute delayed rollout of a new Goods and Sales Tax to replace Sales Tax on 1 July 2022, the government has confirmed that it will put on hold any future plans to introduce that VAT-like

VAT cuts on energy & food as inflation hits record 8.6% in June 2022

20 July 2022 in

domestic gas and electricity

Eurozone energy inflation 42% June 2022 (39% May); temporary VAT subsidies for domestic power, foods and other basics A fast-growing queue of European countries are emerging to cut their already reduced VAT rates on domestic energy, petrol and foods. Eurozone headline inflation hit 8.6% in June,

Author: Richard Asquith

UK HMRC automatic VAT assessments for non-compliant overseas sellers

Mexico updates approved non-resident VAT registered digital service providers list

Slovenia to cut VAT on domestic energy and digital news as inflation rises

Italy considers emergency food VAT cuts

South Korea VAT e-invoice e-Tax – threshold cut July 2023

Tanzania VAT on digital services extended to non-residents

Lithuania raises VAT registration threshold

Brazil caps ICMS on fuel, electricity and public transport on inflation worries

Bhutan GST implementation is off indefinitely

VAT cuts on energy & food as inflation hits record 8.6% in June 2022

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