Richard Asquith - vatcalc.com

EU VAT Digital Reporting Requirements (DRR) e-invoice harmonisation update

27 June 2022 in

Continuous Transaction Controls

European Commission seeks to harmonise digital Continuous Transaction Controls ‘CTC’ options for VAT e-invoice and real-time reporting. VAT Directive Amendments by 7 December 2022 Read our ViDA reform predictions for e-invoicing and intra-community near-real time reporting. The European Commission (EC) is undertaking a review to introduce harmonised

EU publishes details of DAC7 2023 digital platform reporting obligations

24 June 2022 in

DAC 7

Technical framework for exchange of marketplace transaction data exchanges to help tax authorities detect VAT fraud The European Commission has issued consultation details of technical data requirements for the Directive on Administration Cooperation DAC 7 which comes into force in January 2023. This seeks to

VAT cuts on energy & food as inflation hits record 8.1% in May 2022

24 June 2022 in

domestic gas and electricity

Eurozone energy inflation 39% May 2022; 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 8.1% in May, up from

Spain further electricity VAT rate cut to 5% as inflation hits 27-year high

23 June 2022 in

COVID-19

Domestic electricity rate to be cut from 10% to 5% as inflation hits 8.7% in May Prime Minister Pedro Sanchez announced in Parliament on 22 June a plan to half the VAT rate on domestic electricity to 5%. It was originally cut from the 21%

Lithuania to cut food VAT to 0%

22 June 2022 in

Inflation

Inflation hits 18.5% in May 2022 prompts August VAT rate cut proposal The Lithuanian Seimas Parliament is reviewing legislation to temporary cut the VAT rate on foods from 5% to 0%. This would come into effect from 1 August 2022. Following the Russian invasion of

Single VAT registration in the EU – update

22 June 2022 in

Extension of OSS return for cross-border B2C and B2B goods and services transactions as part of VAT in the Digital Age reforms. 3 options for transfers of own goods challenge The European Commission (EC) is set to publish draft VAT Directive amendments by 7 December

EU VAT Expert Group reviews VAT in the Digital Age reforms

18 June 2022 in

Continuous Transaction Controls

Last round before proposals on: Single VAT registration in EU; Digital Reporting Requirements and e-invoices; and Platform Economy and VAT The European Commission’s VAT Expert Group (‘VEG’) reviewed this month a range of questions arising from the proposed VAT in the Digital Age reforms. Following

Belgium extended VAT return deadlines

17 June 2022 in

Belgium

VAT returns and Intrastat filings delayed but now changes to payment deadlines Summer VAT returns and Intrastat filings may be delayed over the summer months according to the Federal Public Service. However, payments of any VAT due must still be made on time. EU One

Slovakia IS EFA e-invoice proposal 2024 – update

17 June 2022 in

e-invoices

Pre-clearance electronic invoice model – Continuous Transaction Controls CTR Slovakia has become the latest European e-invoice candidate with the launching of a public consultation and plans implement requirement for B2G e-invoicing in January 2023 – informačný systém elektronickej fakturácie IS EFA. Currently, only certain B2G

Ecuador SFEP VAT e-invoicing – update

16 June 2022 in

e-invoices

Latest wave of taxpayers mandated for e-invoicing from 29 November 2022 Since 1 June 2021, Ecuador’s SRI (Internal Revenue Service of Ecuador) expects all transactions over approx USD 1,000 to be supported by an Comprobante Electronico (electronic invoices). The next wave of taxpayers mandated to

Author: Richard Asquith