EU member states adopting harmonised tax data requests for marketplaces; efficient exchange of data between tax authorities – first reports due 2024 for transactions in 2023 Adoption of Directive on Administration Cooperation (DAC 7) is underway across the EU states. The following countries have already
US doubts on ratifying OECD Pillar 1 agreement for 2023 means unilateral DST’s to make a comeback? The ambitious October 2021 OECD inclusive framework on base erosion and profit shifting (BEPS) agreement by 137 countries on global tax reforms is proving hard work to implement.
Small businesses must adopt government Simples Nacional e-invoicing from 1 January 2023 Micro businesses using the consolidated tax Simples Nacional regime must use centralised portal (CGSN Resolution No. 169 of July 27, 2022). Simples Nacional enables a single reporting for a host of Brazilian taxes,
Clarification of VAT treatment for NFT compared to cryptocurrencies The Belgian Federal Public Services has clarified VAT and accounting rules for Non-Fungible Tokens (NFTs). It is the latest tax office to give VAT guidance on the unique tradable digital assets – Spain NFT VAT guidance
Further drop in annual sales threshold for India GST payers to adopt electronic invoicing The government has approved a new cut in the annual sales threshold to ₹10 crore (approx.$120 million per annum) for taxpayers mandated to adopt Indian e-invoicing. This will come into effect
Compulsory reporting of e-invoices to government Thailand now requires taxpayers to submit electronic invoices to the government. The use of e-invoices is not compulsory; but since 2017 when adopted by any taxpayer, they must be submitted with the e-Tax and Invoice Receipt regime. Invoices are
VAT on foreign providers of digital services to consumers The Nepalese Ministry of Finance has confirmed that non-resident providers of digital or electronic, broadcast and telephony services must register for VAT and charge local consumers at the standard rate of 13%. There is an annual
European Commission publishes consultants’ report on impact of options for: Single VAT Registration; Digital Reporting Requirements; and VAT Treatment of Platform Economy As part of the completion of the EU VAT in the Digital Age reforms programme, the European Commission has published reports prepared by
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
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
