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
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%
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
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
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
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
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
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
Governments would be better to use revenues for more targeted welfare support The International Monetary Fund last week called for governments to avoid temporary Value Added Tax rate cuts on fuels, electricity or foods as an attempt to reduce the impact of fast-rising inflation. European
Upgrade to 4.0 CFDI delayed six months until 1 January 2023 The latest version of CFDI e-invoicing system has been postponed until the start of 2023 by the Mexican Tax Administration. 4.0 changes include: Export information requirements Reporting linked invoices Reversal of invoices reported. Mexico’s Servicio
