ECOFIN ministers adopt reduced VAT rate freedoms into EU law – member states may now implement On 5 April 2022, EU Finance Ministers (ECOFIN) formally adopt changes to the EU
VAT registration thresholds and Intrastat dispatches and arrivals The table below provides the latest European VAT registration thresholds for resident and non-resident (foreign) businesses, plus Intrastat reporting threshold. Note, the
Inflation worries and $100 barrel oil price recovery could mean switch to limited excise tax Kuwait may alter plans to introduce VAT as inflation hit 10-year highs of nearly 5%,
Kenya to fall into line with $250 billion OECD global tax reforms – unlocks US free trade deal Kenyan President, William Ruto, has confirmed that Kenya will end its 2021
Standardised XML format for exchange of tax information from marketplaces and platforms to the tax authorities – coordinated with EU DAC 7 2023 obligations The Organisation for Economic Cooperation and
Standard Audit File for Tax – harmonised transactional data schema for easy exchange with tax authorities The countries below have implemented (or propose) the OECD’s Standard Audit File for Tax
COVID-19 hospitality VAT rate cut introduced in July 2020 now withdrawn The UK temporary Value Added Tax rate cut on hospitaliy and tourism has now ended, with the sector now
Inflation-fighting temporary VAT & GST cuts dominate If you wish to receive regular VAT & GST e-mail updates, sign up to FREE our newsletter
European Commission permits Poland to deviate from VAT Directive to impose obligatory B2B e-invoicing 1 April 2023 – 3 months later than original Jan plan Poland has been given by
Low-value SG$400 consignment stock relief GST exemption scrapped; traditional services B2C also liable Singapore Gazetted this month its Goods and Services Tax (Amendment) Act 2021. This will withdraw the current SG$ 400
Polish JPK_VAT update: 1 April 2022 JPK_FA new format The format for submissions of Polish VAT invoices, JPK_FA, has changed from 1 April 2022. JPK_FA(4) is an electronic format the
12.4% inflation prompts cut in fuel VAT rates 30 April 2022 Estonia is the latest country to turn to a temporary Value Added Tax rate cut to help combat spiking
Countries shift VAT reporting from suppliers to customers to reduce VAT fraud – General & Domestic Reverse Charge by country In attempt to reduce the VAT Gap – the shortfall
Inflation hits 62% in March prompts more VAT rate cuts On 28 March, the Turkey President, Tayyip Erdogan, announced a cut from 18% to 8% for a range of goods
Russia cuts VAT for tourism services and investment for five years in acknowledgement of surplus in industry following Ukraine invasion The Russian government has cut the Value Added Tax rate
Tax and VAT simplifications for the duration or martial law Ukraine has approved a range of tax simplifications following the Russian invasion and the implementation of martial law. This includes:
New tax hikes and levies on range of supplies confirmed by Parliament – 1 January 2022 implementation Update: Sri Lanka VAT raised to 12% from 1 June 2022 The drop
KSeF National e-invoicing System voluntary launched 2022; mandatory from 1 April 2023 following EU approval Poland’s Ministry of Finance has introduced voluntary B2B electronic invoices on 1 January 2022 after
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