Northern Ireland Protocol replacement removes most customs controls; gives back many reduced VAT and excise rates powers to UK; and introduces ‘Stormont Brake’ to Northern Ireland Assembly to block EU rules changes in the province The UK and EU have agreed today the Windsor Framework to replace
UK may gain more powers over goods VAT rate setting under Northern Ireland Brexit renegotiation The UK government and EU are in advanced discussions to renegotiate the Northern Ireland Protocol. This is the Brexit settlement alongside the UK-EU Withdrawal Agreement that gave the province a
Ukraine may seek exception to EU’s 15% minium VAT rate during accession period As Ukraine plans its long-term aim to join the European Union, it has been reviewing how to comply with the 15% minimum standard VAT rate requirement of the EU’s VAT regime. Currently,
European Commission (EC) proposes near real-time ‘post-audit’ model for 2028 Digital Reporting Requirements; rules out ‘pre-clearance’ reporting and approval by tax authorities of VAT invoices In its proposed Digital Reporting Requirements pillar of its VAT in the Digital Age reforms, the EC has opted not to require
ViDA reforms to EU VAT reporting and invoicing get underway this year as member states consider the most important reform proposals in 30 years On 8th December 2022, the European Commission (EC) published its proposed VAT in the Digital Age reforms in three pillars: Single VAT
HMRC confirms reporting thresholds for goods moving between EU and Northern Ireland will remain unchanged for 2023 The Northern Ireland to EU Intrastat thresholds for 2023 will remain at the 2022 levels of: £500,000 for arrivals £250,000 for dispatches The delivery terms threshold remains at
Anti-VAT fraud VAT splitting measure The Italian Department of Finance has extend the list of companies which suppliers must apply VAT split payments on. This requires suppliers to pay the VAT element of their sales invoice into special, blocked VAT bank accounts with the tax
Are NFT crypto assets transactions subject to EU digital services VAT rules? Update: the Committee has produced its working paper on EU VAT and NFT’s in March 2023 Non-Fungible Tokens (NFT’s) trading is rising in popularity raising the question is they are liable to
