Romania has applied a limited VAT ‘Split Payments’ from March 2018
Romania has applied a limited VAT ‘Split Payments’ regime from the 1st March, 2018 in an attempt to reduce VAT losses and fraud. From the 1st January, 2018, Romanian taxpayers who are in financial difficulties are required to create VAT bank accounts to securely receive VAT receipts and onwards remittance to the tax authorities. Below... Read More →
UK Tax News | 26.01.2018
HMRC urged to temper new VAT penalties for online retailers ‘ The Chartered Institute of Taxation (CIOT) is calling for amendments to a new government scheme to tackle VAT evasion to safeguard those that make administrative errors, but are not accused of involvement in tax evasion, are not penalised with heavy fines. Businesses that store... Read More →
EU VAT News | 25.01.2018
EU Member States to work collectively to stamp out VAT fraud Towards the end of 2017 the European Commission released new tools intended to make the European Union’s value-added tax system more resilient to fraud. The package comprises of numerous changes to how Member States will communicate and co-operate with one another, it will modify... Read More →
EU Tax News | 24.01.2018
VAT ‘Split Payment’ benefit questioned by the EU A European Commission study into the benefits of ‘Split Payments’ as a VAT collection tool, aimed at battling VAT fraud, has cast doubt on the cost / benefits. The study concludes that the administrative and technology costs of running, tracking and reporting on such a scheme would... Read More →
There are more than 800,000 online stores in Europe
e-Commerce News along with data company, Dataprovider, have conducted research to find out how many online stores are currently in Europe. According to the research, there is a 98% accuracy in the measurements. In total, there are more than 800,000 online stores in Europe. The most online stores are available in Germany (approx. 175,000), followed... Read More →
The most significant changes to Polish CIT for 2018
Capital income and its separation from other income of the taxpayer From the 1st January, 2018 within the ‘Corporate Income Tax Act’, taxpayers will be obliged to detach the operating income from the capital income. Subsequently, loss from one source will not decrease income from the other source. The provision determined above will be appropriate... Read More →
EU VAT News | 22.01.2018
VAT rate changes 2018 Below you will see a summary of the principle VAT rate changes in the European Union on 1st January, 2018. Country VAT Change Cyprus Imposition of 19% standard VAT rate on land transactions for business use Latvia Introduction of Super Reduced 5% VAT rate Norway Reduced VAT rate increased to 12%... Read More →
New VAT rules for eCommerce businesses
The EU has recently declared new rules to help eCommerce businesses simplify how they account for VAT. These new rules apply to businesses selling both goods and services on a B2C basis and are intended to effect business at various stages up to 2021. They are part of the EU’s ‘Digital Single Market’ strategy. According... Read More →
Tax news and information from Italy
Update to Italian ‘Spesometro’ for 2018 The reporting frequency for 2018 invoice listing (or ‘VAT Books’) submission (formerly ‘Spesometro’) has been changed by Italy, from quarterly to bi-annually. There will also be numerous simplifications of the data required – details of sales and purchase VAT invoices. The filing will be scraped in 2019 with the... Read More →
The UK Brexit Customs and VAT Bill
Last week, the UK Parliament had its second reading of the ‘Taxation (Cross Border Trade) Bill’, which lays the ground for the post-Brexit Customs, VAT and Excise regimes. The Bill was published on 20th November, 2017, and is part of a series of Brexit laws to regulate UK legislation for post Brexit. This includes the... Read More →
