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Hungarian ‘live VAT invoice reporting’ will proceed in July 2018
Hungary advised recently that ‘live VAT invoice reporting’ will proceed from the 1st July, 2018. The requirements relate to VAT invoices above HUF100,000.00. The timing of reporting has been tightened up since the last update, and the choice to report within 24 hours of the issuance of any invoice has...
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Norwegian SAF-T from the 1st January, 2020
Norway will introduce an on-demand compulsory Standard Audit File for Tax (SAF-T) requirement for taxpayers from the 1st January, 2020. The introduction of the electronic tax transaction data reporting had been planned for 2018. SAF-T has been a voluntary arrangement for providing the Norwegian tax authorities with information of tax...
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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...
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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...
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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...
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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...
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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...
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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...
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Simplification to Slovakian VAT registration
From the 1st January, 2018, non-resident Slovakian businesses may side-step the responsibility to VAT register for intra-community transactions and distance sales from Slovakia. At present, foreign companies must apply for a Slovakian VAT registration, if they are acquired or dispatch goods on a B2B basis through Slovakia. Or if they...
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VAT split payments further delay by Poland to July 2018
The introduction of ‘Split Payments’ will be delayed announced the Polish Ministry of Finance until 1st July, 2018. This anti-VAT fraud measure has already been delayed once since the original launch plan of 1st January, 2018. ‘Split Payments’ is a measure requiring B2B customers to pay the VAT element of...
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