Here is where you can find the best analysis, insight and information on international VAT, categorised for your easy reading pleasure. It’s a veritable feast for the mind. In a hurry? Scroll down to find a selection of the latest headlines.
The Department of International Trade (DIT) consulted on the UK Global Tariffs, which will apply to all imports into the UK from 1 January 2021. This will mainly deal with imports from countries where the UK does not have by a specific Free Trade Agreement or the import is not covered by a specific Generalised Scheme of Preferences. This will [...]
The European Council (EC) adopted the simplified VAT rules for small businesses. As noted in our story from 6th January 2020, the purpose of the new rules is to reduce the administrative VAT burden and compliance costs for small enterprises and create an environment which assists those SMEs to grow and trade across borders more efficiently. Small businesses will be [...]
In Poland, the Ministry of Finance passed laws to introduce new reduced VAT rates from 1 April 2020. These will drop to 5% and 7% respectively, from an existing 5% and 8%. The new VAT rates will have an impact as follows: Newspapers, journals (both printed and electronic) and specialist periodicals will be taxed at 8%; Printed books and e-books [...]
The European Commission amended VAT regulations allowing Member States to ready themselves for the introduction of the One Stop Shop (OSS); set to launch on 1 January 2021. The Commission expanded VAT rates published on their web portal. Current Rules Under existing rules, Member States may publish on the EU’s web portal the VAT rates for telecommunication, broadcasting and electronically [...]
There are rumours that the Ministry of Finance will introduce live electronic invoicing in 2021 in Poland; following in the footsteps of other EU Member States. If the rumours are correct, Poland would look to model itself on the current system. Italy applies this system, known as the Italian SDL. The process is as follows: Businesses produce draft sales invoices; [...]
Call-off stock situations occur when: A supplier transports goods from one Member State (place of origin) to another Member State (place of destination); The supplier holds goods at a location in the place of destination; in addition to At the time of the transport of goods, the supplier already knows the identity of the customer receiving the goods once they [...]
VAT Consultant Russell Hughes discusses Brexit transition pains for businesses in the food and beverage industry. Experts flag higher costs and “inevitable” bottlenecks amid trade policy revisions Since officially exiting the EU on January 31, the UK remains in a “transition period”. It keeps it affixed to both the EU’s Customs Union and Single Market. As the nation anticipates full [...]
Chairman Nick Hallam discusses Boris' Brexit bluff. Casting his opinion on how the UK will resist alignment to the end and our relationship with the EU. Boris Johnson has always tried to keep Brexit conceptually simple - hence the slogans 'Take Back Control' and 'Get Brexit Done' Brexit is done. That's the view of the British government, which has, according to [...]
Does this affect your business? We can help. Prepare for the new border controls and ensure correct VAT treatment for your transactions with our Supply Chain Review. In a speech to a Border Delivery Group, Michael Gove, the Chancellor of the Duchy of Lancaster, has confirmed that the government are planning to introduce import controls for EU goods coming into [...]
The European Commission issued letters of formal notice to twelve EU Member States for a delay in implementing the four 'Quick Fixes' for VAT. In effect since the 1 January 2020, however the new rules were not enacted in local legislation by those States before that time. The ‘Quick Fixes’ aim to provide clarity in addition to guidance on the [...]
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