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 UK Government is stepping up planning and preparations in the event of a no-deal Brexit, as a result of Boris Johnson becoming Prime Minister. As part of these preparations, HMRC automatically issued over 80,000 businesses with UK Economic Operator Registration and Identification (EORI) numbers. According to HMRC estimates, there are approximately 150,000 UK businesses with VAT numbers that trade [...]
Managing Director Lucy Franklin discusses the four-day week with Employee Benefits. “[The four-day week gives] people more space to step away from work and focus on their own personal wellbeing,” she says. “I would much prefer happier, healthier, more productive staff that we can retain, rather than those that feel unable to balance their work and life in a positive way. [...]
The UK, along with 16 other EU Members, will continue to charge the standard rate of VAT for e-books, audio books and online newspapers despite the fact that the EU finance minster agreed to harmonise the rates with its printed versions back in October 2018. So far out of the 28 Member States, only 10 have already enacted into their [...]
On 7 July 2019, we reported here, that the New Zealand Parliament finally enacted legislation removing the GST exemption to import VAT for low value goods (now recharacterised as “distantly taxable goods” or “DTGs). DTGs are generally defined as goods that: Individually have a value of NZ$1,000 or less; Are outside New Zealand at the time of supply; Are supplied [...]
Businesses need to prepare for the EU’s Four Quick Fixes, the latest attempt to refresh the VAT system for intra-EU movement of goods, effective from January 2020. Rob Janering, associate director at Accordance explains the impact on supplies when call-off stock arrangements and chain transactions take place. Read the full article on Accountancy Daily here
The Slovak Ministry of Finance recently proposed to the Slovak VAT Act bringing the following major changes which are proposed to be effective from 1 January 2020: Implementation of the EU temporary cross-border transaction simplifications known as the quick fixes, namely: Simplification and harmonisation of rules regarding call-off stock; The VAT identification number of the customer becoming a substantive condition for exempting the [...]
On 7 August 2019, France amended its VAT legislation relating to its VAT treatment of vouchers by implementing the EU Vouchers Directive (Council Directive (EU) 2016/1065), which all EU Member States are required to transpose into their national law for the start of 2019. This directive introduces rules for the harmonised VAT treatment of vouchers (coupons) in the EU. The [...]
On 30th May 2019, the following main amendments to the Latvian VAT Law were adopted and generally came into effect as of 1st July 2019: The reverse charge VAT regime for supplies of metalwork services is withdrawn. Instead such services which include cutting, bending and welding are subject to VAT. The application of the reverse charge in relation to semi-finished [...]
The Greek Finance Ministry has launched a consultation on its planned introduction of online electronic bookkeeping which will require all taxpayers to keep their accounting records digitally. Further to our previous story on Greece’s plans to introduce a mandatory real-time electronic invoicing system, the initiative has been put on hold. For now, all efforts are going into launching the electronic [...]
Recently, there has been a call to debate a proposal as part of the Latvian 2020 budget to further reduce the VAT rate on books from the reduced 12% rate to the super-reduced 5% rate. This proposal wouldn’t extend to electronic books which are currently taxed at the standard 21% VAT rate. However, discussions on whether Latvia should take advantage [...]
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