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.
Romania has recently enacted legislation providing that as of 1st June 2019, the VAT rate applicable to certain supplies of food will be lowered to the reduced 5% VAT rate. The 5% rate of VAT will apply to food supplies certified by the government as alpine products, organic products or traditional products. Currently, these food supplies are generally subject to [...]
Italian resident or established businesses have, since 2013, been able to issue simplified invoices for transactions below EUR 100 in lieu of full VAT invoices. Now, Italy has increased this threshold to EUR 400 as of 24th May 2019. Simplified invoices contain more limited information than full invoices. Increasing this threshold should remove some administrative burdens from those affected businesses. [...]
The rates of VAT applied in Italy during 2018 are being maintained throughout 2019. The past couple of years has seen successive Italian budgets postpone scheduled yearly VAT rate increases. However, current Italian legislation provides that if certain budgetary targets are not met, the following VAT increases will apply: As of 1st January 2020: The standard VAT rate will rise [...]
As part of its Economy Protection Action Package, the Hungarian Ministry of Finance has recently announced plans to reduce Hungary’s tax burden. The measures include slashing the VAT rate for tourist accommodation services to the reduced 5% VAT rate. These changes are anticipated to come into effect in 2020. The 5% rate of VAT will apply to hotel accommodation and [...]
New Zealand has published draft legislation, requiring foreign sellers of low value imported goods to New Zealand consumers, to charge GST on their supplies at the time of sale of the goods. The New Zealand Inland Revenue Department has been contacting potentially affected suppliers. In the course of being debated by Parliament, the government has delayed the effective date of [...]
Nicholas Hallam, of Accordance VAT, looks at the future of VAT including VAT fraud and the role of the EU Commission. The International VAT Association (IVA) gathered in Munich in May 2019 to consider what could become “the new foundations of VAT.” All conference organizers like to have an important sounding theme for their events (who, after all, is going [...]
Rob Janering explores the impact of real time reporting and digitisation on VAT compliance in the EU. At the time of writing this article, there has been a flurry of stories published that detail how Europe is continuing to struggle with the “VAT gap”. The VAT gap represents the difference between expected VAT receipts and what is actually received. On [...]
The Portuguese government has postponed its introduction of the new mandatory real-time invoice reporting regime for VAT-registered companies selling to government bodies until 1st July. As reported in our earlier story, this system was initially planned to come into effect from 1st January of this year. It will require companies making business-to-government supplies (B2G) to automatically issue and transfer electronic invoices [...]
As of 1st January 2020, Singapore is expanding the scope of its GST regime to cover supplies of B2B and B2C imported digital services. Under current Singapore law, these supplies are outside the scope of the GST rules. The implementation will create obligations for both established and non-established businesses. Business-to-business (B2B) imported services Local supplies of services are generally taxed [...]
Lucy Franklin, MD of Accordance VAT, tells Accountancy Age why Europe still matters, what she thinks of the changing role of the accountant, and why flexible working is so important. Lucy Franklin became managing director of Accordance VAT earlier this year, at a time when the country faces Brexit uncertainty and the profession is going through rapid change. Here, she [...]
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