Calls for major reforms: Rate rationalisation; dispute resolution; input tax credits India’s Goods and Services Tax is up for reform.GST was implemented in July 2017, and gave the country’s internal market a major boost be simplifying internal trade by removing complex and overlapping multitude of
Annual sales threshold for mandatory VAT registration increases from €40,000 to €50,000 Croatia’s Parliament is considering a proposal increasing the annual threshold for Value Added Tax registration from €40,000 to €50,000. This would take about 7,500 businesses out of the VAT compliance net. The Bill
Ministry of Finance may relax January 2025 corporate income tax mandate Poland’s JPK_CIT (Jednolity Plik Kontrolny dla CIT) is a mandatory electronic reporting requirement for corporate income tax (CIT) purposes. It has been implemented as part of Poland’s broader tax digitisation efforts, JPK_CIT requires businesses
FIRS to implement B2B and B2C e-invoicing platform to double VAT revenues The Nigerian tax authority, Federal Inland Revenue Service (FIRS) has reconfirmed its intention to introduce mandatory e-invoicing. This is part of its 2024 Emerging Tax Matters review. This will include a new “FIRS
Goods and Services Tax evasion balloons despite success of e-invoicing In the fiscal year 2023-24, Goods and Services Tax (GST) evasion in India escalated significantly, reaching a staggering ₹2.01 lakh crore, as per data released by the Directorate General of GST Intelligence (DGGI). This marks
Ending low-value consignment VAT and duties exemption Proposals to lower the current €150 threshold exemption for import duties and VAT have been modified according to the Chairman of the Committee of Finance. Instead of an earlier proposal to drop it to €45, the parliament is
VAT rate updates; domestic reverse charge on power; Excise changes A new draft law UD125 introduces amendments to various acts, primarily focusing on the Tax on Value Added Tax (VAT Act), the Excise Duty Act, and related legislation. These changes aim to align Polish tax
Goods and Services Tax Council recommends B2B e-invoicing extension with B2C pilot and voluntary option The GST Council, which overseas the operations of India’s GST regime, on 9 September 2024 at its 54th meeting said that it is now recommending a voluntary pilot for B2C
Reimbursements of VAT to restaurants, hotels and tour operators to tackle VAT fraud A new round of sectors will be offered VAT refunds in cases where they only accept electronic forms of payment with consumers. The announcement was made in Presidential Decree “On Measures to
Implementation to align with EU rules on taxation in location of consumption The Balkan state of Montenegro has imposed Value Added Tax on non-resident providers of digital services. It obliges foreign providers to register, collect and remit 17% VAT to the Indirect Taxation Authority. Check
