Annual threshold for VAT restoration rises to BGN 166,000 from 1 January 2025 Bulgarian has confirmed a rise in the annual VAT registration threshold from 1 January 2025. It will increase from the current BGN 100,000 (approx. €51,000) to BGN 166,000 (approx. €85,000). Bulgaria estimates
1-year inflation standard VAT rate cut ends 1 January 2024 Luxembourg’s 1% temporary VAT cut for 2023 ends from 1 January 2024. The 2024 rate will be: Standard rate: 17% (up from 16%) Intermediate Reduced rate: 14% (up from 13%) on certain financial services; Reduced
Inland Revenue investigating direct VAT payments to combat fraud Sri Lanka’s tax authority, the Inland Revenue Department, has confirmed to the Committee on Pubic Accounts that it is considering enforcing split VAT payments. This would require consumer payments for taxable transactions to pay the VAT
B2B Computer chips, mobile phones, laptops and precious metals put under Article 199 may provision Luxembourg is to adopt the VAT reverse charge on the small of a range of small, high-valued goods prone to VAT fraud. The option under Article 194 of the VAT
2024 – Many businesses taken out of the intra-community reporting requirement Bulgaria has significantly raised the annual reporting thresholds for Intrastat for 2024. Intrastat is EU-wide (usually) monthly reporting regime for businesses to report the movement of goods between EU states. It is split between
Further 3% rise in standard rate following 2022 increase to 15% Sri Lanka’s cabinet has approved a 3% VAT rise from 15% to 18%. This will come into effect from 1 January 2024. This increase is to help ensure government reaches revenue targets and secures
Government to scrap most 5% reduced rate, moving most supplies to the standard 19% rate from 1 January 2024 The Romanian parliament has published a Bill reclassifying restaurant, catering and cultural (theatre; cinema) services from the reduced rate of 9% to the standard VAT rate
5 tax agencies test EU ViDA Digital Reporting Requirements transaction data technical challenges Denmark, Finland, Iceland, Norway and Sweden tax authorities are completing a pilot technical trial of exchanging VAT invoice data based on the EU ViDA Digital Reporting Requirements proposal. IT is known as
July 2024 changes to VAT return with mandatory KSeF e-invoicing Poland is due to mandate B2B KSeF e-invoicing from 1 July 2024. The Ministry of Finance plans to modify the logic structure of SAF-T VAT (JPK_VAT) return to enable efficient data analysis and interoperability. The
Third attempt at introduction of Goods and Services Tax fails The Channel Island of Guernsey’s Policy and Resources Committee (PRC) has failed again on its planned introduction of a 5% Goods & Services tax. This was the third attempt. Aside from GST, the PRC is
