Romania is to broaden its facility for using the reverse charge and postponed VAT accounting to avoid a cash payment of VAT on importation. The scheme will require an application for the existing deferred payment licence. Applicants must have a Romanian VAT number for at
When the UK’s Brexit transition period ends on 31 December 2020, goods moving between the UK and EU will be subject to import VAT, customs declarations, potential tariffs and regulatory checks. It is possible to apply to HMRC for a Duty Deferment account which can postpone the payment
The Indian Finance Act 2020 introduced a 1% Tax Deducted at Source (TDS, or withholding tax) obligations on marketplace operators processing payments on behalf of their third-party merchants. Since 1 October 2020, marketplaces now have to register as withholding agents and deduct 1% of the
Two alternative proposals to reform the hugely complex Brazilian indirect tax regime. The aim is to reduce instances of double and compounding taxes at the federal, state and municipal levels. This is seen as holding back the development of the internal industrial market, and encourage
France has indicated that it may make facilitating marketplaces the VAT deemed supplier on all import transactions. The EU intention is only to require marketplaces to take on the VAT obligation on imported sales of its third-party sellers if the consignment intrinsic value does not exceeds €150.
The annual estimate by the European Commission of the amount of missing VAT – the ‘VAT Gap’ – has remained constant at €140 billion for 2018. However, the EC is now forecasting a rise in this to €164bn, 14% of revenues, for 2020 as a
Cyprus is to extend the application of the domestic reverse charge to mobile phones, CPU’s, games consoles, laptops and similar products. This will come into effect from 1 October 2020. Reverse charge to block missing trader fraud The measure obliges resident or non-resident providers of
Germany, UK, Ireland and many other countries are rushing through standard and reduced VAT cuts to help support consumer confident and bolster businesses in lockdown. But the economics and business benefits make little sense. The efforts to adjust and manage the changes, and whether they
Poland has become the latest country to introduce a simple, local and modern (‘SLIM’) VAT initiative. The Polish measures, to be implemented in early 2021, announced include: Advance payments on exports may benefit from zero rating if the goods are shipped up to six months
25 reforms – improve VAT and other taxes’ fairness and simplicity The European Commission (EU) unveiled its Tax Action Plan in July 2020, a range of 25 Value Added Tax and other tax reforms to improve the efficiency and fairness of tax collections across the twenty
