Richard Asquith - vatcalc.com

EU 2028 scraps €150 import VAT & customs consignment threshold and IOSS limit

18/05/2023 in

Customs

March 2028 VAT on all import B2C consignment must be charged at sale in checkout; IOSS €150 limit withdrawn; marketplaces liable for seller VAT and customs; optional Special Arrangements extended As part of yesterday’s EU Customs reforms proposals, the VAT special arrangements threshold of €150

EU 2028 Custom Reforms; single Customs Authority; scraps €150 customs and VAT import thresholds

17/05/2023 in

Customs

March 2028: EC scraps €150 customs consignment import threshold exploited by fraudsters; ends the VAT €150 special arrangements threshold; also pushing goods Single market safety and sustainability obligations onto platforms In a comprehensive set of EU Customs administration reforms, the European Commission (EC) is proposing

EU DAC8 agreed – Crypto assets tax reporting harmonisation Jan 2026

17/05/2023 in

Crypto-Assets

DAC8 agreed by ECOFIN to harmonise EU tax reporting by e-money, crypto asset and cryptocurrency intermediaries from 1 January 2024 EU Finance Ministers yesterday approved (ECOFIN) the European Commission (EC) December 2022 new proposed Directive on Administrative Cooperation covering tax reporting on cryptocurrencies, Non-fungible tokens

Can Artificial Intelligence produce VAT advice?

16/05/2023 in

Will ChatGPT and other natural language Artificial Intelligence chatbots produce reliable VAT advice? No. And yes. Whilst Artificial Intelligence (‘AI’) tools have boomed in the hunt for VAT evasion, its over confidence in delivering ‘hallucinatory’ written advice has sunk it as a credible advisor. Its

UK closes old VAT return portal 15 May 2023; MTD compulsory for all

15/05/2023 in

Making Tax Digital

15 May 2023 HMRC closes old VAT return filing portal. MTD for VAT now compulsory for all taxpayers Since the launch of Making Tax Digital for VAT in 2019, there have been a number of waves of taxpayers switching to the new API-based e-filing process.

EU Parliament pushes for new taxes

15/05/2023 in

EU VAT

Lawmakers call for Financial Transaction Tax and a Digital Levy to meet shared EU COVID debts The European Parliament has backed a report to implement a host of new taxes to help meet the €800m post-pandemic economic EU recovery and green and digital transformation plans.

Turkey e-invoice e-Fatura and e-Arşiv update

13/05/2023 in

e-invoice

QR codes mandated for e-invoices September 2023 The Turkish tax authorities is to impose QR Codes on a range of reporting documents. This includes e-Factura (electronic invoices for B2B) and e-Arsiv (electronic receipt for B2C). E-way bills are also included. The new requirement will come

India B2B e-invoicing: mandatory threshold drops to ₹5 per annum Aug 2023

11/05/2023 in

e-invoice

India cuts mandatory e-invoicing threshold to ₹5 per annum from 1 August 2023 The Ministry of Finance’s Central Board of Indirect Tax and Customs (CBIC) has set 1 August 2023 as the date to lower the Indian mandatory e-invoicing threshold from ₹10 to ₹5 per

France B2B e-invoicing & B2C e-reporting July 2024 update

10/05/2023 in

e-invoice

July 2024 French B2B e-invoicing and B2C e-reporting - PDP registrations now open The certification process for approved French e-invoicing agents 'partner dematerialization platform (PDP)' was opened on 2 May 2023. Businesses subject to the mandatory e-invoicing will be able to use PDP's or submit

Poland likely to extend food inflation VAT rate into 2024

10/05/2023 in

domestic gas and electricity

May 2023 – government considering extension of essential foods VAT cut into 2024 Polish Prime Minister, Mateusz Morawiecki, has said that his government is considering a new extension to the zero-VAT rating of essential foods into 2024. He pointed to the inflation rates of the

Author: Richard Asquith