Extensions for final deadline on implementation of electronic invoicing The 1 January 2023 deadline for a range of taxpayers to join the Ministry of Finance’s mandatory e-invoicing regime has been extended as follows: Transport services to 1 March 2023 Financial services 30 April 2023 (two
Ministry of Finance phases in 2024-28 pre-clearance B2B e-invoices to tackle fictitious invoice fraud The Israeli Ministry of Finance is progressing a Continuous Transaction Control (CTC) based electronic invoicing regime. The aim is to tackle the large ‘fictions invoice’ fraud problem, often used by criminal gags
New incentives to adopt E-Tax System Thailand’s Revenue Authority has approved a number of incentives for taxpayers to fully adopt the E-Tax System, which provides for digital reporting of invoices and withholding tax payments. Incentives include: Additional deduction allowances for costs reporting in the system
Single national sales tax levy propositions to replace state income, payroll, state sales and gift taxes The US Congress’ research service has floated a proposal for a 2025 single national retails sales tax (NST) – a variation of VAT – regime to replace many existing
Raised thresholds for declarations for EU intra-community dispatches and arrivals to Denmark Denmark has raised its Intrastat reporting thresholds to the following levels: Arrivals DKK 22m (previously 13m); and Dispatches DKK 11m (previously 10m). The Intrastat electronic reporting form requires data including: goods description; commodity code;
HM Treasury – how proposed EU ViDA overlaps and complicates Northern Ireland’s post-Brexit position in EU VAT regime for goods The UK’s HM Treasury has issued a policy paper discussing how elements of the EU’s proposed VAT in the Digital Age (‘ViDA’) reforms may affect goods
New draft VAT Law consolidates existing rules, adding major reforms to bring into line with OECD guidelines China has issued a new draft VAT Law to consolidate a number of existing VAT regulations, but also to continue the development of the rules inline with the
ViDA – major progress needed on Single VAT Registration and Platform Economy reforms in 2023 for 2025 launch. Significant consensus on more complex Digital Reporting Requirements also required for 2028 implementation On 8th December 2022, the European Commission (EC) published its proposed VAT in the
Poland joins 18 other EU member states with VAT group simplification option Poland has now introduced the option for related taxpayers to join under a single VAT number for reporting and exempt intra-group invoicing – ‘VAT group’. Thisis based on Article 11 of the EU VAT
