Ukraine may seek exception to EU’s 15% minium VAT rate during accession period As Ukraine plans its long-term aim to join the European Union, it has been reviewing how to comply with the 15% minimum standard VAT rate requirement of the EU’s VAT regime. Currently,
Two rulings clarify VAT liabilities on Cryptoassets The Italian Agenzi Entrate has provided guidance on the VAT liabilities of Cryptoassets in two rulings VAT exemption for Cryptoassets Mining The tax authorities stated that mining or forging (creation) of cryptoassets is an exempt activity. This is
Struggling economy given tax boost as 3% VAT on small businesses temporarily withdrawn for 2023 and replaced with 1% rate On 9 January 2023, the Chinese Ministry of Finance provided fiscal relief for small businesses by reducing the Value Added Tax rate applicable to small
VAT cut from 17% to 16% implemented; new 5% reduced rate added The East African state of Republic of Mozambique has cut its standard Value Added Tax rate from 17% to 16%. A new 5% reduced rate has been added for many previously zero-rated or
New penalties and interest regime for VAT return periods beginning 1 January 2023 The new UK VAT penalties regime for late returns and payments is now in place, with a system of penalty points that can build towards an eventual fines. This has replaced the
Delayed tax on overnight accommodation services introduced 1 January 2023 The much delayed Turkish 2% Accommodation Tax was implemented from 1 January 2023. Dec 2021: COVID-19 economic fallout puts back new tax implementation date The Turkish government had pushed back again the introduction of its
European Commission (EC) proposes near real-time ‘post-audit’ model for 2028 Digital Reporting Requirements; rules out ‘pre-clearance’ reporting and approval by tax authorities of VAT invoices In its proposed Digital Reporting Requirements pillar of its VAT in the Digital Age reforms, the EC has opted not to require
ViDA reforms to EU VAT reporting and invoicing get underway this year as member states consider the most important reform proposals in 30 years On 8th December 2022, the European Commission (EC) published its proposed VAT in the Digital Age reforms in three pillars: Single VAT
Transactional data report postponed one year to 2024; first filing due in 2025 to cover 2024 Portugal’s Autoridade Tributária e Aduaneira (AT) is to make compulsory the production of a Portuguese Standard Audit File for Tax (SAF-T) Accounting file added to the existing Invoice SAF-T PT requirements. This
State Tax Service updates SAF-T UA template for large taxpayers Since October 2021, large taxpayers have been able to voluntarily use the tax office’s downloadable template for reporting transaction-level data. This month, the template functionality has been updated with return messaging to confirm acceptance of
