Clarification of VAT treatment for NFT compared to cryptocurrencies The Belgian Federal Public Services has clarified VAT and accounting rules for Non-Fungible Tokens (NFTs). It is the latest tax office to give VAT guidance on the unique tradable digital assets – Spain NFT VAT guidance
Further drop in annual sales threshold for India GST payers to adopt electronic invoicing The government has approved a new cut in the annual sales threshold to ₹10 crore (approx.$120 million per annum) for taxpayers mandated to adopt Indian e-invoicing. This will come into effect
Compulsory reporting of e-invoices to government Thailand now requires taxpayers to submit electronic invoices to the government. The use of e-invoices is not compulsory; but since 2017 when adopted by any taxpayer, they must be submitted with the e-Tax and Invoice Receipt regime. Invoices are
VAT on foreign providers of digital services to consumers The Nepalese Ministry of Finance has confirmed that non-resident providers of digital or electronic, broadcast and telephony services must register for VAT and charge local consumers at the standard rate of 13%. There is an annual
European Commission publishes consultants’ report on impact of options for: Single VAT Registration; Digital Reporting Requirements; and VAT Treatment of Platform Economy As part of the completion of the EU VAT in the Digital Age reforms programme, the European Commission has published reports prepared by
Starting 1 September 2022 automatic VAT liability assessments for non-UK online sellers where inaccurate returns HMRC is to start imposing automated VAT assessments on non-resident online sellers where their VAT returns indicated inaccurate information. These assessments will cover the period prior to December 2022. Sellers
List of VAT compliance foreign providers of digital services grows to 155 The Mexican Servicio de Administración Tributaria, SAT tax authorities has published an extended list of non-resident digital or electronic service providers who have registered to charge Value Added Tax. Mexican VAT on digital
Temporary VAT cut to 9.5% bill on domestic energy and digital newspapers Slovenia has confirmed a VAT rate cut on gas bills from 22% to 9.5%. This comes as inflation hit 10.4% in June. The Slovenian Parliament is reviewing a bill to temporarily reduce the
July 8% inflation prompts proposals to cut VAT rate on range of foods As inflation hit a 36-year high in July at 8% (June 6.8%), the government is considering a range of temporary VAT rate cuts: Bread and pasta cut to zero VAT rate; and
Threshold on electronic reporting of e-invoices cut to KRW 100m from 1 July 2023 South Korea’s near real-time e-invoicing regime will be made mandatory for a larger group of companies as it cuts the reporting annual sales threshold from KRW 200m to KRW 100m (approx.
