Richard Asquith - vatcalc.com

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Germany highlights slow IOSS adoption

7 November 2021 in

EU VAT e-commerce package

The German Ministry of Finance has highlighted a very low uptake of the new Import One-Stop Shop (IOSS) scheme to report sales of imported goods to EU consumers. IOSS is part of the EU e-commerce VAT package reforms introduced on 1 July 2021 to limit

Bahamas VAT on foreign digital services

6 November 2021 in

Bahamas

The West Indies Island state of the Bahamas imposed VAT obligations on non-resident providers and digital marketplaces for digital and electronic services to consumers from 1 December 2019. There is no special VAT registration process, and no requirement to appoint a local VAT Fiscal Representative.

EU reduced VAT rates raises compliance costs

6 November 2021 in

EU VAT

EU Parliament highlight disproportionate cost for small businesses; EU VAT rate could be cut to 15% if reduced rates withdrawn An EU Parliamentary Research Service study has highlighted that the use of reduced VAT rates by member states raises the compliance costs for businesses. In

Panama SFEP VAT e-invoicing

5 November 2021 in

e-invoice

Panama’s General Revenue Directorate ‘DGI’ completed a revised e-invoicing project at the start of 2021. It originally launched the Panamanian Electronic Invoicing System (SFEP) in 2016. Part of the aim of the new project is to withdraw the use of fiscal cash registers. These devices

Belgium cuts VAT on hair implants

5 November 2021 in

Belgium

Parliament reviews changes to VAT Act Belgium’s Parliament is reviewing a range of Value Added Tax amendments to the existing VAT Act. Most would come into effect in January 2022. These include: Reducing the VAT rate on medical-related hair implants from 21% to 6% VAT

Czech VAT registration threshold doubles to CZK 2million 2022

5 November 2021 in

Czech

Czechia’ Ministry of Finance wants to raise its Value Added Tax registration threshold from CZK 1million to CZK 2million (approx €79,000) from 1 January 2021. This will lift over 100,000 taxpayers out of the VAT regime. The current CZK 1million threshold has been in place

Jersey to bring foreign e-commerce and marketplaces into GST net 2023

5 November 2021 in

e-commerce

Online sellers and electronic interfaces to charge GST once over registration threshold The Channel Islands territory of Jersey will impose Goods and Services Tax collections and reporting obligations on non-resident e-commerce sellers from 1 January 2023. There will be a compulsory registration threshold of GBP

Mexico tightens VAT rules on non-resident digital services

4 November 2021 in

e-services

Mexico has proposed two changes to the Value Added Tax obligations on foreign providers of digital services to its consumers: Move from quarterly VAT returns to monthly reporting Raise fines on providers who fail to submit returns for three consequative filings Mexico VAT on digital

Oman VAT on non-resident digital service providers

4 November 2021 in

digital services

Oman implemented its 5% Value Added Tax regime on 16 April 2021, including making electronic or digital services providers and electronic marketplaces liable to tax on B2C supplies. There is no VAT registration threshold from non-resident traders Oman is the fourth of the six Gulf

Spanish B2B e-invoice implementation proposal

3 November 2021 in

e-invoices

Spain to switch from SII invoice listing reporting to live e-invoices? The Spanish Council of Ministers has backed a report calling for the adoption of electronic invoices by all Spanish B2B VAT payers. Spain’s SII live invoice reporting regime was introduced in July 2017. The

Author: Richard Asquith

Germany highlights slow IOSS adoption

Bahamas VAT on foreign digital services

EU reduced VAT rates raises compliance costs

Panama SFEP VAT e-invoicing

Belgium cuts VAT on hair implants

Czech VAT registration threshold doubles to CZK 2million 2022

Jersey to bring foreign e-commerce and marketplaces into GST net 2023

Mexico tightens VAT rules on non-resident digital services

Oman VAT on non-resident digital service providers

Spanish B2B e-invoice implementation proposal

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Author: Richard Asquith

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