6-month VAT rate cut to help soften inflation Cyprus is the latest EU state to cut electricity VAT rates. It will move domestic supplies of electricity from the standard VAT
Lowered annual e-Fatura and e-Arşiv thresholds for all B2B businesses; e-commerce and property attract special requirements Turkey has added new requirements to its government pre-clearance e-Fatura e-invoice regime in the past
Mainland China places the Value Added Tax responsibilities for non-resident sourced digital or electronic onto the Chinese resident customer. This applies to both B2C and B2B. There is no facility
Poland joins 18 other EU member states with VAT group simplification option Poland has signed into law a range of tax measures (Polski Ład) to help promote business innovation and
e-publications allowed same VAT rate as paper-versions Romania is to reduce the Value Added Tax rate on e-books from 1 January 2022. This will include audio books, blogs, electronic newspaper
South Korea first introduced mandatory real-time electronic tax invoice (e-Tax) requirements in 2011, expanding it to most taxpayers by 2014. This includes pre-clearance of sale invoices with the Korean National
Latvia enacts EU reduced VAT agreement on e-books and news 1 January 2022 The Baltic state of Latvia’s Parliament has agreed to cut the Value Added Tax rate on income
Early adopter of OECD Standard Audit File for Tax taxpayer data scheme Luxembourg introduced the Standard Audit File for Tax (SAF-T) in January 2011. It is known as FAIA (Fichier
India introduced mandatory B2B government pre-clearance electronic invoicing from 1 October 2020, completing the phased implementation by 1 April 2021. The latest Indian e-invoice threshold is ₹20 crore since April
€26bn net gain to the economy during lockdown as standard rate cut from 19% to 16% in 2nd half of 2020 German’s controversial six-month 3% standard VAT rate cut to
Three member states fail to clarify proper adoption of new July 2021 e-commerce VAT rules The EU’s European Commission has warned with a Letter of Formal Notice Croatia, Denmark and
Next round of taxpayers added to Declaration 406 requirements; given 6-month soft landing for first filing The Romanian National Agency for Fiscal Administration (ANAF) has named an additional round of
The Israeli government has included proposals to levy VAT on non-resident providers of digital or electronic services to its consumers in its 2021/22 budget for 1 January 2022 at the
South Korea is to implement on-demand transaction reporting from 1 July 2022 for non-resident suppliers of digital or electronic services. Korea first implemented VAT on digital services in July 2015.
Angola implemented VAT on foreign service from 1 October 2019. However, there are no detailed rules related to digital or electronic services. A local Fiscal Representative is required to represent
Indonesia introduced its e-invoicing regime, e-Factur, in July 2015, completing in 2016, for all VAT registered businesses. This includes a government clearance system and QR Code (Quick Response Code) requirement.
HMRC’s MTD for VAT 45% behind 2020/21 revenue budget; cost for taxpayers £1.5billion The UK’s National Audit Office has stated that expected revenues from HMRC’s Making Tax Digital for VAT
Invoice Traceability Model adopted on certain import transactions; 2023 potential full B2B pre-clearance e-invoicing Russia has become the latest country to introduce a type of compulsory electronic invoicing. The new
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