European Court of Auditors: deferred import VAT regime exposed to VAT fraud The European Court of Auditors (ECA) has issued a report highlighting major VAT revenue losses due to weaknesses in member states’ import VAT rules. This is in the context of the EU VAT
PVA saves on short term cash flow requirements for importers Normally, import VAT on goods coming into a country is paid over at customs with any duties or tariffs. The VAT may then be recovered via the importer’s next VAT return against the eventual sales
New Administrative Guidelines for French import VAT deferment Following a public consultation in 2023, the French tax office published new Administrative Guidelines for the use of its Deferred or Postponed VAT Accounting for importers. Since January 2022 (see below) this has offered importers the opportunity
13 new regions join mandatory e-invoice (e-fapiao) pilot in August 2022; full roll out by 2023 28th Oct 2022 update: the southwestern Chinese province of Sichuan has joined the e-fapiao pilot. China’s State Taxation Administration (‘STA’) is continuing to expand its introduction of the special e-fapiao e-invoice system,
2022 – three further provinces join electronic invoicing pilot China’s State Taxation Administration (‘STA’) is continuing to expand its voluntary introduction of the special e-fapiao e-invoice system, based on national invoicing platform, since the last wave of 25 regions joining the pilot in January 2021. These are
