Review of 2020 4 Quick Fixes finds room for practical improvements The European Commission’s VAT Forum has produced a review of the 2020 VAT Quick Fix measures. These were introduced to effect four changes to the rules around B2B intra-community (within EU borders) VAT transactions to
9.6% August inflation prompts rollover of petrol VAT cut The VAT cut on retail petrol in Cyprus has been extended to 15 January 2023. They were due to end at the end of this month. Prior cuts due to end August 2022 This inflation burst
UK informs EU it will continue not to impose checks on goods movements between Great Britain and Northern Ireland following EU legal warning; signs of settlement by April 2023 Following the EU’s launching of a third set of Northern Ireland Protocol infringement proceedings in July,
Emergency VAT rate cut on electricity from 24% to 10% until 30 April 2023; public transport reduced to 0% Finland’s government has brought forward a temporary VAT rate cut on domestic electricity in its 2023 Budget. This will be from the 24% standard rate to
EU extends Brexit infringement deadline to 15 September. EU latest legal action against UK on failure to fully implement Northern Ireland Protocol: Import One-Stop Shop e-commerce VAT return; customs checks of goods between NI and GB; and excise measures The European Commission has started four
European Commission group debates question on: Single VAT registration in EU; Digital Reporting Requirements and e-invoices; and Platform Economy and VAT The European Commission’s VAT Expert Group (‘VEG’) reviewed this month a range of questions arising from the proposed VAT in the Digital Age reforms.
European Commission seeks to harmonise digital Continuous Transaction Controls ‘CTC’ options for VAT e-invoice and real-time reporting. VAT Directive Amendments by 16 November 2022 The European Commission (EC) is undertaking a review to introduce harmonised Digital Reporting Requirements (DRR) (previously known as ‘Transaction Based Reporting’) across
Technical framework for exchange of marketplace transaction data exchanges to help tax authorities detect VAT fraud The European Commission has issued consultation details of technical data requirements for the Directive on Administration Cooperation DAC 7 which comes into force in January 2023. This seeks to
Last round before proposals on: Single VAT registration in EU; Digital Reporting Requirements and e-invoices; and Platform Economy and VAT The European Commission’s VAT Expert Group (‘VEG’) reviewed this month a range of questions arising from the proposed VAT in the Digital Age reforms. Following
Fast rising inflation prompts rollover of VAT cut for domestic energy Cypriot annual inflation hit 8.6% in April 2022, up from 7.1% in March. This is the highest rate in over forty years. This inflation burst has prompted the government to extend the reduction of
