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EU publishes details of DAC7 2023 digital platform reporting obligations

24/06/2022 in

DAC 7

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

EU VAT Expert Group reviews VAT in the Digital Age reforms

18/06/2022 in

Continuous Transaction Controls

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

Finland considers foodstuffs and petrol VAT cuts

09/06/2022 in

EU VAT

Jump in May inflation to above 7% and recession worries prompts government to review VAT cuts The Finnish Finance Minister has confirmed that a Value Added Tax rate cut on petrol and basic foods is under consideration. This comes as Finnish inflation hit 7.1% in

Cyprus to extend electricity 9% VAT cut to Aug 2022

28/05/2022 in

Cyprus

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

EU e-invoicing questions – VAT in the Digital Age

17/05/2022 in

Digital Reporting Requirements

Outstanding decisions on Partial or Total Harmonisation of Digital Reporting Requirements The EU review of digital reporting requirements (DRR) is now progressing following the completion earlier this month of the public consultation. The DRR review includes options for EU-wide live transaction or e-invoice reporting to

VAT changes on virtual events January 2025

14/05/2022 in

digital services

Place of supply rules change for online live conferences, training, concerts The EU is to update the Value Added Tax rules for determining in which country VAT is due – ‘place of supply’ – on entrance fees for virtual events. Member states are required to

EU Parliament votes VAT reverse charge extension to Dec 2025

06/05/2022 in

EU VAT

Legislator endorses continuation of anti-VAT fraud measure and Quick Reaction Mechanism until 31 December 2025 The European Union Parliament has voted to retain the VAT reverse charge mechanism to help reduce the VAT Gap – amount of uncollected EU VAT. The reverse charge is an

EU reconsiders Financial Services VAT exemption – 2023 proposals at risk with inflation surge

27/04/2022 in

EU VAT

Legislative proposal 2023 on ending VAT-free banking and insurance may be in jeopardy with cost-of-living crisis The European Commission has completed a public consultation on potentially withdrawing the VAT exemption on financial services – banking, insurance and similar. It published the submissions in August 2021.

EU VAT Digital Reporting Requirements (DRR) e-invoice harmonisation 2024

20/04/2022 in

Continuous Transaction Controls

European Commission seeks to harmonise digital Continuous Transaction Controls ‘CTC’ options for VAT e-invoice and real-time reporting The European Commission (EC) is undertaking a review to introduce harmonised Digital Reporting Requirements (DRR) (previously known as ‘Transaction Based Reporting’) across the 27 member states. A public consultation

EC warns Austria, Malta and France to refine VAT audits

10/04/2022 in

EU VAT

EC finds most countries fail to implement all best practices; Finland and Sweden top of the class The European Commission has reviewed the Value Added Tax registration, collection and auditing processes and standards of member states and the UK, and find most tax authorities’ below

Tag: EU VAT