transactional reporting

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

20 April 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

Which countries have introduced OECD’s SAF-T

1 April 2022 in

global

Standard Audit File for Tax – harmonised transactional data schema for easy exchange with tax authorities The countries below have implemented (or propose) the OECD’s Standard Audit File for Tax (SAF-T). This is an harmonised XML schema of company transaction data from accounting records for

Poland SAF-T JPK_VAT updates

30 March 2022 in

Poland

Polish JPK_VAT update: 1 April 2022 JPK_FA new format The format for submissions of Polish VAT invoices, JPK_FA, has changed from 1 April 2022. JPK_FA(4) is an electronic format the tax authorities may request from taxpayers on demand for (for example) an audit. It captures

Poland voluntary B2B KSeF e-invoices Jan 2022; mandatory April 2023

27 March 2022 in

e-invoices

KSeF National e-invoicing System voluntary launched 2022; mandatory from 1 April 2023 following EU approval Poland’s Ministry of Finance has introduced voluntary B2B electronic invoices on 1 January 2022 after a delay from 1 October 2021. This is supported with a centralised clearing invoice database

VAT in the Digital Age reforms public consultation launched

21 March 2022 in

European Commission call for evidence and public consultation on 3 reforms to EU VAT The European Commission is inviting feedback on three proposed reforms to improve the efficiency, fairness and tax collections of the 27-member state VAT regime : Separate reforms to OSS and IOSS were

Costa Rica VAT e-invoicing

19 March 2022 in

Costa Rica

Costa Rica’s General Directorate of Taxes (DGT) introduced mandatory e-invoicing (comprobantes electrónicos) for some taxpayers in 2018. This includes a government pre-clearance stage, and live acceptant by the customer – which differs from most other regimes such as Chile which does not offer this. Check

UK Making Tax Digital for VAT extended to small businesses April 2022

15 March 2022 in

Making Tax Digital

UK extends MTD digital record-keeping and filing obligations to 1.1 million taxpayers from 1 April 2022; builds on phase II, April 2021 The requirements around digital VAT record keeping and submissions through MTD-compatible software to HMRC are to be extended to around 1.1 million small

Czech VAT EET cash registers cancelled

14 March 2022 in

cash register

E-tržby or EET certified VAT cash registers The Czech Republic (Czechia) Ministry of Finance has cancelled the reintroduction of its EEU online VAT cash registers due to the ongoing COVID-19 emergency. The requirement was suspended two years ago, and was to be reintroduced on 1 January 2023.

VAT in the Digital Age consultation deadline extended to 5 May 2022

11 March 2022 in

European Commission VAT reforms public consultation extended 20 days The EC has stretched out the public consultation deadline of its VAT in the Digital reforms from 15 April to 5 May 2022. The public call for evidence phased completed on 17 February. The consultation seeks

Canada UBL e-invoicing

4 March 2022 in

Canada

Canada’s Revenue Agency (CRA) has provided suggested guidance on e-invoicing in 2018. This is based on the UBL model (see below). The format is only voluntary. Check VAT Calc’s global live VAT invoice transaction and e-invoice reporting tracker to see where else real-time submissions of invoices is

Tag: transactional reporting