The United Kingdom took the long-anticipated first formal step towards officially leaving the European Union when on March 29, the UK Envoy to the EU hand delivered the “Article 50 Letter” to the EU Council President. As of today, the clock begins ticking on a 2 year window in which the UK can negotiate its withdrawal. While the UK Government optimistically views “Brexit” as an opportunity to create a new and equal partnership with their friends and allies in the EU, questions surrounding immigration, trade, and budget commitments will likely present substantial challenges in reaching a final agreement.
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Brazil Contemplating Tax Reform in 2019
The Brazilian Congress is once again considering a series of tax reforms aimed at simplifying its complicated indirect tax system. It proposes to replace with a nationwide VAT.
Mexico: New Tax Reform Plans to Re-establish Reduced VAT Rate at the Border
The Mexican Congress is proposing to re-establish a reduced VAT rate in the border states of Baja California, Baja California Sur, Quintana Roo. The project is being considered at the Mexican Senate.
Mexico Postpones the New CFDI Cancellation Process
After a meeting with the Confederation of Chambers of Commerce and Tourism, the Mexican Tax Administration (SAT) decided to postpone for two months the new process of Cancellation of the CFDI
UK Contemplates Hard Brexit
Her Majesty Revenue and Customs (HMRC) nonetheless is drafting rules and guidance which would come into play should the UK exit the EU as of March 29, 2019.
Venezuela Increases the Standard Rate of the VAT
The congress of Venezuela has enacted Decree 3.584/2018, by which the standard rate of VAT will be increased from 12% to 16%, effective September 1, 2018.
Poland Considers Dropping Periodic VAT Return
There have been rumblings out of the Polish Ministry of Finance that sometime in 2019 the Government may do away with the time-tested requirement of submitting a monthly VAT return.
Argentina Modifies the Invoicing requirement for Small Taxpayers
On August 3, 2018, the federal tax administration of Argentina (AFIP) enacted Resolutions 4290, 4291 and 4292
South Africa Proposes Amendment to Change VAT Rate
South Africa's Minister of Finance has published a draft amendment, which if enacted, would change South Africa's VAT rate back to 14%.
UK Publishes Additional Guidance for Making Tax Digital Initiative
On Friday, July 13, 2018, HMRC released additional information regarding the Making Tax Digital initiative, which is currently set to go into effect in the United Kingdom on April 1, 2019.
Panama Releases Roadmap for eInvoice
The Ministry of Finance announced on their Twitter account, a Roadmap for the implementation process of the new eInvoicing regime in Panama.
Hungary Publishes Real Time Reporting Regulation
On June 1, "Decree No. 2/2018 (1 June) of the Minister of Finance" was published in the Hungarian Gazette regarding the real time reporting regulation. Details follow.
European Council Clears Way for Italy e-Invoicing Requirement
On April 16, 2018, the European Council approved Italy's derogation request from the EU VAT Directive, bringing Italy one step closer to implementing its mandatory e-Invoicing requirement.
UK-EU Draft Withdrawal Agreement Published
On March 19, the UK published first draft of a withdrawal agreement, although not finalized, indicates that for value-added and excise taxes, much of the status-quo with the EU will remain until 2021.
UK Finance Act 2018 Finalized
On March 15, 2018, Finance Act 2018 was granted Royal Assent by the UK Parliament that makes several changes to direct and indirect taxation in the UK.
China to Lower Select VAT Rates on May 1
At the Executive Meeting of the State Council held on March 28, Premier Li Keqiang announced additional VAT reform measures directed towards easing the overall tax burden for taxpayers.
EU Proposes An Interim Tax On Certain Revenue From Digital Activities
The European Commission recently proposed new rules to ensure the fair taxation of digital business, placing the EU at the forefront in designing tax laws aimed at the modern digital economy.
EU Report on E-commerce Identifies Challenges and Opportunities
Report contends that governments must aim to support legitimate trade by making the process as a simple as possible, targeting non-compliant businesses while maintaining reasonable compliance burden.
South Africa VAT Rate to Increase April 1, 2018
The South African Revenue Service (SARS) has announced that the VAT rate increase from 14% to 15% effective April 1, 2018, is still moving forward.
UK Publishes the Value Added Tax Regulations 2018
UK VAT-registered businesses will be found non-compliant with VAT reporting obligations after April 1, 2019, if their electronic VAT records are not maintained on functionally compatible software...
UK Publishes VAT Regulations Requirements Pertaining To Digital Record-Keeping