The Finnish parliament (the Riksdag) is presently considering Bill No. 45/2017, which would change the way VAT is collected on imports into the country. Under section 3.3 of the bill, the responsibility for import VAT collection would shift from the customs authority to the tax administration. Importers would account for import VAT via their tax returns, and would remit any VAT owed in the calendar month in which the imports cleared customs. This type of “deferred accounting” scheme, which reduces the cash-flow burden on importers, has been implemented by a number of other European countries. The full text of the bill is available here. If enacted, the bill would take effect in 2018.
Spain Enacts New Mandate Regarding the SII
Spain has issued Ministerial Order HFP/2017, which establishes the technical requirements for the implement...
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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
UK VAT regulation requirements clarify the type of information required to be kept in digital format, the definition of functionally compatible software, and the exemptions available to businesses.
New Mexico Allows for Evidence of Exemption Entitlement Other than a Nontaxable Transaction Certificate
New Mexico Governor signed House Bill 194 into law thereby allowing purchasers to provide evidence other than a nontaxable transaction certificate to prove eligibility for a gross receipts deduction.
South Africa Announces 2018 Budget Measures
The South African Ministry of Finance has proposed an increase in the VAT rate from 14% to 15%. If signed by the President this new rate will go into effect on April 1, 2018.
UK Parliament Debates Major Post-Brexit Bill For Cross-Border Supplies of Goods
The UK Parliament is currently debating a bill that could greatly impact how businesses in the UK handle cross-border supplies of goods post-Brexit.
UK VAT Tribunal Weighs in on Taxation of Powdered Drinks
Ruling validates tax rule applying varying VAT treatment based on the particular flavours of Nesquik in the UK.
European Commission Backs Italy's E-Invoicing Mandate
On February 5, 2018, the European Commission backed Italy's e-invoicing mandate by recommending the EU Council approve Italy's derogation request from the EU VAT Directive.
European Commission Proposes Changes to VAT Regime