The Italian tax authorities recently turned down a request by the Italian Association of Accountants to delay the introduction of the new mandatory real-time invoice reporting regime for resident businesses. As per our previous articles, from 1 January 2019 Italy will introduce a new mandatory real-time invoice-reporting regime that will apply to all domestic business-to-business… Read More
From 1 January 2019, Portugal will introduce a new mandatory real-time invoice reporting regime that will apply to all VAT registered companies who sell to government bodies. This new regime will require businesses making these types of supplies, to send the invoices to the tax authorities for checking at the same time as they are… Read More
On 1 August 2018, the European Union (EU) published the agreement relating to its administrative co-operation with Norway. This agreement entered into force from 1 September 2018 and will provide EU Member States as well as Norway with a legal framework to cooperate on combating VAT fraud, as well as allowing them to assist each… Read More
From 1 January 2019, the Romanian government have announced that they will cut the VAT rate applicable to hotel accommodation and restaurant services to 5%. This change mirrors the majority of EU countries who already apply a reduced VAT rate to hotel accommodation.
The Greek government has announced that it will look to reduce its standard VAT rate by 2% from 24% to 22% by 2021. There is no plan to lower their reduced VAT rates, which will remain at 13% and 6%.
According to the annual VAT gap study an estimated €147.1 billion in VAT revenue was lost within the EU due to non-compliance or non-collection during the year 2016, when compared with the same study from 2015 this shows a reduction in the gap of €10.6 billion. The VAT gap study is funded by the European… Read More
The UK tax authority (HMRC) recently provided an update confirming that it is implementing the next phase of its Making Tax Digital (MTD) program during October 2018. During the next phase, the pilot will be opened up to the public for testing and this will enable any taxpayer to submit VAT returns using the new… Read More
From 1 January 2019, the Russian parliament approved a rise in the standard rate of VAT from 18% to 20%. The reduced rate of 10% will remain unchanged.
From January 2019, Slovakia are proposing to amend their VAT legislation. Some of the changes being considered include: • The adoption of the new EU VAT rules for the treatment of single and multi-purpose vouchers – Please click here for our previous article explaining the new VAT treatments. • Complete withdrawal of the VAT guarantee… Read More
From 1 January 2019, the Swiss government will remove the low-value import VAT exemption on goods bought from foreign suppliers. Currently, the threshold for the exemption is set at CHf 62.50 for most goods and allows importers to purchase goods VAT free from non-resident companies up until this amount. However, in an effort to remove… Read More