Insights

May 31, 2023

In some sectors, understanding the taxation rules of destroyed goods is essential for operating smoothly. A case in Bulgaria shows that oftentimes it is worth focusing on the implications of input tax adjustments.

May 23, 2023

Egyptian tax regulator has recently issued a new document clarifying the VAT duties for foreign remote service providers. As stated in the Egyptian Tax Authority‘s guidelines, the new VAT regulation will come into power on June 22, 2023.

May 18, 2023

Electronic payment service providers (PSPs) will face new reporting standards starting January 1, 2024. In Europe, the PSP number has grown since the fintech boom as PSPs are part of the ecosystem. These companies act as intermediaries that allow sellers to accept electronic payments, typically — instant transactions. The upcoming requirements for PSPs companies will focus on diminishing VAT loss throughout Europe.

May 10, 2023

When we speak about VAT recovery, we have a process in mind through which businesses can reclaim the VAT they have paid on goods and services purchased for their business. Optimizing and automating this process as much as possible helps businesses to maximize the amount of VAT recovered. This is achieved by keeping detailed records of all VAT paid and submitting VAT reports on time.

May 1, 2023

In the last several years, the world’s economy has suffered from several unprecedented events that some scientists call the black swans. As a response to changing economic conditions, many countries have developed sales tax and VAT-related measures to better adapt their economies. In this article, we’re looking at what’s happening in the US, Europe, and other countries and how these economies are dealing with changing customer needs and business structures.

April 24, 2023

Sellers in the UK can postpone their VAT reporting thanks to the optional PVA (postponed VAT accounting) scheme implemented by the HMRC after Brexit in 2021. With the scheme, the country simplifies VAT payments for imported goods because it allows skipping the VAT procedures at customs. However, speedy clearance isn‘t the only benefit of the scheme.

April 17, 2023

Previously, we discussed the development of the e-invoicing requirements and the status quo in the CEE. Now it’s time to look at the most recent e-invoicing and CTC updates in Northern Europe, where e-invoicing mandates are being rapidly implemented. Countries are considering e-invoicing mandates because ViDA will likely make it mandatory to issue e-invoices for cross-border transactions, and national mandates will make it easier to manage the process.

April 11, 2023

VAT in the Digital Age (ViDA) changes that are taking place across Europe keep on bringing new discussions to life. As the changes will affect all countries in the EU, the nation states express their opinions on the problem areas of the suggested change packages. This month, the European Commission will summarise the feedback received. Among the feedback givers is Sweden. On January 2023, Sweden raised its concerns by issuing a memorandum.

April 3, 2023

In order to have a unified e-invoicing system that works efficiently, countries are implementing models that define how the invoice should be structured. The most popular of the models is PEPPOL (Pan-European Public Procurement On-Line) network, currently operating in the EU and some other countries, i.e., Australia.

March 27, 2023

Electronic invoicing mandates are being implemented across Europe. This is why we dedicate another overview to this topic, looking at the most crucial aspects of e-invoicing and its potential benefits to your business.

March 20, 2023

In December last year, VAT groups legislation in Germany was brought to the European Court of Justice (ECJ). The ECJ was judging whether the VAT group rules comply with the European Union‘s law. Before we look at the ECJ‘s decisions, let‘s first have a refresher on what the VAT groups are.

March 13, 2023

European ViDA or VAT in the Digital Age reforms present many changes and opportunities for business. In the article below, we look at the most frequently discussed aspects of the policy. Hopefully, it will help your business prepare, adapt, and benefit from the new taxation direction.

March 6, 2023

Italian Ministry of Finance announced that the country increased the VAT thresholds that determine how often VAT has to be paid. In Italy, the tax is known as the IVA — Imposta sul valore aggiunto.

February 27, 2023

Electronic invoicing is on the rise across the globe — although at a varying pace in different regions. Today, we look at the Central and Eastern European countries, including the Baltics (Estonia, Latvia, and Lithuania), Poland, Hungary, Romania, and Bulgaria. Even though most countries are far from widespread e-invoicing adoption and continuous transaction monitoring, the changes currently implemented are notable.

February 20, 2023

EU-based companies claim that the VAT registration process in the UK has become more complex and lengthier, especially for electronically supplied service providers. Our case study shows that VAT registrations can take up to six months and result in confusion.

February 13, 2023

Since July 2021, the EU has a special VAT package in place to simplify e-commerce tax administration. The package includes one-stop-shop solutions like OSS — One Stop Shop and IOSS — Import One Stop Shop. A special solution is dedicated to companies based outside the EU — the Non-Union OSS.

February 6, 2023

Electronic invoicing requirements currently being enrolled in many European countries are part of a broader tax compliance reform. Typically, e-invoicing comes together with the development of real-time tax and transaction monitoring that allows tax authorities to constantly oversee businesses’ activities.

January 30, 2023

The intentions of the European Commission to bring Union-wide changes have been a subject of discussions for a long time. Finally, at the end of last year, the European Commission brought some clarity with an outline of the proposed EU VAT regime changes connected to the VAT in the Digital Age direction.

January 23, 2023

Amazon has just avoided one of the largest fines ever issued. European Union and the UK’s regulators have been investing Amazon’s data usage intended to benefit its own products for a while. Three investigations took place in the EU to identify Amazon’s market position abuse and its decisions regarding favoring certain sellers.

January 16, 2023

Widespread changes in the Europe-wide electronic invoicing regulation have been taking place in recent years. However, only one European country — Italy — has fully rolled out electronic invoicing nationally. The country transformed its invoicing requirements to make e-invoicing obligatory for most entities (B2B, B2C, B2G (business to government)) in 2019.

January 9, 2023

1StopVAT’s team has previously covered the expected changes in the UK penalties and surcharges regime. As we have stepped into 2023, it is time to announce that the time has come, and the new regulation is already in place. The new penalties and surcharges for VAT-registered businesses are active from January 1st.

January 2, 2023

The Singaporean VAT equivalent - the Goods and Services Tax (GST) rate - was unchanged for fifteen years. However, since January this year, companies in Singapore have been facing a GST rate increase. The previous GST rate of 7% has been increased to 8%, and on 1 January 2024 will reach 9%.

December 27, 2022

From 1 January 2023, some temporary VAT regime changes will come into effect in Luxembourg. They include lowering most of the current VAT, or the TVA — Taxe sur la valeur ajoutée — rates.

December 19, 2022

Alibaba launched a new online marketplace of mid and high-range products in Spain. The marketplace, called Miravia, will be dedicated to high-income consumers who want to buy quality goods from the fashion, food, lifestyle, and beauty sectors.

December 12, 2022

From 1 January 2023, electronic invoicing will be made mandatory in Poland. With this new recently approved provision, Poland joins other European countries — Spain, Italy, Hungary, and France — that aim to fight VAT fraud, speed up the VAT refund processing, and reduce the costs of invoice sending.

December 5, 2022

ViDA — the EU VAT in the digital age strategy — will be updated on December 7. The upcoming issue is considered to be one of the most ambitious reforms to the regime in recent decades.

November 28, 2022

As 2023 approaches, many companies and tax authorities worldwide are preparing for changes in rules and regulations. The UK has some important taxation updates, too. From January 2023, a new penalty and surcharges system will be launched on late VAT returns and payments. The highlight of the update is the increase in the probability of receiving penalties from the HMRC — even when the VAT amount due is zero.

November 21, 2022

The abbreviation of EPR stands for Extended Producer Responsibility—a type of environmental policy requiring businesses to contribute when selling products that impact the environment in a way covered by the policy. EPR is typically accounted for on the impact of the product once it is used or when its life cycle ends.

November 14, 2022

The taxation of non-fungible tokens, or NFTs, has been a trending topic in recent years. A non-fungible token, simply described, is a digital identifier recorded in the blockchain. NFT is used to give ownership of a product that cannot be copied.

November 7, 2022

January 1, 2023, will mark the beginning of a new UAE taxation period, with significant changes taking place in the VAT area. The majority of changes will be related to tax compliance and auditing, with some good news for the exporters in the UAE. Please find an overview of the changes below.

October 31, 2022

Importing is a pretty standard process for businesses and individuals. However, reporting important VAT can sometimes be confusing. Below, we explain the most frequent and crucial concepts for goods import.

October 24, 2022

On 4th of October, Uganda Revenue Authority, also called the URA, launched templates for VAT and Pay As You Earn (PAYE) schemes.

October 17, 2022

It’s less than a month left for businesses in the UK to migrate from their existing VAT online accounts in order to fill their VAT. From November 1, 2022, companies will have to begin using software compatible with the Making Tax Digital VAT platform.

October 10, 2022

The cryptocurrency payment tokens and their VAT status have been in a grey area for a while. Currently, the crypto community is discussing the obligations traders and marketplaces in the UK have regarding VAT.

October 3, 2022

On September 25, 2022, the Swiss held a referendum which covered two questions: the potential VAT rate increase and the pension age for women. The two questions are Switzerland’s benefits package, described in the country’s Federal Constitution. Therefore, the votes were carried out via a national referendum.

September 26, 2022

There are many Canada-based companies selling their goods and services to the US. It comes as no surprise because the US offers great expansion opportunities and a large market for virtually any product or service.

September 19, 2022