The European Commission has proposed to renew and improve the EU’s VAT system to help businesses and combat digital fraud. The proposal was motivated by the loss of 93 billion euros in VAT revenue by Member States in 2020 and the growing importance of the platform economy. Read more
Reverse charge of vat on imports to France
As of January 1, 2022, the VAT due upon release for consumption in France of goods coming from outside of the European Union, has no longer to be paid at the time of customs clearance in France and must be reverse-charged in the VAT returns filed with the French tax services. Read more
Summary VAT statement and answer to statistical surveys, for France
Since January 2022, the methods of declaration of statistical and fiscal information relating to intra-Community supply and acquisition of goods, that were reported in Intrastat – “Déclaration d’Echange des Biens” (“DEB “) change. This reform follows the entry into force of a new regulation on European business statistics, known as the EBS, European Business Statistics (regulation (EU) 2019/2152 of the European Parliament and of the Council of 27 November 2019). Read more
Webinar | E-Commerce: new EU VAT rules for B2C distance sales of goods and services will come into force on July 1, 2021
A major VAT reform is coming in effect on July 1, 2021 in the Member States of the European Union. Companies providing certain services or deliveries of goods to private individuals located in the EU Member States, will be able to register at the VAT Mini One Stop Shop (MOSS) in a single EU Member State, where they can declare and pay VAT on all of their sales in EU Member States. Read more
E-invoices in Poland
The Ministry of Finance announces the introduction of e-invoices.
The Ministry of Finance has published a draft amendment to the VAT Act, which announces the introduction of e-invoices, i.e. a standardized form of a document which will be transparent and legible for all users. The new solution will not be obligatory from the beginning however the taxpayer choosing e-invoices will receive a VAT refund faster. Read more
Principle of continuity for unfinished operations between the eu and the uk at the end of 2020
Continuity principle for unfinished operations between eu and uk (at the end of 2020)
The transitional period, which began on February 1, 2020, which extended the tax effects of Brexit to January 1, 2021, ended on December 31, 2020.
According to the provisions of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union, the United Kingdom will no longer be part of the Unique Market and the Customs Union of the EU and will become, in effect, for the purposes of VAT, a “third country”. Read more
How non UK suppliers will account for VAT on sales to English end consumers (B2C) post 31 December 2020: Brexit effects
The UK will opt for a mechanism similar to the One Stop Shop (OSS) coming in on mainland Europe from 1 July 2021, but in the case of the UK this will be introduced when transition period for the UK to exit the European Union ends. Read more
Irish VAT rate change to become effective on September 1st
The Irish Government has announced a change to Irish VAT rate under the July Jobs Stimulus Package, a set of measures designed to support businesses.
As part of these measures, there will be a six-month reduction in the standard rate of VAT from 23% to 21%, from 1 September 2020 to 28 February 2021.
RECENT VAT CHANGES IN CYPRUS
Since the beginning of 2020, some important VAT changes enacted in Cyprus. The main ones are following.
COVID-19 VAT RELATED MEASURES
Yacht charter services: calculation of the taxable base
About yacht charters, the ordinary Italian VAT rate for the rent is 22%, but the effective rate is lower due to the particular calculation of the taxable base. Yacht charter services carried out in the territory of the European Union are totally subject to VAT (at the rate of 22%).