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My business probably has VAT obligations. What should I do?

My business probably has VAT obligations. What should I do?

It’s easier than ever to incur VAT obligations, especially if you operate in multiple markets. If your business generates turnover in excess of the threshold set by your local tax authorities, you will need to account for VAT. Moreover, if you sell products or services in foreign markets, there’s an ever-increasing number of conditions under which […]

When are online marketplaces responsible for VAT in the EU?

When are online marketplaces responsible for VAT in the EU?

New EU e-commerce rules take effect from 1 July 2021. The VAT e-commerce package has far-reaching consequences for any business engaged in distance selling to customers in EU member states. But what if, rather than operate your own e-commerce store, you sell via an online marketplace? In that case, the onus for VAT compliance may […]

Rwanda exempts electric cars from VAT

Rwanda exempts electric cars from VAT

They’ve already banned plastic bags. Now, Rwanda is exempting electric cars and electric car parts from VAT. Electric vehicles will also be exempt from import duties. Rwandan officials are also looking to promote electric car production in the county.  In addition, many energy-efficient items are already exempt from VAT in Rwanda. For example, there is […]

Oman implementing new VAT laws

Oman implementing new VAT laws

Oman’s VAT laws come into effect on 16 April 2021. 5% VAT will apply on goods and services traded in Oman. The 5% rate also applies to goods that are imported into the Sultanate. VAT in Oman will apply to all goods, except exempt essential items (such as medicines and specified food products) and exempt […]

The EU e-commerce One Stop Shop

The EU e-commerce One Stop Shop: where, what and how

The European Commission has issued guidelines clarifying many of the provisions of the new One Stop Shop (OSS). The OSS, which is an extension of the Mini One Stop Shop (MOSS), is one of the features of the EU e-commerce VAT package. The OSS will simplify VAT registration for businesses engaged in e-commerce sales to […]

Over 70 countries are adopting digital VAT standards

Over 70 countries are adopting OECD digital VAT standards

Seventy countries have already implemented, or are taking steps towards implementing, the OECD’s standards and guidance for digital VAT, according to the OECD Secretary-General’s report to G20 Finance Ministers. The reports adds that an additional 40 countries are planning to implement the standards or are considering doing so. Enhanced revenue collection The report says that […]

HMRC issues manual on taxing cryptocurrencies

HMRC issues manual on taxing cryptocurrencies

UK authorities have issued guidance on cryptocurrencies. HMRC’s ‘tax on cryptoassets’ manual details how cryptoassets, including cryptocurrencies such as bitcoin and ethereum, are to be taxed. VAT on goods exchanged for cryptocurrency HMRC says that when goods or services are sold in exchange for a cryptocurrency, VAT will be due as per normal.    The value […]

Why outsourcing VAT compliance is a more efficient solution

Why outsourcing VAT compliance is a more efficient solution

VAT is complex. Managing VAT compliance at a global level is exponentially more complex. But there’s more to it than that. VAT compliance is specialised. There are numerous rules and regulations and exceptions. Those regulations are constantly changing. You need to know when to register and when to file. You need to get the paperwork […]

Colombia concert ruling raises virtual VAT conundrum

Colombia concert ruling raises virtual VAT conundrum

Colombia’s tax authorities have issued a clarification on whether an online concert counts as a public performing arts performance and is thus eligible for a VAT exemption. The DIAN clarified that a virtual performance does not meet the criteria for the exemption. That’s because virtual performances don’t  meet all the criteria for a public performance […]

Outsourcing your VAT compliance: Multiple providers vs a one stop shop solution

Outsourcing your VAT compliance: Multiple providers vs a one stop shop

Should you outsource your VAT compliance to multiple providers or is it better to choose a one stop shop for all your VAT compliance needs? To answer the question, let’s start by asking why you would be outsourcing your VAT compliance at all. The value of outsourcing your VAT compliance For many companies, outsourcing your […]

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