Australia is introducing mandatory e-invoicing for government agencies by July 2022. The Australian government says they are consulting on making e-invoicing mandatory across all levels of government and by business. The e-invoicing initiative is part of a broader digital effort designed to boost the Australian economy. As part of the initiative, the Australian government has […]
Italian tax authorities are investigating travel website Booking.com for widespread tax evasion, according to reports. Genoa police suspect the company has evaded tax to the value of over €150 million. Some reports put the figure as high as €700 million. News sources say that the company issued invoices for bookings that did not include VAT, […]
Ukraine has passed a draft bill that would impose VAT on foreign supply of digital services. VAT will be applied in cases where foreign companies supply digital services to customers in Ukraine. The digital services VAT applies from 1 January 2022. What is the purpose of Ukraine’s digital services VAT? As with similar measures in […]
Over 50% of British businesses filed their VAT returns late in 2020, according to a new report. According to the report, the rate of late VAT returns was 13% higher than the previous year. Failing to submit a valid VAT return on time puts companies at risk of penalties. The uptick in late filing underscores […]
G7 finance ministers have reached an agreement on a global minimum corporate tax rate. The agreement aims to set the global rate to 15%. The policy would have significant implications for how global tech giants are taxed. A global digital services tax has been a highly contentious diplomatic issue recently. Analysts have urged global cooperation […]
The EU plans to offer a digital wallet that will allow residents to securely store payment details for online transactions. The digital wallet will allow EU residents to make payments on government websites and pay utility bills. The Digital Identity Wallet will also electronically store official documents, such as ID documents and driver’s licenses. According […]
Indonesia is considering tiered VAT rates, with different rates for different classes of product. Indonesian authorities are looking to increase revenues amid an economic downturn. Under the proposed system, luxury items would be subject to a higher rate of VAT. The government has also mooted simply raising the overall VAT rate A fiscal balancing act […]
Saudi Arabia is introducing mandatory e-invoicing from December 2021. Saudi businesses must have all the required processes in place by 4 December 2021. Businesses must prepare invoices in XML and clear these through the Saudi tax authority’s online portal before the invoices can be issued to customers. What does Saudi e-invoicing compliance look like? To […]
Portugal is introducing a VAT discount programme to boost the tourism sector. Many countries’ tourism and hospitality sectors took a knock during the Covid pandemic. Portugal, where tourism comprises an important part of the economy, was no exception. When spending in the hospitality sector, the new IVAucher scheme gives customers the opportunity to either pay […]
The VAT and customs laws in Europe have changed drastically in 2021. Brexit and a new EU VAT package have created complexities that could strangle the traditional e-commerce dropshipping model. Import VAT, customs duties and customs declarations are eroding sellers’ margins and creating problems with fulfilment. Can the new Import One Stop Shop (IOSS) help? […]