Accordance
Accordance
Blog Post
  • Online VAT fraud has been highlighted as a growing risk that costs the tax payer £1.2bn per year. As a result, the government announced additional measures intended to stunt this incline. EU VAT Fraud measures and initiatives, Hallam’s latest piece featured in Accountancy Live considers the potential impact the UK’s policy may have. Having previously... Read more » The post Accountancy Live | Gov...

Accordance
Accordance
Blog Post
  • The EU has announced new rules to help e-commerce businesses simplify how they account for VAT. The new rules are applicable to businesses selling both goods and services on a B2C basis and are intended to have effect at various stages up to 2021. They are part of the EU’s Digital Single Market strategy. According... Read more » The post EU | Update on VAT rules for e-commerce businesses appeared...

Accordance
Accordance
Blog Post
  • Further to our previous story, it has been confirmed by the Norwegian Ministry of Finance that they are still currently finalising the regulation and must provide at least one year to allow businesses to implement the requirement. Therefore, the introduction of mandatory SAF-T reporting will be delayed until 1st January 2019 at the earliest. Until... Read more » The post Norway | SAF-T Reporting ...

Accordance
Accordance
Blog Post
  • We previously reported that the Norwegian government proposed to increase the super reduced rate of VAT from 10% to 12% and the change has now been confirmed to take effect from 1st January 2018. It is advised that any remaining purchase invoices with a VAT rate of 10% should be reclaimed in the November to... Read more » The post Norway | Confirmation of Super Reduced Rate Increase appeared firs...

Accordance
Accordance
Blog Post
  • Following the initial release of draft regulations at the beginning of November, the UAE Ministry of Finance issued the finalised Executive Regulation for the Federal Decree-Law No. (8) of 2017 on Value Added Tax on 26th November 2017. This is in preparation for the introduction of VAT on 1st January 2018. The regulation is split... Read more » The post U.A.E | 2018 VAT Regulations appeared first...

Accordance
Accordance
Blog Post
  • The electronic industry in Poland has claimed that 400m PLN of VAT per year is subject to tax evasion, due to the goods being easily sold in the shadow economy. To combat this situation Poland has previously applied the reverse charge mechanism to the supply of many electronic products (e.g. smart phones, laptops, gaming consoles,... Read more » The post Poland | To implement reverse charge mech...

Accordance
Accordance
Blog Post
  • Previously the supply of good transportation and other ancillary services (i.e. loading and unloading, handling and similar activities) was treated as supplied outside of the European Union when the customer was established outside of the EU. On 23rd November 2017, according the Royal Decree 57, an amendment was made to this rule.  This change provides... Read more » The post Belgium | New rules ...

Accordance
Accordance
Blog Post
  • The UK Autumn Budget was announced on 22nd November 2018. UK VAT Registration Threshold The UK government have decided to keep the VAT registration at £85,000 from 1 April 2018, where it will remain for the next two years. The de-registration threshold will also remain at £83,000. In the meantime, they will be consulting on... Read more » The post UK | Autumn 2017 Budget Update appeared first on ...

Accordance
Accordance
Blog Post
  • Further to our earlier story and in line with what the EU commission announced in its VAT action plan on 7th April 2016, (to combat fraud on taxation, especially in the e-commerce sector and have better cooperation with Non-EU countries) a new proposal between the European Union and the Kingdom of Norway was published on... Read more » The post Norway | Agreement on VAT cooperation to be finalise...

Accordance
Accordance
Blog Post
  • The Dutch Tax Authorities are  looking to narrow the scope of medicines which are subject to the 6% reduced VAT rate. The qualification as “medicine” in respect of the VAT treatment to apply depends on whether a product is presented to consumers as “medicine”. In this context, products like toothpastes that contain sodium fluoride as... Read more » The post Netherlands | Narrowing scope of 6% VAT...

Accordance
Accordance
Blog Post
  • The recently published Dutch coalition agreement has set out that there will be an increase the reduced VAT rate from 6% to 9%. The reduced VAT rate applies to, among other products and services, food and non-alcoholic drinks, medicines, books, newspapers and magazines, agricultural and horticultural seeds.  It is expected that this increase will have... Read more » The post Netherlands | Proposa...

Accordance
Accordance
Blog Post
  • As mentioned in our earlier story, HMRC have been making a concerted effort to combat fraudulent activities and VAT loss linked to the e-commerce market. Subsequently, the government announced that it would introduce the Fulfilment House Due Diligence Scheme (FHDDS). This new measure, which is part of 2017 Finance Bill, will try to tackle the... Read more » The post UK | Fulfilment House Due Dili...

Accordance
Accordance
Blog Post
  • Further to the publication on the 6th of July 2017, regarding the introduction by France of an anti-VAT fraud software,  the French tax authorities have decided to amend this requirement in order to simplify it. This amendment will be the subject of a new legislation which will be published by the end of the year.... Read more » The post France | Update Anti-VAT fraud software introduced from Jan...

Accordance
Accordance
Blog Post
  • Part of the Portuguese 2018 budget presented to the Assembly on 13 October 2017 included an amendment to the retail export scheme, also known as “Tax Free Shopping “ The VAT retail export scheme allows non-EU travellers (or EU emigrants) departing from the EU a refund of VAT charged on certain goods bought while visiting... Read more » The post Portugal | Retail export scheme reduction appeared f...

Accordance
Accordance
Blog Post
  • Its anticipated that the Norwegian Tax Authorities will be introducing SAF-T reporting for VAT registered businesses with effect from 1st January 2018. This requirement will apply to any business with more than NOK 5 million in turnover or which has more than 600 documents. Additionally, if a business has their bookkeeping information available electronically then... Read more » The post Norway |...

Accordance
Accordance
Blog Post
  • The European Commission has published information on a new set of reforms to the current EU VAT framework, with the aim of tackling tax evasion and reducing friction for businesses that trade cross border. The current VAT system was designed and implemented alongside the creation of the EU Single Market, with the view of introducing... Read more » The post EU | European Commission provides insigh...

Accordance
Accordance
Blog Post
  • On 12th October 2017, the Norwegian government presented its proposals for the 2018 budget announcing an increase of the super reduced rate from 10% to 12%. The super reduced rate applies to cultural services, i.e. cinema admission, museum admission and hotel accommodation, and public transport. If the proposal is finalised then the increase would come into... Read more » The post Norway | Propos...

Accordance
Accordance
Blog Post
  • The Swedish Tax Authorities have updated their VAT guidance on services related to investment funds, essentially stating that providing management services to investment funds that deal with unit linked insurance plans are not exempt from VAT. Full guidance can be consulted on the Swedish Tax Authorities’ website, although there is no English version currently available. The post Sweden | Clarifie...

Accordance
Accordance
Blog Post
  • The Italian Tax Authorities have released revised list of companies that qualify for the revised split payment VAT system. As a reminder, the VAT spilt payment system is designed to act as a measure aimed at curbing VAT fraud by obligating the taxable person acquiring goods or services to pay the VAT due directly to... Read more » The post Italy | updates list of companies qualifying for the spli...

Accordance
Accordance
Blog Post
  • Spain has revised the wording of two points of Article 91 of Spanish VAT law. This update broadens the scope of the reduced rate of 10% to include it applying to several cultural activities, including concerts, theatre performance, bull fights and discotheques as well as other live performances. This is also applicable to hotel and... Read more » The post Spain | Reduced VAT Rate with Regards to ...

Accordance
Accordance
Blog Post
  • On 24th September 2017, the Swiss taxpayers rejected the proposal regarding the additional funding of the 2020 pension system through the increase of the VAT rates. As a result, the standard VAT rate and the special rate for the hospitality sector will be decreased from 1st January 2018 as follows: Standard rate Special rate for hospitality... Read more » The post Switzerland | VAT rates to decre...

Accordance
Accordance
Blog Post
  • As of 1 August 2017 Greece is the latest EU Member State to use the extended reverse charge in a bid to tackle tax evasion in the electronics sector. The measure is aimed at transactions that involve the domestic supply of laptops, tablet PC’s, mobile phones and game consoles. Based on this new provision the... Read more » The post Greece | Introduction of the reverse charge mechanism for certain...

Accordance
Accordance
Blog Post
  • Greece has decided to introduce an accelerated VAT refund procedure for certain types of businesses. As such, according to a Circular (Circular 1103/2017) published recently VAT refund claims will be processed with priority and refunds will be made without a prior audit for businesses that are: • Licensed Authorised Economic Operators and • At least... Read more » The post Greece | Accelerated VA...

Accordance
Accordance
Blog Post
  • With uncertainty surrounding all facets of Brexit, it is prudent to consider the eventualities that can effect different business processes. Nicholas Hallam has written an article, featured in Supply Chain Digital, which analyses the impact that Brexit could have on supply chain operations from a; Political, Economic, Sociological, Technological, Legal, and Environmental (PESTLE) perspective. Afte...

Accordance
Accordance
Blog Post
  • The UK’s VAT rules are set down mainly within the VAT Act 1994, which is derived from the EU VAT Directive 2006/112/EC (“EVD”). The EVD has direct and over-riding effect on all EU Member States but local legislation is required because the EVD allows for countries to pick and choose certain rules.  As a result,... Read more » The post Brexit | How will VAT be impacted? appeared first on Accordanc...

Accordance
Accordance
Blog Post
  • Following the trend of Poland and Italy, the Romanian Ministry of Finance has published new legislation introducing the Split Payments of VAT, having the purpose of reducing VAT fraud. According to the new tax provisions, this split payment mechanism will be implemented with an optional starting date of 1 October 2017 and mandatory starting date... Read more » The post Romania | Split payment mec...

Accordance
Accordance
Blog Post
  • The European Court of Justice (“ECJ”) has reaffirmed its position on chain transactions in a new case (C-386/16 UAB ‘Toridas’) that deals with such types of supplies. At the same time the case is also a reminder of how important it is to understand the full extent of the supply chain you are part. Toridas... Read more » The post EU | Chain Transaction case at the European Court of Justice appeare...

Accordance
Accordance
Blog Post
  • The President of the UAE has issued Federal Law No. (8) of 2017 on Value Added Tax, which sets the foundations for the VAT system by regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA). As with Saudi Arabia, the UAE is due to introduce the... Read more » The post UAE | VAT introduction update appeared first on Accordance.

Out-Market Your Competitors?

Get complete competitive insights on over 2.2 million companies to drive your marketing strategy.

Create Free Account Log in

By signing up, you agree to the Terms of Service and Privacy Policy.

Out-Market Your Competitors

Get complete competitive insights on over 2.2 million companies to drive your marketing strategy.

Create Free Account

Already a user?  Log in

By signing up, you agree to the Terms of Service and Privacy Policy.