Former Chancellor of the Exchequer, George Osborne, announced last year the “death of the tax return”. The plan was named ´Making Tax Digital´ and it was aimed at automating all tax reporting in the UK by 2020. This would require all transactions to be recorded and reported digitally from the taxpayer ERP system. Regarding VAT, the deadline is 1 April 2019.
This month the UK tax authorities published a new timeline for this plan . Under the new deadlines, businesses with a turnover below the VAT registration threshold ( currently GBP 85,0000) will not be required to keep records...Read more
Poland will require customer VAT numbers added to Intrastat returns as from July 2017. In practice, this will increase the time required to put together your Intrastat returns because you will no longer be able to merge all transactions with same information such as commodity code, country of destination and way of transport if there is a different VAT number. Going forward, if the VAT number of the recipient is different, you will need to create a separate line in your Polish Intrastat return.
We are not informed about simplifications introduced in the Polish ECSL return, even if part of the information reported...Read more
Following our earlier announcements , the German authorities confirmed an extended deadline for Annual VAT returns. Where these filings are done directly by the taxpayer, they will be due by 31 July of the following year (instead of 31 May). Where they are submitted by a recognised tax consultant, there is an extended deadline until 28 February of the second following year (instead of 31 December).
These changes will apply as from 1 January 2018. Hence the first return that will benefit from extended deadlines is the 2018 Annual VAT return.
Germany has a unique system when it comes...Read more
Poland will introduce a voluntary split payment mechanism as from 2018. This system will only apply on domestic transactions and will not affect invoice requirements. B2C transactions will not be impacted by these changes, only business to business sales. We have not received information about the possibility of opting for this mechanism by non-established entities who are VAT registered in Poland.
Under the usual rules of VAT, the supplier issues an invoice for the net and VAT amount to the customer; the customer will pay the gross amount (net and VAT) to the supplier,...Read more
The EU Advocate General recently challenged the administrative requirements of Italian bad debt rules.
In Italy, where an invoice is unpaid but you have accounted for output VAT on this invoice as part of your VAT return, you need to wait until insolvency proceedings are concluded in order to get the money back. These proceedings take a long time, creating a significant disadvantage on the creditor who will not get interest added to this repayment.
The ECJ Advocate General recently gave his opinion about this regulation as part of Di Maura case (C-246/16) . According to the AG, the requirement for the...Read more
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Former Chancellor of the Exchequer, George Osborne, announced last year the “death of the tax return”. The plan was named ´Making Tax...
Poland will require customer VAT numbers added to Intrastat returns as from July 2017. In practice, this will increase the time required to put together...
Following our earlier announcements , the German authorities confirmed an extended deadline for Annual VAT returns. Where these filings are done directly...
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