VAT News

Europe

EU ECOFIN VAT reforms update

June 22nd, 2018

On 22 June 2018, the European Union’s monthly meeting of finance ministers, ECOFIN, discussed three EU VAT reform issues: 1 Free exchange of information There was political agreement on new tools to close the €50billion VAT fraud gap. These tools facilitate the free exchange of information between member states to aid co-operation. This includes: Improvements …


Angola

Angola introduces 14% VAT Jan 2019

June 21st, 2018

Angola is to replace its existing 10% Consumption Tax regime with a 14% Value Added Tax system from 1 January 2019. Until the start of 2021, this will be mandatory for large taxpayers (turnover exceeding AOA 50 million) only and voluntary for small taxpayers. It will be compulsory for all from January 2021. It is …


Croatia

Croatia cuts VAT to 24% 2019

June 19th, 2018

Croatia’s Prime Minister, Andrej Plenkovic, has committed to reduce the standard VAT rate from 25% to 24%. The implementation date will be 1 January 2019. There is no update of the reduced rates: 13% for accommodation, food and newspapers. VAT at a rate of 5% is applicable for to selected foodstuffs, books and medical equipment. The …


Italy

Italy SdI live invoice update

June 18th, 2018

Italy has opened registrations for online addresses for the purposes of submitting live invoices. The new Italy Sistema di Interscambio (SdI) real-time reporting process becomes mandatory in July for oil companies, and goes compulsory for all companies in January 2019. Tax payers must submit B2B domestic invoices to the Italian tax authorities, which register them …


Uganda

Uganda VAT update

June 17th, 2018

The Uganda 2018/19 budget contains a range of VAT rule updates, including: VAT returns are due on 15thof the month following the reporting period end VAT exemptions have been extended to certain construction services Key taxpayers will be required to withhold VAT where their customers fail to properly VAT register. There will be a UShs 37.5 …


Colombia

Colombia VAT e-invoices Sep 2018

June 16th, 2018

From 1 September 2018, large tax payers will be required to produce electronic VAT invoices. The Colombian tax authorities, DIAN, has already selected the companies that must produce e-invoices from September. Although some companies have been granted a postponement until December 2018. Key requirements include: Invoices will be XML-based on format set by DIAN Use …


Russian Federation

Russia VAT rise to 20% Jan 2019

June 15th, 2018

The Russian government has approved a VAT rise from 18% to 20% on 1 January 2019. It must next be ratified by the Russian Parliament – which is likely to be a mere formality. The hike is less than the Russian 22% VAT threatened earlier. There will be no change to the reduced VAT rate …