IMF Peer-to-Peer tax proposalsCategory:


IMF Peer-to-Peer tax proposals

September 3rd, 2017

The International Monetary Fund has rejected calls for a rethink of taxation principles for the digital, Peer-to-Peer (P2P) economy.  Instead, it suggests that any changes required to adapt to the burgeoning trade in the sector should come at the administrative level. P2P threatens governments’ tax base P2P transactions are the selling and buying of goods or …


How blockchain could shape tax automation

October 11th, 2016

Blockchain, the online public ledger technology that underpinned Bitcoin, has been the hot topic in business technology lately, because it has the potential to transform the way businesses manage and account for transactions – including VAT in the EU. A blockchain system records each and every transaction cryptographically; each change to the transaction creates another …


Portugal cash prizes for VAT invoices

April 12th, 2016

Portugal is to amend a controversial scheme whereby customers can win state cash prizes based on VAT invoices from their suppliers. Each invoice has a unique number, which is then used in a weekly national draw. The idea is to encourage customers to demand full VAT invoices, and so force proper VAT declarations by the …


Poland VAT threshold and turnover tax

March 26th, 2016

Poland is reviewing raising its VAT registration threshold from PLN 150,000 to PLN 200,000. The Ministry of Finance is considering the move to reduce the compliance burden on small businesses, and to refocus the efforts of tax office staff on large-scale VAT fraud. In addition, for smaller businesses, the tax authorities may look to a …


VAT pitfalls for non-EU corporations

January 7th, 2016

Non-EU businesses are regularly and unwittingly caught out when they embark on making taxable supplies in the EU, without properly preparing for the European VAT compliance issues that can arise. VAT for US companies Take, for example, a US corporation agreeing a world supply deal with a high-profile US global-brand customer. It is decided in …


Poland VAT changes

December 11th, 2015

Poland’s latest VAT Act will introduce a number of changes to the indirect tax compliance regime from 1 January 2016 or early Spring. These changes include: Joint VAT compliance liability with businesses suppliers when the monthly supplies exceed PLN 100,000 Linked to the above, the introduction of voluntary split payments on the above supplies to …


Polish VAT update

November 21st, 2015

The new Polish VAT Act proposes a wide range of Value Added Tax rule changes from 1 January 2016. These include: The introduction of split-payment procedures whereby purchasers pay the VAT element of any invoices direct to the government instead of their suppliers to help reduce the instances of VAT fraud. Such a procedure will …


Germany VAT changes

November 11th, 2015

The Germany VAT Amendment Act for 2015 has been approved by the Bundesrat, and implemented last month. Changes included: Public bodies carrying out commercial activities are deemed to be exempt from VAT below the German VAT registration threshold. This is currently €17,500. Extension of the domestic reverse charge for construction services to include operating facilities …


EU considers minor €5k VAT MOSS registration threshold

November 10th, 2015

The EU is considering imposing only a minor VAT registration threshold of €5,000 for providers of digital services to consumers across the single market. The update will be a major disappointment for the UK digital industry, which has undertaken a major lobbying campaign for a €100,000 threshold to lift small and micro digital businesses out …