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 …


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 …


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 …


Czech Republic

Czech 10% reduced VAT rate changes

June 14th, 2018

The Czech Ministry of Finance has proposed changes to goods which will be subject to its reduced VAT rates of 10%. The current standard VAT rate is 10%. The goods proposed to be re-categorised include: Catering services Certain professional services Tobacco products Non-beer alcoholic beverages The change would be implemented on 1 January 2019.


Belgium

Belgium VAT update

June 12th, 2018

The Belgian government has proposed to parliament a number of VAT changes. These include: Free, charitable gifts of foods are to be VAT exempted The range of company types eligible for the flat rate scheme is to be limited from 2020 VAT registered businesses using the special scheme are not eligible for the reverse charge on …