VAT news tagged as "European vat"

Portugal

Portugal VAT changes

February 28th, 2016

Portugal is proposing a range of VAT changes to the VAT Law, Codigo do Imposto sober o Valor Acrecentado. Simplifications to the low-value invoice disclosure requirements.  The simplifications are available for invoices below the value of €1,000 VAT on bread will be cut to the reduced rate of 6% The VAT rate on restaurants and …


Europe

EU to cut VAT rates on digital news June 2016

May 9th, 2015

The European Commission President, Jean-Claus Juncker, has this week called for the harmonization of VAT rates on printed and online newspapers and journals. The plan is to introduce the appropriate amendments to the EU VAT Directive by June 2016. Once ratified, member states could then apply the change in their local VAT laws. Currently, most …


Italy

Italian VAT fraud domestic reverse charge on retail sector

March 12th, 2015

Italy is proposing to introduce the domestic reverse charge in the large-sized retail sector in new terms included within the 2015 budget. The government is seeking to tackle large-scale fraud being perpetrated in supply chains. Whilst such a change would help reduce growing fraud in the sector, it could seriously present a major cash-flow challenge …


Portugal

Portugal introduces VAT cash accounting

May 18th, 2013

From 1 October 2013, Portuguese small companies will be allowed to submit VAT returns on a cash-paid basis.  This will help improve their cash flow risks, and is common across much of the rest of the European Union. Businesses with a turnover below €500,000 per annum can pay their Portuguese Value Added Tax only when …