VAT news tagged as "Invoices"

Portugal

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 …


Colombia

Colombia electronic invoices

December 4th, 2015

Colombia has issued new guidance on the obligations for electronic invoices. The new rules cover: Guidance on who should produce e-invoices, and registration with the register of issuers of e-invoices Electronic controls over issuance of invoices by suppliers and their acceptance by customers Rules and informational requirements for the submission of e-invoices to the Columbian …


Poland

Poland central VAT invoice register

October 29th, 2015

Poland’s new Law & Justice government is planning to introduce a centralized electronic invoice system for all taxable entities. The initiative is aimed at increasing tax revenues by eliminating the opportunities to sell goods or services without declaring the VAT element. The newly elected government has plans to raise public spending whilst shadowing the Euro …


Germany

German guidance on VAT adjustments

October 11th, 2015

Germany’s Ministry of Finance has provided guidance on the procedures for correcting when too much German VAT been paid. The new decree, based on a court ruling from the Budesfinanzhof, concerns a transaction when the incorrect tax was paid because of the use of an incorrect VAT rate. The court held that the VAT must first be returned …


Albania

Albania new VAT law guidance

February 22nd, 2015

Albania has issued fresh guidance on its new VAT law. The issues covered include: How foreign companies can recover local VAT suffered when not VAT registered Details of VAT rates and exemptions for a ranges of goods and services Invoice requirements for inclusion in the accounting records to support VAT returns Recording the movement of …


Greece

Greece introduces cash accounting for VAT

November 21st, 2014

Greece is to follow countries like Spain with a cash-based VAT option as opposed to the commonly accepted accruals-based reporting regime. The new regime came into effect on 1 October 2014, and requires eligible companies to apply ahead of the forthcoming financial year. The new Greek VAT system will only be available to smaller companies …


Italy

Italy VAT compliance changes

October 25th, 2014

A range of minor changes to the Italian VAT regime have been introduced in recent months. These changes include: The annual reporting threshold for the Italian Black List Communication, covering countries where the tax office requires additional information, has been raised to Euro 10,000 A simplification of the Intrastat filing details Removal of the requirement …


Ecuador

Ecuador imposes e-invoices

October 18th, 2014

In an attempt to reduce VAT fraud, Ecuador is imposing the obligation on tax registered businesses to switch from paper to electronic invoices. The measure came into force at the start of this month. The tax authorities have provided an online portal tool for all customers presented with e-invoices for them to check the authenticity …


Russian Federation

Russia simplifies VAT invoices

September 10th, 2014

Russian VAT registered businesses will no longer have to provider consumers with full VAT invoices from 1 October 2014. Russian VAT invoices must be provided within 5 days of the provision of the service or goods. Under the Russian tax code, the basic information on the invoice should include: Name and address of supplier and …