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Barely a week after we revealed seven VAT changes in seven days, a number of further updates have been announced by authorities in four more countries: Portugal, Ecuador, Canada and Poland. Here’s the latest details from four important announcements around the world you’ll need to
It’s been another busy week in the world of tax. If you haven’t kept up to date with all the latest changes and updates from around Europe, sit back and take a few minutes to catch up in our weekly round-up of seven headlines you
It’s just over two-and-a-half years since VAT was embraced by the early adopting countries in the Gulf Cooperation Council (GCC). To date, considering the enormity of the task, it’s fair to say significant progress has been made and three nations (Saudi Arabia, Bahrain and the
Following a slew of recent rate changes to GB VAT, the Government has today announced a further temporary rate reduction to 5% for the hospitality sector. This afternoon the UK Chancellor of the Exchequer, Rishi Sunak, has announced that there will be an additional set
It seems Amazon has come under the tax spotlight in recent years. You may recall back in October 2018 when The Guardian reported the call for ‘Amazon Tax’ from Dave Lewis, Tesco’s chief executive, who shared that he intended to prevent our high street chains
Back on 20 March the UK’s Chancellor made a statement announcing the delay on payment of VAT returns between the period of 20 March and 30 June 2020 to all VAT registered businesses. Guidance on the postponement of payments, exemptions and confirmation that the deferral
Below is an extract from the HMRC email being sent today: We understand that the impact of COVID-19 is creating extremely difficult times for all, and we are committed to helping in every way possible all those businesses facing unprecedented challenges. Therefore, we are providing
A hearing held on 3rd March 2020 considered the U.S. Supreme Court’s decision of South Dakota v. Wayfair, Inc. and how it has impacted small businesses over the past two years. The hearing was held by the U.S. House of Representatives’ Committee on Small Business, Subcommittee on
The UK Government’s department responsible for the collection of taxes, has published its preliminary estimate of the VAT Gap for 2018-2019. According to the HMRC, ‘The ‘VAT gap’ is the difference between the VAT theoretical liability, estimated using national accounts data, and actual cash receipts.’
HMRC have recently updated the domestic reverse charge procedure, specifically, the reverse charge sales list (RCSL). Some VAT-registered businesses will be required to submit updated RCSL’s by Friday 20th August 2020 or else be liable to penalties. Penalties are calculated daily for a maximum of
