Our professional and specialized VAT team is always informed with the latest VAT updates and regulations from around the world. Here you will find all you need to know regarding all the latest VAT news and information.
The Saudi General Authority of Zakat and Tax announced that the 30th of November is a new deadline for filing October monthly VAT returns. Late returns are subject to penalties of between 5 percent and 25 percent of the unpaid tax amount.
The Hungarian National Assembly has considered the Bill to reduce VAT Rates on Specific Food Products that would enter into force on 1 January 2022. The Parliament considered the submitted bill entitled “amending Act CXXVII of 2007 on the General Sales Tax with the aim of reducing the general sales tax on certain basic foodstuffs.”
Ghana’s Minister for Finance and Economic Planning presented the 2022 Budget to the Parliament. Key changes relating to VAT include: extending the VAT relief to local textile manufacturers for additional two years, reviewing the existing VAT Flat rate scheme in the year 2022, implementing VAT for the gaming industry
On 3 November 2021, the Italian Revenue Agency issued ruling no. 756 explaining the VAT treatment of the transactions taking place in the post-Brexit period between an Italian permanent establishment and the parent company belonging to the English VAT group.
The Customs Safety and Security Procedures (EU Exit) (No. 2) will address failures of retained EU law to operate effectively arising from the withdrawal of the UK from the EU. It also extends the expiry date for the waiver of the customs requirement to lodge an entry summary declaration for goods coming from the EU, where a declaration was not required before Brexit. The date, previously set on January 1, 2022, is now extended to 1 July 2022.
Romania: ECJ’s decision on case C-358/20 (Promexor Trade): Involuntarily de-registered taxable persons liable for VAT but no right to deduct VAT
The Ministry of Finance of Cyprus directed the imposition of a 5% reduced VAT rate on electricity supply for vulnerable households and a 9% rate for other households.
All transactions carried out by foreign counterparties are required to submit to the Interchange Data System (“SdI”) in .XML format. Additionally, the .XML files for sales transactions carried out by non-resident taxpayers (not established in Italy) should be submitted to the SdI system within the invoicing deadlines.
The Land Registration and Estate Department of Luxembourg announced that the filing and the payment deadline for November monthly returns is Dec. 14.
Nigeria’s FIRS published Circular No.: 2021/19, the guidelines on goods and services provided by non-residents to businesses (B2B) or consumers (B2C) in Nigeria through electronic or digital means.