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VAT News & Updates

International VAT news every day

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.

 

 

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Latest VAT news

25/11/2021
Portugal: 2022 VAT filing and payment deadlines extensions as part of the COVID-19 measures 

– Invoices in PDF format considered as electronic invoices for tax purposes, must be accepted until 30 June 2022
– The requirement for taxpayers to communicate serial declaration is suspended during 2022
– The extended payment deadlines for the remaining months of 2021 and for 2022 are: 

COVID19
25/11/2021
Saudi Arabia: Nov. 30, the deadline for filing October monthly VAT returns

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. 

VAT Updates
25/11/2021
Hungary: Parliament to reduce VAT rates on Specific Food Products effective 1 January 2022

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.” 

VAT Updates
25/11/2021
Ghana’s Budget Statement and Economic Policy for 2022 Financial Year: What changes to expect for VAT?

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 

VAT Updates
25/11/2021
Italy: VAT treatment of post-Brexit transactions between an Italian branch and a parent company belonging to a UK VAT Group

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.  

BREXIT
24/11/2021
UK Government issues draft legislation on The Customs Safety and Security Procedures coming into force on December 31, 2021.

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.

BREXIT
24/11/2021
Romania: ECJ’s decision on Case C‑358/20: A tax authority may require taxpayers to pay the VAT due on taxable transactions, provided that the taxpayers can re-register for VAT and deduct the input VAT paid.  

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

VAT Updates
22/11/2021
Cyprus: Reduced VAT rates on electricity supply for households from November 2022.

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.

VAT Updates
22/11/2021
Italy: New rules for e-invoicing, effective Jan. 1, 2022

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.

Einvoicing
18/11/2021
Luxembourg: A deadline for VAT filing and payment of November monthly returns set at Dec. 14

The Land Registration and Estate Department of Luxembourg announced that the filing and the payment deadline for November monthly returns is Dec. 14.

VAT Updates

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