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VATupdate Newsletter Week 32 2021

Do you know the VAT rate in Japan? You probably don’t, I also had to look it up. Which is interesting, as we just had 3 weeks of Olympics in Japan (and the Paralympics in a few weeks), and we were only watching the sports. As real VAT enthusiasts, we should of course have been looking for the VAT profile of Japan as well…

Some highlights of this week’s newsletter:

  • Pre-filled VAT Returns: It’s coming, and probably sooner then expected. You can put some question marks as to whether this is a good development. It’s efficient for the tax authorities, sure. But what do you do when you don’t agree with the pre-filled-in figures? And where and how do the tax authorities collect the data?
  • ECJ case-law: the European Court of Justice is on vacation, but we have some interesting older cases that we highlighted. We do that regularly, also so that we continue to stay up-to-date and aware of everything that’s ‘out there’. With the enormous amount of information that we collect and provide every day, it’s sometimes easy to forget that these older cases contain a lot of interesting interpretations and conclusions, that are still relevant to our everyday situations in a business or as an advisor.
  • E-invoicing, SAF-T, E-commerce and COVID-19: just some of the keywords that pop-up in different posts from around the world. If we make a top-10 of the key searches on our website, we also see these words scoring very high. These trends of automating the reporting of transactions, the wish (need) of governments to collect VAT on the ‘new economy’, and the continuous problems for businesses to cope with Corona restrictions and measurements are obviously keeping a lot of us very busy.

We will just make sure that you can read the latest news on www.vatupdate.com. Make sure you visit our site and add it to your favourites.

By the way: the VAT rate in Japan is 10%. Look it up on our website (there’s a link in this newsletter) if you want to know more.

Stay safe!


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