VATupdate.com Daily Newsletter: April 15, 2024

What happened on April 15

in 1912: The RMS Titanic sinks after hitting an iceberg in the North Atlantic Ocean, resulting in the loss of over 1,500 lives

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Headlines April 15, 2024

• China – Tax authorities clarify the introduction of reverse invoicing, to be implemented by April 30th
• Poland – SAF-T Public Consultation on the New Schemas Opened
• Database with VAT/GST Rates & Thresholds Across Jurisdictions by Baker McKenzie
• Introducing Standardized Global Identifiers on the DBNAlliance Network
• Germany – Import VAT – Current procedure does not allow for offsetting of import VAT against “regular” input VAT

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• VATupdate Newsletter Week 14 2024
• E-Invoicing
  • Worldwide Upcoming E-Invoicing mandates, implementations and changes – Chronological
  • Timeline of B2B E-Invoicing & E-Reporting mandates in the European Union
  • Worldwide updates on E-Invoicing/Real Time Reporting/SAF-T in March 2024
  • E-Invoicing & E-Reporting developments in the news in week 13 & 14/2024
• ECJ
  • ECJ VAT Cases decided in 2024
  • Agenda of the ECJ VAT cases – 4 Judgments, 2 AG Opinions announced till April 25, 2024
  • 1002 ECJ VAT Cases are now available on www.vatupdate.com
  • This is what happened in the ECJ (VAT) in March 2024 – Clean-up time, 2 Orders, 2 Cases Removed
• VAT Rates
  • VATupdate.com: Noteworthy VAT Updates and Rate Changes in March 2024
  • Global Upcoming VAT Rate changes – Chronological

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BANGLADESH

• World Bank: Bangladesh Can Raise Three Times More VAT if Policy and Compliance Gaps Addressed

BOSNIA AND HERZEGOVINA

• Tax Authority Urges Taxpayers in Republic of Srpska to Activate Electronic Mailboxes for Fiscalization

CANADA

• British Columbia Expands Software Definition for PST

CHINA

• Tax authorities clarify the introduction of reverse invoicing, to be implemented by April 30th

DENMARK

• Case SKM2024.215.BR – Court Ruling on VAT Deduction and Burden of Proof

ECJ

• ECJ: Bulgaria can set seven-day deadline for VAT registration after exceeding SME threshold
• ECJ: VAT Directive allows for national regulations to require timely VAT registration for small businesses to benefit from VAT exemption

EL SALVADOR

• El Salvador: Mandatory Electronic Invoicing Deadline Approaching for Businesses by July 1

EUROPEAN UNION

• EU Chief Prosecutor Urges Improved Cooperation to Combat Industrial-Scale VAT Fraud

EUROPEAN UNION/ LATVIA

• Proposed Council Implementing Decision Authorizing Latvia to Increase VAT Registration Threshold

EUROPEAN UNION/ WEBINARS / EVENTS

• Webinar European Commission – Impact of the EU eInvoicing Directive and the future of electronic invoicing (April 17)

FINLAND

• Finland Tax Agency Updates VAT Guidance for Real Estate Investment Review Procedures
• Finnish Court Ruling: VAT Treatment for Group Company Services Clarified

FRANCE

• EPPO Investigation: Four Arrested in €60 Million VAT Fraud Probe in France

GERMANY

• 2024 Annual Tax Act: VAT Exemption for Educational Services in Germany
• Import VAT – Current procedure does not allow for offsetting of import VAT against “regular” input VAT

GREECE

• Greek Ministry of Finance Announces VAT Suspension on Construction

HONDURAS

• Honduras Tax Amnesty Decree: Relief for Municipal Obligations Until June 30, 2024

INDIA

• Important judgments week of April 8, 2024
• Legal Landscape and GST Implications in India’s Booming Online Gaming Industry

ITALY

• Deadline for 2024 VAT return: consequences of late submission after April 30th

ITALY/ UNITED KINGDOM

• Reciprocal VAT Refunds Agreement Between Italy and UK Effective from January 1, 2021

JAPAN

• Japan’s 2024 Tax Reform: Changes to JCT Exemption and Platform Operator Rules

LITHUANIA

• Lithuania Tax Agency Seeks Feedback on Reduced VAT Rate for Accommodation Services Proposal

LUXEMBOURG

• EPPO Seizes Assets in Luxembourg in Alleged €60m VAT Fraud Investigation

MALAYSIA

• Exploring the Effects: How E-Invoicing Transforms Business Operations in Malaysia
• Malaysia Service Tax: Rate Hike and Expanded Scope Effective March 1, 2024

MAURITIUS

• National e-Invoicing System Implementation in Mauritius

NETHERLANDS

• No Reduced VAT Rate for Sclerotia, Not Even in Microdoses: Court Decision April 2, 2024
• Submit CBAM report 1st quarter 2024 by April 30th
• Top five key points for CESOP reporting by April 30 – Deadline approaching fast!

NEW ZEALAND

• Tax Evasion and GST Penalties: Technical Decision Summary on Suppressed Cash Sales

POLAND

• Chain transactions in VAT: What to remember when settling them?
• Delays in Sending JPK, CUK, ALK, PSP, ITP Files and Files on Demand
• SAF-T Public Consultation on the New Schemas Opened

SOUTH KOREA

• Chairman Inclusive Finance Forum calls for a temporary VAT reduction on essential goods

THAILAND

• Authorities Crack Down on Fake VAT Invoice Gangs, Causing B100m in Damage

UKRAINE

• Tax Implications of Long-Term Contracts Between Budget Organizations: VAT Considerations
• Tax Notification Decisions in VAT SEA Indicators: Impact on Calculation and Reporting Requirements
• Taxable Supply Operations for VAT Registration: Understanding the Criteria and Requirements in Ukraine

UNITED ARAB EMIRATES

• Decoding VAT: How Businesses in UAE can Strategize for VAT Efficiency

UNITED KINGDOM

• Consultation on UK Carbon Border Adjustment Mechanism: Design, Impact, and Administration Explained
• Large businesses quizzed on their plastic packaging tax returns – or lack thereof
• NI Cars and the VAT-Related Payment Scheme: One Year On
• Top 5 VAT Management Tips for Financial Services Businesses: Exemptions, Recovery, Reverse Charge, Grouping.
• VAT Notice 700/1 Updates and Enhancements

UNITED STATES

• Navigating Sales and Use Tax in Mergers and Acquisitions: A Comprehensive Guide

WEBINARS / EVENTS

• VATupdate media partner at the E-Invoicing Exchange Summit – Miami

WORLD

• Database with VAT/GST Rates & Thresholds Across Jurisdictions by Baker McKenzie
• Introducing Standardized Global Identifiers on the DBNAlliance Network
• The complexities of e-invoicing for global sellers
• VATupdate.com Daily Newsletter: April 12, 2024

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