- EU VAT Updates: The June edition of the Global VAT Guide highlights key updates, including the EU VAT Committee’s guidance on taxing single-purpose vouchers (SPVs) for electronic and non-electronic services, providing clarity on where VAT is due for B2C and B2B transactions, and thereby enhancing compliance predictability across Member States.
- Country-Specific Developments: Several countries have introduced significant VAT changes, such as Hungary’s shift to a monthly penalty payment schedule for late tax fines, Italy’s new guarantee requirements for non-EU businesses, and Poland’s proposed increase in the VAT registration threshold to ease compliance for small enterprises starting in 2026.
- Digital Economy Adjustments: Many nations, including Portugal and Sri Lanka, are adapting their VAT regulations to better accommodate the digital economy, with Portugal changing the VAT treatment for virtual events and Sri Lanka imposing VAT on non-resident digital service providers, reflecting a global trend towards more comprehensive taxation of digital services.
Source Fintua
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