Starting September 1, Poland will publish online a new database of VAT registered businesses. It is a list of VAT payers, which contains several important information about entities conducting business activity in Poland. The list will include, among others, bank account numbers of VAT taxpayers.
From 1 January 2020, four Quick Fixes will be introduced to simplify and harmonize the EU VAT rules of intra-EU supplies of goods, that will address the vital importance of VAT number check again.
Starting April 2020 the digitally linked VAT accounting data will have to be submitted to the tax authorities either periodically or on request. That data will be used to review whether the numbers of the nine VAT returns submitted are correct (tax audit (almost) real-time).
We support clients by enhancing SAP for tax. That means implementing new tax audit methods such as SAF-T and e-invoicing, but also it optimizes SAP's VAT determination logic to ensure that manual intervention is limited or avoided. Below an overview of new legal changes and introductions, that KG will support.
HMRC's 'MTD for VAT' aims to avoid 'manual entry' mistakes, and that all underlying VAT line items of the VAT return are not only digitalized but at the end readily available so HMRC can perform soon closer to real-time tax audits. We explain MTD UK in detail.
From 1 July 2018, taxpayers are as stated earlier obliged to provide immediately invoice data for domestic transactions with a minimum VAT amount of HUF 100,000 (322 EUR).
Starting January 1, 2019, in Italy a mandatory electronic invoicing obligation will be in force for the supplies of goods or services. This e-invoicing obligation - similar like Spain and Hungary - is about detecting and combating VAT fraud/tax evasion, but also to stimulate company's to get ready for the digital age.
From 1 July 2018, taxpayers are as stated earlier obliged to provide within 24 hours invoice data for domestic transactions with a minimum VAT amount of HUF 100,000 (approximately 322 EUR).
Starting January 1, 2019, in Italy a mandatory electronic invoicing obligation will be in force for the supplies of goods or services.
An API to HMRC is mandatory from 1 April 2019. HMRC will, however, introduce a soft landing period' until 1 April 2020. Taxpayers will, in the end, have to transfer data without manual intervention.
Norway has announced to introduce an on-demand mandatory Standard Audit File for Tax (‘SAF-T’) requirement for taxpayers starting from 1 January 2020.
In Portugal, in addition to the existing monthly SAF-T submission listing of all sales invoices for VAT purposes, businesses are required to provide annual accounting file in SAF-T format.
Greece intends to roll out a mandatory application of electronic invoicing and electronic bookkeeping. For companies that are involved in the public procurement, the law will be in force as of 2019.
Tax administrations use technology to improve tax audit effectiveness as combating VAT fraud is a high priority. Digitalization of tax is a trend, so more countries will follow soon.
We offer an SAP health check specifically on e-invoicing data requests such as Hungary, Italy and Spain and our method is based on the legal tax requirements defined in XML format and local VAT law.
On 1 July 2018, the Spanish SII system changes. Several technical modifications become in force.
In Portugal, in addition to the existing monthly SAF-T submission listing of all sales invoices for VAT purposes, businesses are required to provide annual accounting file in SAF-T format.
Some important updated concerning mandatory e-invoicing obligations in Italy such as soft landing and digital signatures and how invoices should be stored.
To speed up the joint processing and analysis of data within Eurofisc, the Commission is currently developing TNA software for voluntary use by the Member States as of 2018.
The Commission adopts new proposals for the most far-reaching VAT reform in the EU for a quarter of a century VAT is a major and growing source of revenue in the EU, raising over €1 trillion in 2015, corresponding to 7% of EU GDP.
In Spain a new VAT reporting system will enter into force on the 1st of July 2017.
SII (“Suministro Inmediato de Información”) in Spain is about changing the current VAT management system which has been in place for 30 years, introducing a new bookkeeping system for VAT on the AEAT online system, by providing all billing records virtually immediately.
In Spain a new VAT reporting system will enter into force on the 1st of July 2017. The new Spanish requirements will have a huge impact on many (multi)nationals that run SAP.
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