Hungarian update: eInvoicing requirements starts 1 July 2018

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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).

How to get ready in time for SII Spain

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Any SII Spain solution should be implemented on 1 July 2017 as the first mandatory submission is already 8 days later. There are rumours that submission deadline might be delayed but that is still a big uncertainty. The decision that you have to make is whether you accept non tax compliance in the worse case. If that is not acceptable you should buy the right solution and start implementing asap to be compliant in time.

Creating XML SAF-T Structures directly in SAP ECC

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Our SAP add-on for SAF-T Poland runs over SAP ECC, is compatible with OECD standard and covers the steps of creation of necessary structures in XML format including E-submission with signature and encryption.

More attention for VAT is expected

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The Big Four auditors emphasize in their Indirect Tax Surveys the increasing risks of assessments, fines, and reputational damage, as the importance of indirect tax amounts flowing through the accounts is increasing, and the KPIs and effective monitoring missing for indirect tax.

M&A integration and indirect tax

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With indirect taxes intertwining through the day- to-day operations of a company—raising sales invoices, moving inventory, paying suppliers, collecting cash—indirect tax risk can have a distinct and domino-like effect on the commerciality of an organization. The impact can increase exponentially in the event of a merger or acquisition. But do these taxes and tax planning opportunities get the attention they need, especially in light of increasingly complicated and globalized business models?

VAT findings for benchmarking

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Benchmarking exercises against trends in the indirect tax market can be done via global surveys that capture info on tax function, attitudes and priorities. These surveys are useful as they give insight into what others are facing or have faced and how you could improve yourself.

Integrated SAP add-on solutions for SAF-T

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Besides recently Poland, SAF-T is introduced now also for Lithuania and Norway. A fully integrated solution in SAP without an external interface or use of external software is available for Lithuania, Poland and Norway. Other countries will follow.

The ways to measure VAT performance

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When high risk indirect tax areas and lowest performing VAT processes - that have a direct impact on the company's VAT objectives - have been identified, the next step is to measure the performance in term of effectiveness and efficiency of each of these processes. Measure the magnitude of that problem, determine why the problem exists, and generate a set of solutions to ensure that the problem goes away.

'Brexit' is it already time to act

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Relax, the VAT law will probably not change in the next 2 years. The UK must first give the European Council notice of its intention to withdraw and a 'Brexit' agreement has to be negotiated.

Publishing your tax strategy

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Certain businesses have to publish their tax strategy and be able to demonstrate how the tax strategy is being applied in practice. The strategy should set out the business’ attitude to tax risk, its appetite for tax planning and its approach to its relationship with HMRC. Although it applies to the UK, being consistent across jurisdictions is important as these obligations might be a global tax trend.

Add new talent and competencies

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Technical tax expertise has become more a basic skill from the adviser’s perspective. Data analytics, IT and accounting capabilities as well the soft skills of the adviser are—and will become—the key differentiator. Due to all of the technological developments, this is already part of our present and future. Technical tax advice must be implemented in systems, processes and controls.

Italian update and mandatory e-invoicing

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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 to 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. Taxpayers will be forced to get their ERP systems to send and receive in XML format e-invoicing data via the Interchange System ('SDI').