Insights on the latest developments in terms of VAT and GST across the globe
After a hopefully relaxing summer term we come back to review the latest news regarding VAT and GST. Some of the information can be found in our third edition of the WTS Global VAT Newsletter 2022 before we sum up several important changes for 2023 in the last edition of the WTS Global VAT Newsletter, which is planned for November 2022.
In Austria, a new interest rule on overdue VAT credits and liabilities came into force on 19 July 2022. Furthermore, the application of the reverse charge system to rental turnover of non-resident taxpayers has been abolished from 2022.
In France, the countdown has commenced for the spontaneous regularisation of French VAT on distance sales by foreign operators. Until 30 September 2022, the regularisation will not incur penalties.
Germany extended the deadlines for the submission of annual VAT returns for the years 2020 to 2024 and postponed the start of the interest run for these VAT assessment periods accordingly. Furthermore, the interest rate to be applied has been decreased retroactively for interest periods as of 1 January 2019. Furthermore the Federal Fiscal Court raises concerns regarding the VAT treatment of vouchers being transferred in a distribution chain.
The Kingdom of Saudi Arabia has news regarding the implementation of e-invoicing from 1 January 2023, the re-launch of the tax amnesty initiative to abolish fines and penalties and provides guidance for the VAT treatment of construction services.
The Federal Inland Revenue Service (FIRS) of Nigeria issued guidelines on simplified VAT compliance for non-resident suppliers which helps to deal with the VAT requirements of non-resident digital service suppliers.
Our experts will be happy to answer any questions you may have.