May 28, 2018

TaxTech May 28, 2018

As you might have noticed by the constant stream of emails you received last week, the GDPR went into effect, resulting in certain American news and shopping websites that went down for European users and some very funny GDPR notifications.  The EU states also agreed last week to make search engines, like Google and Bing, pay for showing news snippets under draft copyright rules. Facebook released their publicly searchable archive of political US ads (ads from early May 2018 and after), including disclosure who paid for them. Interesting to check out. Last week saw also some updates from the finance industry which are:

EU: Proposal for new single VAT system. The EU announced amendments to EU rules on Value Added Tax, allowing for a one-stop-shop for all business-to-business EU traders with respect to VAT. The announcement clarifies that it is the seller that would charge the VAT on a sale of goods to a customer in another EU country, at the rate of the EU Member State of destination.

EU: Removals countries from Black list. Bahamas, Saint Kitts and Nevis were removed from the EU “black list” as they have made commitments at a high political level to remedy EU concerns. Report here.

Italy: Guidelines permanent establishment. New guidelines (Annex 2 to Notice no. 114153/2018(1) were provided by the Italian Tax Police (Guardia di Finanza). The guidelines holds clarifications and recommendations to the definition of permanent establishment. Important points here.

Brexit: VAT threat. Professional bodies of Scotland and Ireland have together urged the UK and Irish governments to introduce legislation to ward off the VAT threat to importers’ cash flows after Brexit. The call is for a delay in when VAT is paid on imported goods after the UK’s withdrawal from the single European market. More here

Tax season optimized with AI. By combining the human expertise and knowledge of our tax professionals with the cutting-edge cognitive technology, our clients benefit from an enhanced experience with the latest technology to help them ensure every VAT deduction is found. Blog here.

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