Accountant
Being an accountant can be a dangerous job. Here’s a joke about that.
The head of an organized crime syndicate realized his accountant had been skimming money from him for years. Unfortunately the accountant only speaks Russian. So the boss hires a Russian interpreter and busts into the accountant’s home.
He tells to the interpreter, “tell him I want to know where my money is, AND I WANT TO KNOW RIGHT NOW!!” The interpreter conveys the message in Russian and the accountant responds.
The interpreter says, “he says he don’t know what you’re talking about.”
At that point the boss takes out a gun and holds it to the accountant’s head.
“Tell him if he gives me my money, I’ll let him live. If he doesn’t, I’ll SPLATTER HIS BRAINS ON THE WALL RIGHT NOW!” Again the interpreter conveys the message.
The accountant, now scared out of his wits replies in Russian, “It’s in safe deposit box 85 at first National bank! The key is in a cigar box in my basement! All $482,000 is still there!”
The interpreter stands there quiet for a moment, then finally shrugs & says to the boss “he says you don’t have the balls.”
We wish you a great week!
If you have any comments, questions, or ideas that you want to share with us, please send us an email at [email protected] or leave a comment under the posts of this newsletter on LinkedIn.
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WORLD
- KPMG Week in Tax: 20 – 24 March 2023
- Summary of global VAT/GST/Sales Tax law developments affecting NFT sales
- SAP Datasphere Intelligent Lookup Series – Harmonize your internal datasets with external data
- How the metaverse and Web3 are creating novel tax issues
- How taxes on cryptocurrencies and digital assets will soon take shape
- Why a Tax Engine May Be the Right Solution for Your Business
- Fonoa Bulk VAT Number Check & Online Validator for EU with VIES
- Tax Compliance for Marketplaces
- How to address growing skills gap for sales tax compliance
- What needs to be included in a governance framework for mandatory E-Invoicing and real time reporting?
- What are the different steps to implement mandatory B2B E-Invoicing?
- VAT TV March 2023 news
- Spanish consumer survey: VAT reduction for food has limited effect
- Global VAT/GST developments on E-Commerce & Electronic Services since Jan 1, 2023
WEBINARS / EVENTS
- Less Grey Webinar – VIDA Part 2: E-invoicing and real-time reporting (22 March 2023)
- VAT Summit 24-26 May 2023 @ Barcelona
- Webinar Pagero – Qualified Invoicing in Japan: developments, impacts and what you need to know (March 21, 2023)
- Pagero webinar: What is the difference between e-invoicing and e-reporting? (Recording & Slide deck)
- Event: E-Invoicing Exchange Summit Americas in Miami (April 24 until 26, 2023)
- Vertex Exchange Europe 2023: Think forward, think tax – Pierluigi Collina will join us as a guest keynote speaker (May 9, Barcelona)
AFRICA
- Payment orders of tax-free car import initiative hit $307mln
- Egypt Provides VAT Guidelines for Digital Services and Other Remote Services Provided by Non-Residents
- Guidance clarifying VAT on digital services regime
- Egypt Amends its Rules on VAT for Non-Resident Suppliers in E-Commerce Transactions
- Ministry of Finance Amends Procedure for Payment of VAT on Import of Machinery and Equipment
- Guidelines on withholding of and self-accounting for VAT
- FG earns N10tn in VAT under Buhari’s Government
- ECOWAS Decries Low VAT Contribution to Tax Revenue
AMERICAS
- 5 Major Developments in Argentina
- Tax Authority Establishes New VAT Withholding Regime for Mining Sector
- New Perception VAT Regime on Sale of Food and Products for Human Consumption
- Revenue Authority Extends Reduced VAT on Residential Electricity Supply
- Effective April 1, 2023, reinstate VAT payable on diesel which is capped at 37 cents per litre for six months
- Effective April 1, 2023 reinstate VAT payable on gasoline, which is capped at 47 cents per litre for six months
- VAT holiday electric and plug-in hybrids extended to March 31, 2026
- National Court of Justice Excludes Use of Weighted Method to Determine Tax Base of Special Consumption Tax
- New form for the VAT declaration allows you to pay Sales on Credit up to 3 months after
- Tax Authority Introduces New VAT Return Allowing Extended Payment of VAT for Sales on Credit
- New binding Court Opinion on crediting of VAT on offsetting transactions
- Supreme Court: Offset of debts is not a form of payment of VAT for purposes of claiming a credit against VAT in charge
- Sales taxes on Software as a Service (SaaS)
- District of Columbia High Court Denies Resale Exemption Because Certificate Not Provided at Time of Purchase
- US South Dakota cuts sales tax to 4.2%
- Utah Tax: Peer-to-Peer Car Sharing Provisions Modified
- Texas: Taxability of Sales and Purchases by Oil Well Servicing Company
- Tennessee: Definition of “Industrial Machinery” Amended
- Is SaaS taxable in California?
- Use Tax Accrual: Manual and Automated Options to Keep You Compliant
- Recent state and local tax developments: California, Colorado, Florida, Louisiana, Montana
- Alabama has the highest local sales tax in the nation
- Illinois: City Pre-empted from Imposing Tax on Tour Boat Company
- All States: State and Local Tax Rate Changes Reported During March 13 – 17, 2023
ASIA-PACIFIC
- Landcom case: ATO yet to concede TAA review rights apply to notional GST assessments
- ATO vs Landcom: GST margin scheme applied to a supply of land
- Recent Updates in GST till 23rd March 2023
- GST and Compensation Cess Benefit Excluded from MOOWR Scheme
- Sale of small plots of land with development work is not taxable under GST
- Amendments with regards to GST in the Finance Bill, 2023 passed by Lok Sabha
- Sawant: Budget to have new schemes under GST, VAT
- Financial Year End 2023 – GST Checkpoints
- GST appellate tribunal may be headed by a former Supreme Court judge
- GST tribunal, InVITs among likely 60 changes to Finance Bill, 2023
- HSN Code Reporting in e-Invoice on IRPs Portal
- How to check GST registration status online; Know Here
- GSTN issues Advisory on HSN Code Reporting in GST e-Invoice on IRPs Portal
- GST on Hotels/ Restaurants may be increased to 12% from 5% with ITC benefit: Sources
- GSTN issued Advisory on HSN Code Reporting in e-Invoice on IRPs Portal” in GST
- GSTN enables PAN-Linked Inter-GSTIN Cash Ledger Amount Transfer through Form GST PMT-09 in Portal
- Know how taxpayers can file complaints on GST portal
- Non-Compliance of Statutory GST Requirements: Madras HC upholds Penalty
- GST: Know how taxpayers can file complaints on GST portal
- GST ITC restriction on CSR spend: Why businesses are worried about potential challenges
- Rectification of Errors Under GST
- Advisory for the taxpayer wishing to register as “One Person Company” in GST
- Proof required for claiming input VAT credit (Supreme Court decision)
- Check the authenticity of your GST bill
- GST e-Invoice System enables ‘E-Invoice voluntary enablement’ for FY 2022-23
- GST- 7 Key Activities to be carried out at the Year End 2022-23
- Check the authenticity of your GST bill
- Roof mounted AC units for passenger coaches subject to 28% GST
- CESTAT Weekly Round-Up
- No ITC to purchasing dealer in the absence of proof of genuine transactions and physical movement of…
- No restriction for GST Registration for Professionals on Residential Address
- How does E-invoicing work in Kazakhstan?
- Kazakhstan Introduces New Special Retail Tax Regime
- Kazakhstan Proposes New Export Duties
- Kazakhstan Temporarily Exempts Imported Works of Art from VAT
- Kazakhstan Introduces Retail Tax Regime
- Philippines Challenging Massive VAT Fraud Involving Fake Receipts
- A Guide on How to Fill Out an Official Receipt and Sales Invoice – Philippines
- BIR Priority Programs and Projects
- Exporters seek Exemption from 12% Tax on Purchases
- Clarification of Effects of Publishing List of Taxpayers who cannot be Located
- Top exporters urge resolution on VAT zero-rating for their purchases
- Major Export Industries Await Govt’s VAT-Zero Rating Resolution
EUROPE
- VAT cuts as Europe inflation drops to 8.5% February 2023
- EU countries agree to new agreements about Northern Ireland
- A Solution for Post-Brexit Trade?
- E-Invoicing in Italy, France, and Poland – A quick comparison
- Comments on C-482/21 (Euler Hermes) – Approach of the Czech VAT Act is…
- ECJ C-73/23 (Chaudfontaine Loisirs vs Belgium) – Preliminary questions- VAT exemption for online gaming vs. offline gaming
- ECJ Excise C-412/21 (Dual Prod) – A tax warehouse for products subject to excise duty cannot be suspended, until the conclusion of criminal proceedings
- Comments on ECJ C-239/22: ECJ rules converted buildings treated as new for VAT purposes if value added
- New ECJ VAT case C-171/23 (UPCAFFE vs Croatia)
- Agenda of the ECJ VAT cases – 3 Judgments, 1 AG Opinion till April 20, 2023
- Comments on C-695/20 (Fenix International Ltd) – ECJ ruling on Fenix International Ltd case
- Comments on ECJ C-239/22: VAT-taxed supply of renovation work follows directly from European VAT…
- New ECJ Referral: BFH is re-referring Norddeutsche Gesellschaft für Diakonie mbH (C-141/20) to the ECJ
- ECJ C-68/23 (Finanzamt O) – Questions – Definition of single-purpose and multi-purpose vouchers – Tax treatment of prepaid cards or vouchers for the purchase of digital contents
- Flashback on ECJ Cases C-72/05 (Wollny) – Use of immovable property belonging to a business for private purposes…
- ECJ C-180/22 (Mensing) – AG Opinion – VAT paid on intra-EU acquisition to be included in taxable…
- ECJ C-37/23 (Giocevi) – Question – 2009 earthquake – Refund of tax at the rate of 60%
- Flashback on ECJ Cases C-89/05 (United Utilities) – Call centre services to organizer…
- Roadtrip through ECJ VAT Cases – Focus on Taxable Amount – Goods/services supplied for free, used for private purposes (art. 74 & 75)
- Roadtrip through ECJ VAT Cases – Focus on Taxable Amount – Goods/services supplied for free, used for private purposes (art. 74 & 75)
- The European Commission’s VAT in the Digital Age Reforms have Received an Initial Positive Review from the EDPS
- E-Invoicing call for evidence has been launched
- CFE Opinion Statement FC 3/2023 on VAT Groups
- EU: VAT Committee Working Paper on Treatment of NFTs
- Non-Fungible Tokens an Electronic Service for VAT – EU VAT Committee
- DAC7 information obligation for digital platforms
- Present and Future Challenges of EU VAT – Towards a digital VAT management
- VAT Expert Group – 33rd meeting on March 14, 2023 – Agenda & Presentations on ViDA
- YOUR HELP NEEDED: Please complete the short EU survey on Cross-Border VAT Disputes (Vienna…
- EESPA’s response to the ViDA proposals
- VAT in the digital age – modernising the European VAT system – Factsheet
- VAT Committee – 122nd meeting – March 20, 2023 – Agenda & Working Papers
- Upcoming E-Invoicing & E-Reporting mandates in the European Union (incl. ViDA)
- Belgium will also launch mandatory B2B e-invoicing
- New VAT measures as of 2024
- Belgian tax reform to encompass B2B e-invoicing obligations
- Belgian chamber approves permanent VAT reduction and excise reform on gas and electricity
- Draft legislation modernizing “VAT chain” passed by Chamber of Representatives
- VAT rate on electricity, gas and heat permanently reduced to 6%
- Submit your 2022 customer listing before March 31, 2023
- Belgium domestic heating VAT cut to 6% permanent
- Draft bill modernising the “VAT chain” passed by Belgian Chamber
- Belgium Steps Closer to Mandatory E-Invoicing
- Permanent reduction: 6% VAT Rate on Electricity, Natural Gas and Heating Networks
- Belgium clarifies new VAT deduction regime
- European Commission shares its view on import VAT deduction by lessees: rigid approach?
- Proposal published on introduction of new obligations for payment service providers
- Electricity company: the electricity credit paid retroactively to the customer does not affect the company’s VAT position
- The Role of Private Dematerialization Platforms (PDP) in the E-Invoicing Reform in France
- Monaco Extends Value-Added Tax Reliefs
- The role of private dematerialization platforms (PDP) in the e-invoicing reform in France
- E-Invoicing France: All You Need to Know
- Electronic invoicing: 3 implementation steps
- Monaco Extends Scope of Application of Reduced VAT Rate, Introduces Electronic Seal Procedure for E-Invoicing
- French E-Invoicing Agents – Partner Dematerlialisation Platforms (PDP’s)
- Federal Fiscal Court: VAT grouping rules in Germany
- VAT Groups in Germany: ECJ‘s Decision on Their Compliance
- Temporary reduction in the VAT rate for deliveries of gas and heat
- Insurance Premium Tax on guarantee commitments: Tax authorities provide further guidance
- 2023 Intrastat thresholds
- E-Invoicing in Germany
- Parliament considers Bill to Boost Economy through Tax Measures
- MyData Application – Problems – Suggestions
- Amendment to the multi-bill on VAT and ENFIA
- VAT return for farmers of the special status of Article 41 of the VAT Code
- Government Ignored Officials’ Calls in Extending 9% Hospitality VAT Rate
- Twitter violates EU rules by not counting VAT
- EPPO: Operation in Italy against criminal group under investigation for massive VAT fraud
- E-Invoicing: discover the benefits of automation
- Italy: EPPO to seize €149 million in investigation into VAT fraud on fuels
- Pre-filled Italian Annual VAT return – an innovative change
- E-invoices: sending beyond the deadlines can be remedied
- Italy to consolidate VAT rates
- Ruling 257: VAT rate medical devices
- The date on which the accounting report is generated drives the deadline for deduction of import VAT
- OSS cannot be used to regularize the VAT debt of previous years
- Use of the electronic seal procedure for e-invoicing purposes
- Extended scope of VAT Reduced rates for petfood, charging infrastructure electric vehicles, energy renovation
- Investigation: VAT fraud in the trade in packaging materials
- Big four influence (indirect) tax law study content
- Netherlands Food VAT Temporary Cut Proposals – Food Inflation 18%
- University conducts research into influence of companies on tax law masters program
- Dutch Parliament Approves Implementation of New Reporting Obligations for Payment Service Providers to Combat VAT Fraud
- Parking space, what is that for VAT?
- Public documents about VAT sports exemption gliding
- Court of The Hague about services relating to payment transactions
- Purchase and construction contracts and VAT: an update
- Municipality VAT entrepreneur for separate collection of packaging
- Documents released on the VAT sports exemption for gliding
- Legislative proposal for the implementation of the Payment Service Providers Directive adopted by the House of Representatives
- Court of Appeal in The Hague: VAT Compensation Fund. Interested party has not acted as a…
- Reduced VAT rate applicable to sexy dance parties
- Imposed tax return penalty nullified due to a malfunction in the Tax and Customs Administration system
- No economic activity for VAT due to insufficient connection between contribution and car club activities
- Erotic parties under a reduced VAT rate
- Is Compensation for Gas Suppliers Subject to VAT?
- DAC7 Directive – 5 Reasons Why You Should Care as Gig Worker
- Selling for free or for a nominal price does not deprive one of the right to deduct VAT
- VAT Tax Base for Real Estate Contribution – will there be a Revolutionary Change?
- Poland Likely to Extend Food Inflation VAT Rate Cuts to 1 Jan 2024
- Sale for free or for a symbolic price does not deprive VAT deduction
- Cash registers in Poland – General view on fiscalization
- Poland will likely keep Zero VAT on Food until Years End
- New SLIM 4 2024 package announced
- Report: Companies will invest in the digitization of tax reporting
- Corrections in VAT – important changes in 2023
- Delivery of residential premises without VAT and without the possibility of deducting input tax
- Draft law on KSeF already after public consultations
- New draft rules on mandatory structured e-invoices
- MOF Clarifies Tax Treatment of Bad Debt Relief on Unpaid Invoices
- How to register for VAT in Poland: A guide for foreign entrepreneurs
- Updates regarding certain tax compliance and reporting obligations
- Portugal considers food VAT rate cut – food inflation 21.5%
- Considers Cutting Value-Added Tax to Ease Food Prices
- Deduction of VAT and definition of irrecoverable debt
- Slovakia B2G e-Invoicing as of April 2023
- The reduced VAT rate of 10% on selected services is here permanently
- The latest updates regarding B2B e-invoice in Spain
- Bill exempts qualifying transfers of securities from VAT and transfer tax
- Spanish consumer survey: VAT reduction for food has limited effect
- Provision to employees for compensation, VAT
- The stance “VAT – pension foundations” shall no longer be applied
- Sweden’s memorandum based on VAT in the Digital Age
- Obligations for e-service for platform operators in Sweden
- Position statement “Accounting of VAT for construction that is started under own management but…
- Turkey introduces tax amnesty – VAT increase
- VAT rate of 1% for all deliveries of prefabricated buildings and containers until 31.12.2023
- Does the importer – the owner of the goods have the right to attribute to the tax credit the amount of…
- Liquidation of personal property that was used in VAT-exempt transactions: should the software be charged?
- Does the company have the right, in the case of cancellation of the registration of the VAT payer, to submit…
- At the beginning of April, the rules for blocking PN may be changed again
- How to calculate VAT in case of payment for goods by digital currency?
- How does E-Invoicing work in Ukraine
- Transfer by the main enterprise to a separate division of the OZ: will there be VAT?
- Expanded list of risky tax payers can be provided to a VAT payer with the consent of his counterparty
- Supreme Court Finds Seller of Cumbernauld Office Block Subject to VAT Option Liable for VAT on Sale
- Of chicken and eggs… time of supply and VAT grouping rules in Prudential Assurance Company
- People Involved in Transactions Connected with VAT Fraud
- Corporate report: People involved in transactions connected with VAT fraud
- Of chicken and eggs… (Upper Tribunal – Prudential Assurance Company)
- Tariff Classification of Aerospace Components
- TOMS VAT Calculation examples – The Post-Brexit Edition
- HMRC Publishes Simplified VAT Guidance for Overseas Sellers
- Check a UK VAT Number: Service Availability and Issues
- HMRC Guidance – Packaging data: how to create your file for extended producer responsibility
- Spring Budget 2023: Customs package
- HMRC Guidance: Updates on VAT appeals
- Updated VAT obligations for direct and online marketplace sellers
- Whisky tax: A commitment was made, and it should be honoured
- FTT: The supply of a ‘driving experience’ for young drivers does not qualify for the reduced VAT rate
- Check if you can get import duty relief on goods using Temporary Admission
- Apply for authorised consignor or consignee status
- Spring Budget 2023: Key Announcements for VAT and Indirect Taxes
- Reduce VAT for Hospitality
- VAT – Making Tax Digital an Overview of the Making Tax Digital for VAT Regulations.
MIDDLE EAST
- Proposed VAT on Digital Services and Goods
- Israel VAT Foreign B2C Digital Services Jan 2024
- Israel-2023/2024 budget plan includes CTC and Pre-Clearance
- Saudi Arabia announces third wave of Phase 2 e-invoicing integration
- ZATCA sets Criteria for Selecting Taxpayers in Third Wave of E-Invoicing
- Zakat, Tax and Customs Authority (ZATCA) issues guide for Small & Medium Enterprises (SMEs)
- Saudi’s ZATCA Urges Taxpayers to Submit VAT Returns for February
- Updated VAT guide on input tax apportionment
- UAE Central Bank announces launch of ‘The Digital Dirham’ strategy
- VATGIT1: Input Tax Apportionment
- Updated VAT Guide VATGIT1 on Input Tax Apportionment.
- Doing business in the United Arab Emirates
- No tax penalties without Federal Tax Authority public Clarification – Rules the Dubai Tax Dispute Resolution Committee
- Federal Tax Authority has launched its digital innoVATion platform to encourage professional excellence and creativity
- Revised Emirates’ Reporting of E-Commerce Medium Supply
