- Czech Republic is undergoing legislative changes expected to be adopted by year-end
- Changes include a shorter period for input VAT deduction and an extended period for correcting VAT returns
- New rule mandates correction of input VAT deduction if unpaid by the end of the sixth month after due date
- Adjustments to the simplification scheme for triangular transactions will require invoices to note recipient’s VAT liability
- Estonia increased its standard VAT rate from 20% to 22% effective 1 January 2024 and plans another increase to 24% starting 1 July 2025
- Finland raised its standard VAT rate from 24% to 25.5% effective 1 September 2024
- Italy updated the list of companies required to apply the split payment scheme effective 1 January 2025
- Affected businesses must pay VAT directly to a special tax account and indicate the split payment mechanism on invoices
- Romania began issuing pre-filled tax returns to VAT-registered persons as of 1 September 2024
- Taxpayers must explain discrepancies over 20% within 20 days, with no fines imposed for non-compliance until 31 December 2024
- Introduced the RO e-Transport system on 1 July 2024 to monitor high-risk goods transport and combat fraud
- Non-resident VAT-registered persons must submit SAF-T reports from 1 January 2025
- Slovakia will raise its standard VAT rate from 20% to 23% on 1 January 2025
- A new reduced rate of 19% will be introduced for certain food products and non-alcoholic beverages
- The existing reduced VAT rate for basic foodstuffs, medicine, and other services will be lowered from 10% to 5%
Source: kmlz.de
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
