Waves
Nature is wonderful. While we spend most of our time dealing with VAT matters, it’s essential to take a break now and then. I highly recommend stepping outside for a short walk in a nearby park, forest, or, if possible, along a lake or beach shore.
Did you know that Peru is home to a beach with some of the most perfect waves in the world? It’s called Chicama, and it boasts the longest wave on the planet. What’s fascinating is that at Chicama, nearly all the waves break perfectly. It’s an ideal spot for surfers, but even if you’re not into surfing, it’s mesmerizing to watch.
The magic of Chicama lies in its almost perfectly formed waves, which are mostly hollow due to the lack of reefs—the seabed is primarily sand. The deserted Chicama shoreline culminates in a diamond-shaped headland, which causes the swells from the south to wrap around the tip, forming up to 50 wave lines. These waves travel farther up the coast than any others in the world. Under ideal conditions, they can continue for up to four kilometres, making them a favourite among surfers.
Because Chicama is such a special place, it’s also the first and only legally protected wave in the world. Peru’s government has implemented regulations to safeguard the surrounding coast. The protection was prompted by a proposed nearby port expansion project, leading the government to prohibit any construction within one kilometre of the wave that could alter its shape or affect the wind.
A perfect shape, protected by law—if only that could be said about me! For now, I’m just focused on doing VAT and trying to enjoy the outdoors. I find that walking or cycling not only helps clear my mind but also helps me work on my own shape. If you know of any nice spots near where you live or work, I’d love to hear about them.
Have 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
WORLD
- RTC Announces Strategic Partnership with EY
- Join Our VAT Discussion Forum on WhatsApp – Explore, Learn, and Connect!
- E-Invoicing & E-Reporting developments in the news in week 35/2024
- Taxation of Digital Economy – Latest Developments as of July 25, 2024
- Global VAT & GST on Digital Services: Complete Guide
- The 5-Corner Model of PEPPOL: An Evolution in e-Invoice Exchange
WEBINARS / EVENTS
- ecosio Webinar – Peppol for Dummies – Understanding the Basics (Sept 26)
- E-Invoicing Exchange Summit Prague (Sept 23-25)
- ecosio Webinar – E-Invoicing in France (Aug 29)
- HMRC Live Webinar: An overview of the new VAT late submission, late payment penalties and interest changes
- Sovos Recorded webinar – Stay Ahead with ViDA – Mastering VAT Changes and Recovery Insights
- Episode 6 – Tax People Aren’t Boring Podcast: Jenny Nittman & Ivo Huffer
AFRICA
CAMEROON
EGYPT
GHANA
- Enhancing Revenue: Onboarding 2,000 Taxpayers onto E-VAT Platform by Year End
- Expansion of VAT Exemptions to Pharmaceuticals for Cost Reduction in Importation
KENYA
- Finance Act, 2023 Ruled Unconstitutional by Court of Appeal Due to Legislative Procedure Violations
- Kenya Revenue Authority Announces KES 1 Billion Win in Missing Trader VAT Fraud Case
NIGERIA
SOMALIA
AMERICAS
ARGENTINA
- Argentina Abolishes VAT and Income Tax Withholding on Electronic Payments from September 2024
- DIAN clarifies conditions for demanding additional requirements in the delivery of electronic…
- Argentina implements withholding-tax exemption for electronic payments
BRAZIL
- Brazil’s Tax Reform Causes Modifications in Electronic Tax Documents
- Basic Text of Tax Reform in Brazil Approved
- Brazil Implements New VAT Rate of 26.5% in Major Tax Reform Effort
ECUADOR
- New Resolution Adds Requirements for Sales Receipts
- Ecuador Clarifies Invoice Requirement for Tax Deduction and 0% VAT Rate for Transport Services
PERU
UNITED STATES
- Sales Tax News – Week 8/30
- Oklahoma Shoppers Rejoice as State Grocery Sales Tax is Eliminated
- Meals Taxes across the Nation
- Massachusetts 2025 Tax Amnesty Program: Guidelines, Eligibility, and Exclusions Explained
- Pennsylvania Tax Ruling: Cloud Computing and Support Services for Software Deemed…
- Illinois Direct Pay Permit: Compliance Guide for Businesses in 2025 and Beyond
- Illinois Implements Destination-Based Sourcing Rules for Fair Tax Collection Starting 2025
- Wisconsin Data Center Tax Exemption: Boosting Economic Growth and High-Tech Investments
- Illinois Sales Tax Legislation: New Requirements for Direct Pay Permit Holders
- Sales Tax Treatment of Technology Items in Michigan and Wisconsin: A Comparative Analysis
- Illinois Direct Pay Permit: Compliance Guide for Current and 2025 Tax Requirements
- Navigating Home Rule Jurisdictions: Sales and Use Tax Challenges for Remote Sellers
- Sales Tax Implications of DNA Testing in Colorado and Massachusetts: A Comparative Analysis
- A guide to Sales and Use Tax in New York
- Why are there over 100,000 Sales & Use Tax rates in the US?
- How Do Import Tariffs Affect Exports?
- California expands online marketplaces’ information collection requirements
ASIA-PACIFIC
AUSTRALIA
- Guidance for Determining GST Classification of Food and Beverage Products
- Updated GST Product Classification Guidance and Resources for Informed Decision-Making
- GST Health Guidance: Resources for Determining GST on Health Products and Services
- Emerging GST Issues in Food and Beverage Products: Latest Updates and Classification Guidelines
- Determining GST-Free Supplies by Charities: Benchmark Market Values and Valuations
- Top 100 GST Assurance Program: Review, Preparation, and Findings Report
- ATO Updates Guidance on Penalties and Interest
AZERBAIJAN
- Azerbaijan’s New E-commerce VAT Regulations for Non-Residents
- Azerbaijan VAT Registration for Non-Residents Engaged in E-Commerce
CHINA
INDIA
- Enhancing Transparency: RCM Liability/ITC Statement Tool on GST Portal Simplifies Reporting
- Related-party transactions may be kept out of GST ambit
- GST Council likely to deliberate on exemption of health, life insurance on Sept 9
- GST rate rationalisation: GoM not keen on tweaking current slabs for now, seeks more data
INDONESIA
JAPAN
KAZAKHSTAN
MALAYSIA
- Streamlining Electronic Invoicing with APIs: A Guide for Businesses and Governments
- Understanding Self-Billed E-Invoice in Malaysia: A Guide for Taxpayers
- Malaysian Customs Department Updates Service Tax Policy for Logistics Services Effective March 1
- Malaysia considering reintroducing consumption tax to boost finances, instead of cutting gasoline…
NEW ZEALAND
PAKISTAN
PHILIPPINES
- Expanded VAT Exemption for Cancer, Hypertension, and Mental Illness Medications in…
- Reconsidering the Impact: Proposed Tax on Single-Use Plastic Bags in the Philippines
- Philippines Considers VAT Refund System to Boost Tourism and Shopping Industry
SINGAPORE
SRI LANKA
TAIWAN
- Guidelines for Exporting Goods Abroad for Repair or Assembly to Protect Your Rights
- Restrictions on Deducting Input Tax for Leasing Small Passenger Cars for Business Use
- Sales by Offset: Issuing Invoices for Business Tax Payment
- Failure to Stamp Official Seal on Invoices May Result in Penalties
EUROPE
EUROPE
EUROPEAN COURT OF JUSTICE
- ECJ Rules on Excise Duties for Flavoured Beer: Case C-724/23 (Excise)
- ECJ New Case C-565/24 (P-GmbH & Co. KG) – No details known yet
- Flashback on ECJ cases C-400/98 (Breitsohl) – Interpretation of VAT Directive on Deduction and Option for…
- 1033 ECJ VAT Cases are now available on www.VATupdate.com – ALPHABETICAL INDEX
- 1033 ECJ VAT Cases are now available on www.VATupdate.com
- Agenda of the ECJ VAT cases – 8 Judgments, 2 AG Opinions will be issued before September 26, 2024
EUROPEAN UNION
- Evolution of EU VAT: Transition from Triangular to Quadrangular Operations in…
- CBAM Update: Reporting Actual Emission Values During Transitional Period for EU Imports
- Transfer of Competence: ECJ to EGC for VAT, Customs, and Excise Duty Law Preliminary Rulings
- New EU Battery Regulations Effective August 18, 2024: What You Need to Know
- CBAM – new reporting requirements from 1 August 2024
- Artificial Intelligence Strategy of the Court of Justice of the European Union
ALBANIA
AUSTRIA
BELGIUM
- Proposed Tax Reform aims to consolidate two reduced VAT rates into a single rate of 9%
- Belgium Improves Form for House Rebuilding VAT Relief Access
- Belgium’s B2B E-Invoicing Mandate: Guidelines and Requirements for 2026 Compliance
- Declaration 111-5 in the context of demolition and reconstruction finally available
BULGARIA
CYPRUS
DENMARK
- Danish Ministry of Taxation proposes VAT and Payroll Tax Act amendments for 2025.
- Denmark Delays Packaging EPR Implementation, Industry Pushes for Further Extension to 2026
- Extraordinary VAT Reopening: Deadline Dispute and Ministry’s Acquittal
- Proposed changes aim to simplify and streamline the tax system, incl. changes to VAT rates, exemptions and reporting requirements
- Denmark: Tax Court Clarifies Partial VAT Deductions in Real Estate Case
FINLAND
- Finland VAT Rate Re-Classification Public Consultation for Specific Goods and Services
- Finland Implements VAT and IPT Rate Increase Effective September 1, 2024
- Finland’s Comprehensive Financial Services VAT Guidance Update
- Sanoma fined €25m for VAT evasion upheld by Supreme Administrative Court
- New Finnish VAT Guidance for Financial Services: Rules, Exemptions, and Liability Clarified
- Guidance Finnish Tax Administration on Financial services and VAT
FRANCE
- Characteristics of the new French electronic invoicing model
- France begins official registration of PDPs
GERMANY
- Transition to Zoll-Portal for Secure Communication with Customs Administration from September 1, 2024.
- BFH: State allocation not third-party consideration; no hobby in VAT law
GREECE
HUNGARY
IRELAND
- Ireland’s E-Invoicing Consultation Results: A Step Towards Modernization and Automation
- Irish Supreme Court: Subway’s Sweet Bread Not Eligible for Zero Rating
ITALY
- Italian Revenue Agency Clarifies Tax Obligations for Design Competition Prizes: VAT, Withholding, and Stamp Duty
- Italian Supreme Court Allows VAT Deductions for SPV Expenses in Leveraged Buyouts
- Italy Extends Reverse Charge and Split Payment Mechanisms to Combat VAT Fraud
- Winter sports courses with a VAT rate of 5%
- Italian Supreme Court Ruling: VAT Exemption for Free Samples with Removable Tags
- Italian Supreme Court Allows VAT Refunds for Non-Depreciable Assets with Business Link
- Understanding VAT Application for Non-Commercial Entities in Italy: Criteria, Activities, and…
- Italian tax authorities are sending compliance letters for VAT discrepancies related to 2021
MALTA
NETHERLANDS
- Hospital owes VAT due to indemnification cooperative Y
- Taxable service provided by Foundation to cooperative – Court ruling on VAT dispute.
- Cabinet to Proceed with VAT Increase for Culture, Media and Hotels Despite Protests
- VAT on insurance costs passed on to cooperatives
- Hotel industry fears millions loss due to higher VAT, impacting tourism recovery and competitiveness.
- Tax service providers are not a priority at Tax Hotline for the time being
- Dutch Cabinet sticks to VAT increase
- Freelancers want more clarity about ‘false self-employment’ rules
- Businesses experience tax system as complex
- Passing on the liability insurance premium VAT
POLAND
- Poland: KSeF FAQ Updated
- Poland’s B2B E-Invoicing Mandate: Progress, Consultations, and Proposed Modifications
- Significance of VAT obligations security in ongoing simplified restructuring proceedings – NSA ruling analysis
- Scheduled Maintenance on KSeF Production Environment – September 3, 2024, from 12:00 to 14:00
- Government Plans to Boost VAT Revenues by 50 Billion PLN Amid Concerns Over Tax Controls
- How to settle lump sum and VAT for online advertising space sales?
- City bikes – Municipalities want to deduct VAT on rental services
- 0% VAT Rate for Ship Supplies: Importance of Last Delivery in Chain
- SAF-T CIT reporting from 2025 – a new obligation for all taxpayers
- SAF-Ts Updates (JPK_CIT/JPK_KR) Final Regulation Adopted
ROMANIA
- Romania Introduces RO E-VAT Compliance Notice for Taxpayers: Key Details and Deadlines
- Romanian Tax Administration Introduces Pre-Filled VAT Forms: Pros and Cons for Businesses
- Romanian SAF-T VAT Declaration
- Proposal: Notification of RO e-VAT compliance and procedure for submitting…
RUSSIA
- How USN taxpayers will apply VAT to tax-exempt transactions in 2025
- Russian Official Gazette: Ministry of Finance Authorized to Amend Taxation Agreement with…
SERBIA
SLOVENIA
- Proper Use of Ad Hoc Numbers (EORI) for Customs Declarations: Important Guidelines and Regulations
- Foreign Producers’ Obligations in Distance Selling of Electrical Equipment: Compliance with Slovenian Environmental Regulations
SPAIN
- Implementation of Mandatory Electronic Invoicing for Businesses and Professionals: Key Aspects and Objectives
- Stamp Duty and Compatibility with REBU for Used Goods
- Milestone Reached: Approval European Commission of mandatory B2B E-Invoicing
SWEDEN
SWITZERLAND
- Switzerland’s VAT Reform: Key Changes Effective 2025 Approved by Federal Council
- Switzerland’s VAT Act Amendments: Digital Platform Rules and Service Exemptions Update for 2025
- Federal Administrative Court Clarifies VAT Law on Participation in Business Activities
- Swiss Federal Council Approves Changes to VAT Ordinance for New Digital Platform Requirements,…
TURKEY
UKRAINE
- VAT on Imported Goods into Ukraine: Inclusion in Tax Credit for Free Goods Received
- Basis for Applying 7% VAT Rate on Imported Medicines: MOH Order on Access Program
- Consequences of Changing VAT Payer’s Name: Requirements for Filing Tax Returns and Reports
- Submission Rules for Confirmation Documents to Form No. 1-VAT
UNITED KINGDOM
- Navigating VAT Registration: Implications of Business Splitting for HMRC Compliance
- Updated Guidance for Museums and Galleries: VAT Refund Scheme for Free Admission Eligibility
- HMRC Annual Report 2023-2024: Tax Revenues, Anti-Fraud Measures, Customer Satisfaction, and Debt Reduction
- Bank of England Reduces Interest Rates to 5%: Updated HMRC Rates Effective August 2024
- Recognizing and Avoiding Carousel Fraud: A Guide for Businesses and Individuals
- Understanding VAT Loans: A Short-Term Financing Option for Business Cashflow Management
- Tax Point of Telecommunications: The Lycamobile Case – Latest Court Ruling
- VAT Appeals Updates: Recent Decisions and Future Hearings as of August 30, 2024
- VAT exemption for fund management services to certain investment funds: CCLA case analysis.
- VAT implications of mobile phone allowances: Lycamobile case highlights point of sale vs. point of use.
- Dispute over VAT zero-rating for hair augmentation services for women with significant hair loss
- VAT for Schools: Start Date Confirmation and Draft Legislation for 2025 Term Fees
- New Guidance on Reporting Northern Ireland to EU B2C Sales Using the OSS
- Prepare for the UK CBAM now
- The Prudential Assurance Company Ltd – Supreme Court grants taxpayer permission to appeal – performance fees – time of supply
- Go City Ltd (Formerly The Leisure Pass Group Ltd) – FTT – VAT treatment of passes
- HMRC Collection – VAT One Stop Shop scheme
- HMRC Guidance – Register to report and pay VAT on distance sales of goods from Northern Ireland to…
- HMRC Guidance – Charging VAT on goods dispatched from Northern Ireland to the EU
- HMRC Guidance – Investment gold coins (VAT Notice 701/21A)
- HMRC Guidance – Fulfilment House Due Diligence Scheme registered businesses list
MIDDLE EAST
ISRAEL
- The Israel Tax Authority (ITA): New e-Invoicing Technical Specifications
- Israel’s Tax Authority (ITA) released Technical Specifications 2.0
KUWAIT
OMAN
SAUDI ARABIA
- ZATCA announces proposed VAT Implementation Regulations amendments
- ZATCA Announces Fourteenth Wave of E-invoicing Integration for Saudi Taxpayers
