From 1 April 2021, Hungary has confirmed the requirement to report invoices under their real-time e-invoice reporting regime will be extended to include all business to consumer (B2C) sales…
From 1 April 2021, Hungary has confirmed the requirement to report invoices under their real-time e-invoice reporting regime will be extended to include all business to consumer (B2C) sales.
Currently, all businesses involved in business to business (B2B) sales transactions made in Hungary have to declare their invoices to the Hungarian tax authorities at the same time as they are issued to their business customers.
In an effort to prevent VAT fraud, Sweden will introduce a domestic reverse charge on supplies of computer chips, mobile phones, games consoles, laptops, and computer tablets.
This new mechanism will be introduced from 1 January 2021 and will mean that businesses providing these types of electronic goods will no longer have to charge VAT on their supplies to other business customers. Instead, it will be the customers’ responsibility to account for the VAT in their own returns.
In September 2020, the UK tax authorities announced that businesses that deferred VAT payments, as part of the special measures introduced to combat the financial impact of coronavirus, can now opt to pay smaller payments over a longer period of time.
This special measure originally allowed businesses to defer any VAT amounts owed for the period of 20 March to 30 June 2020, to one lump sum that needed to be paid in full by 31 March 2021. However, the UK has now confirmed businesses can opt into a scheme that will allow them to make smaller interest-free payments up until the end of March 2022.
The above information was kindly provided by Fiscal Solutions (UK), www.fiscalsolutions.co.uk; contact: [email protected].