Bangladesh’s ambitious journey to modernize its VAT compliance through electronic fiscal devices (EFDs) has faced significant setbacks. Despite initial enthusiasm and substantial investment, the project has failed to achieve its intended results. An analysis of recent developments provides crucial lessons for governments undertaking projects of national interest.
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Belgium has announced the modernization of its fiscalization system, which should start in the year 2025.
Do you want to know the key aspects of this new fiscalization system? What are the challenges Fiscalization 2 will need to face?
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This year marks the 70th anniversary of the VAT – the tax which represents the highest percentage in tax revenues for governments around the world. For some countries, it can be as high as 37% to 40% of the countries’ total yearly collection earnings.
However, this tax would never have existed if, on April 10th 1954, a man in France named Maurice Lauré did not have the vision to create a tax that would not tax the turnover but the added value produced by companies. This vision has clearly been a huge success, so much so that the VAT has even been widely referred to as the “fiscal Grail”.
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Morocco, a country with a population of next to 40 million inhabitants, is slowly but steadily adopting decisive fiscalization practices, expecting to fully embrace them by 2026.
Will they be able to overcome all obstacles and delays they have had since its conception?
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Ethiopia wrote its fiscal law back in 2007, which was advanced at the time, and a year after that began the introduction of fiscal cash registers and fiscal printers. The basic component of these fiscal devices was an integrated and protected fiscal memory. Daily summaries were regularly sent to the tax administration’s server with the help of GPRS terminals.
The fiscalization process was successful and, therefore, attracted the attention of many authors who studied fiscalization and cited Ethiopia as a positive example in their works.
But for how long can a system (including fiscalization) stay effective?
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Greece, a country in the southernmost part of Europe and counting with a population of just above 10 million inhabitants has now decided to extend the use of POS terminals to all economic activities.
Greece is one of the countries with the oldest fiscalization in the world. After several decades of existence, it was determined that the system was largely neglected and outdated. Many taxpayers have significantly reduced the issuance of fiscal invoices, and some have completely stopped doing so.
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On December 6, 2023, the NBR (National Board Revenue) announced that the installation of EFD (Electronic Fiscal Device) is finally profitable. It is said that 18,000 EFDs have been installed so far and that 60,000 EFDs are expected to be installed in the current financial year.
“The businesses which used to pay Tk5,000-6,000 per month in Value Added Tax (VAT), now pay Tk50,000 monthly after installing EFD”, said NBR member Dr Moinul Khan. That’s almost 10 times more.
However, a long history of continuous failures, delays, weak response from the suppliers, and a way too long accreditation process prevented this country from achieving fiscalization earlier.
Want to know more about this story? Just keep on reading.
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The Spanish tax agency Agencia Tributaria has announced a tentative future release date for their electronic invoicing system, Verifactu. All in all, the plan is to release the system in the summer of 2024.
The implementation of the project depends on the approval of the regulations for the invoicing system by the Spanish law authorities. The system is ready to launch.
The estimated release date is expected somewhere during July 2024. The IT department of Agencia Tributaria has published a technical draft of its working methodology.
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In previous article called “fiscalization slowed“, we mentioned that there has been a slowdown in the process of fiscalisation in the Czech Republic. Groups 3 and 4 had to wait for the fiscal law to be modified in order for them to be fiscalized. New Fiscal Law’s amendment passed the parliamentary procedure on 15.09.2019.
Groups 3 and 4 starts at the same time 1.May 2020.
Taxes for some individual activities covered by groups 3 or 4 are reduced from 21% to 10% to make fiscalisation more efficient (hairdressing and barbers’ services, bicycle repair, footwear, clothing and textile repair and repair, and draft beer sales, ….).
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As announced in our previous News post (Slovakia: Virtual cash register -EKAS), in Slovakia, all fiscal cash registers must switch to online mode by the July 1. With this date, every taxpayer who did not register with the Tax Administration and took over the cash register code would be penalized. This is the biggest reform in Slovakia since introduction of the fiscal law in 1995.
By mid-June, the number of downloaded cash register codes was about 208,000, which is 85% of the expected number of fiscal devices. But as the number of taxpayers, manufacturers and services that did not prepare in time were great, a concession was made and at the last moment, an annex that moves the deadline for the end of the year came into force. Also as help, Call center advising taxpayers has extended their working hours.
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