NEWS

Vietnam has officially postponed their clearance model-based e-invoicing from 1st November 2020 to 1st July 2022, which means that taxpayers will still have to stay in the transitional period. During this period, using both paper invoices and the new (or current) invoicing rules applies. 

However, the General Department of Taxation (GDT) strongly advises taxpayers to switch to e-invoicing either way before the deadline. For this reason, fiscal regulations have been released, mostly related to the governing technology and infrastructure-related details. 

The Government of Serbia has adopted the draft law on Fiscalization, which says that at the moment of retail trade, every receipt must be fiscalized. Also, the data on issued receipts is to be transferred to the Tax Authority’s server via an Internet connection in real–time. 

The Association of the Entrepreneurs and Businessmen Protector of Serbia expressed its concerns that the taxpayer of fiscalization is a term defined too broadly, more precisely, as anyone who pays taxes on income from self-employment, and that fiscalization will include flat-rate taxpayers.  

The VAT lottery was introduced to the public of Malta 20 years ago as an incentive for the customers to always ask for a receipt. It was also 20 years ago that Malta introduced the idea of Value Added Tax to its public for the first time as well.  

On the 1st of January of 2021, Montenegro will fully embrace its new fiscal system. Because the system is electronic, the Ministry of Finance and the Tax Authority believe it will speed up the process of digitalization. However, it is yet to be seen whether the system can be fully implemented so fast, and, even more, whether all the taxpayer groups will be prepared on 1st January sharp.  

The Ministry of Finance of Serbia recently drafted a new law which is supposed to curb the grey economy and establish much better taxpayer monitoring. The new fiscalization system is supposed to help the Serbian Tax Authority collect taxes more efficiently by replacing 20-year-old fiscal cash registers and fiscal printers.