Has Bangladesh finally accelerated fiscalization?

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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Verifactu expected to go “live” by July 2024

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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Slovenia: Should the fiscal lottery be renewed?

Last year (2022) was economically more stronger for Slovenia compared to the year 2021, partly because the measures against covid weakened, especially in the service sector. That is why the Government was surprised by the information that the number of digitally signed invoices in 2022 is 8.9% lower than in the previous year. This is especially pronounced in construction and service industries (restaurants, hairdressers, flower sales, etc.). Although the number of taxpayers decreased by 1.6% compared to the previous year, as the main reason for it was assigned  to the decision of the previous Government of the Republic of Slovenia in January 2021 to abolish the obligation of every customer to request and receive a fiscal invoice. In this sense, the idea of ​​re-introducing the article in VAT law is being considered, by which the buyer who the inspection find did not take over the invoice is fined with a fine of EUR 40.

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Spain cuts VAT

On December 27, 2022, the Spanish government announced a new package of inflation-relief measures which will reduce, and even remove, VAT on many essential food items. The reduced rates are going to be in place from January 1 until June 30, 2023.

The VAT cuts are introduced for the following items:

  • Basic food (such as milk, bread, fruits and vegetables, eggs, cheese, etc.) – rate is reduced from 4% to 0%
  • Oil and pasta – rate is reduced from 10% to 5%
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Finland: warning signals from the control of taxi drivers by Vero Skatt

This September, the Tax Administration of Finland (Vero Skatt) carried out an action to check compliance of taxi drivers in the context of tax obligations. The action included 850 taxpayers and the potential loss (non-recording cash payment, unaccounted revenue, undeclared pay) was uncovered in the amount of 16 million euros. This is a large amount for this sector of taxpayers and for a relatively short period and relatively small sample.

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