On January 18th 2017, Czech Finance Minister Andrej Babiš held a conference where he spoke about positive results of fiscalization in the Czech Republic. In the first month of system operation (December 2016), 43000 taxpayers issued over 118 million fiscal receipts. Those receipts are generated by the first group of taxpayers. Next group of 250,000 new taxpayers in retail sector is planned to rollout in March 2017.
How to account for VAT in the circumstance when you offer a discount on condition that something happens later (for example, on condition that the customer buys more from you) or a customer fails to pay full amount based on the installment that previously agreed upon?
Read More›The world is entering a very turbulent period where economies are becoming dependent on proper fiscalization. Many countries in 2016 has started implementation processes related to changes of the existing or defining new fiscal laws and regulations, launching tenders for the procurement of necessary HW and SW for fiscal solutions and finally in some countries successful fiscalization has generated new revenues.
The upcoming year (2017) will remain very colorful, in terms of different views of what is the best fiscalization method. Many countries have already voted new legislations or are just now preparing for it. The goal is common, combatting the black economy, mostly in cash-based sectors. Following is a quick recap of events that are ongoing in some fiscal countries:
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John Yin of Everett has admitted to fraud and conspiracy charges and agreed to pay more than $3.4 million in restitution after selling software that helped restaurants hide cash sales to reduce their tax payments.
He pleaded guilty in U.S. District Court in Seattle on Friday to one count of wire fraud and one count of conspiracy to defraud the government.
Read More›Restaurateurs and hoteliers from midnight on December 1st until 09:00 have sent to the servers of Financial Administration 468,000 receipts. According to earlier estimates the first wave of fiscalization by EET affected 40,000 taxpayers.
“EET operation is running smoothly and without any problems. Response time from central system is on average far below one second, even less than a tenth of a second” said TA’s spokeswoman Petra Petlachová.
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