Search Results

Commodities and VAT - Guide on the different types of commodities, the rules and applicable VAT Law and how VAT is applied to the various types of commodities. Introduction The Trading of commodities is a major element of the worlds financial system in that many institutions and investors use such trading as a me ans of speculating to generate wealth or hedge against adverse price movements in other investments they hold. Commodities can be traded by Banks, Commodity Houses, Brokerages etc. Commodities are often traded locally in individual countries or on exchanges in terminal markets located in major Financial Centres in the US, Asia and Europe. In the UK, there are a number Terminal Markets which are governed by the Terminal Markets Order (1973): London Bullion Market Association London Metals Exchange London Platinum and Palladium Market International Petroleum Exchange London The London Cocoa Terminal Market The London Coffee Terminal Market The London Meat Futures Market The London Potato Futures Market The London Soya Bean Meal Futures Market The London Sugar Terminal Market The London Vegetable Oil Terminal Market The London Wool Terminal Market The London Grain Futures Market The Liverpool Barley Futures Market Terminal Markets Order The Terminal Markets Order (TMO) was originally published in 1973 and its aim was to remove the administrative burden of VAT and enhance competitiveness in the UK markets by allowing certain Commodity Derivative transactions between Terminal Market members and non members to be Zero Rated. Note: The Terminal Market Order applies specifically to commodity derivatives (Futures, Options, Spots, Forwards) where the underlying asset is a physical commodity such as Grain, Oil, Investment Gold, Pork bellies, Platinum etc. The Terminal Markets Order (TMO) does not cover Financial Derivatives based on currencies, interest Rates, Shares, Bonds, indices etc. These are covered under the Banking Section. (Click on Banking Button on home page for infomation) Products That Benefit From Zero Rating Futures Contracts Commodity Futures are standardised derivatives contracts offered by and traded on commodity exchanges by Investment banks, Commodity Houses, Brokerages (as Exchange Members) and allow investors to: Speculate on the price movement of an underlying commodity such as (Wheat, Coffee, Oil, Natural Gas, Silver) Hedge against the movement of the price of a commodity. ( Mainly large companies and investors that use the future contact as a hedge against to protect their own financial instruments ) Buying or selling a Futures Contract means that the buyer and seller are obligated to buy and sell an agreed quantity of a commodity at an agreed price and take delivery of and transfer the underlying commodity respectively on the expiry date of the contract. Delivery normally occurs when instruction is given to remove the goods from the warehouse. Commodity Futures contacts can either be cash settled (most) where there is no delivery of the underlying commodity and contracts are closed out prior to expiry via the settlement of cash or non cash settled meaning that the commodity is actually delivered at expiry. So if potatoes were the underlying commodities, they would be transferred to the buyer. Commodity Futures benefit from Zero Rating where: They are traded on one of the Terminal Markets listed above Futures transactions are between members of the terminal markets (even where delivery occurs) Futures Transactions are between a member and a non member of the Terminal Market and there is no delivery of the commodity. An agent or broker (who is a market member) between a member and member or non member Note : Where delivery occurs between a member and non member of a Terminal Market, the VAT liability will be based on the underlying product. So for example if the product was Investment Gold, the transaction would be Exempt rather than Zero Rated when the Gold has been delivered. Note: Futures Contracts can also be agreed and bought off exchange (over the counter) OTC . These contracts will not attract Zero Rating (unless the commodity is delivered and specifically zero rated). Where Futures are bought OTC, the VAT liability follows the liability of the commodity being traded. Forward Contracts Commodity Forward Contracts are similar to futures contracts in that they oblige a buyer or seller to buy or sell a given amount of a commodity at a set price on a specified date. The difference between Forwards and Futures is that the contracts are non standardised and traded OTC and do not attract Zero Rating unless the commodity being traded is zero rated. Similar to Futures traded OTC, the VAT liability will follow the liability of the underlying commodity being traded. Option Contracts Option contracts provide the right to either buy or sell an underlying commodity at an agreed price (strike price) on a given date. There is no obligation to buy or sell the underlying commodity and the holder can simply let the option: Expire Close out the option (buy or sell before expiry) Exercise the option and sell or purchase the underlying commodity Regardless of whether an option holder chooses any of the above options, they will have to pay a premium for the right to buy the option. The grant of an option contract is a Zero Rated supply if they are traded on any of the above earlier mentioned Terminal Markets irrespective of whether the transaction is between two market members or a market member and a non market member. The option contract will also remain Zero Rated if it is exercised. However if the option is exercised there will be an additional supply of the underlying commodity. Actuals Contracts Actuals are contracts where the parties agree to the delivery of a commodity for a specific amount and price on a specific date. This can be in the future (futures) or on the spot (Spots) These contracts are Zero Rated where they are traded by two market members on a Terminal Market as listed above. Investment Gold Investment Gold is either: Gold of a purity not less than 995 thousandths that is in the form of a bar, or a wafer, of a weight accepted by the bullion markets A gold coin minted after 1800 that is: (a) of a purity of not less than 900 thousandths (b) or has been, legal tender in its country of origin (c) of a description of coin that is normally sold at a price that does not exceed 180 per cent of the open market value of the gold contained in the coin An investment gold coin as specified in Investment gold coins (VAT Notice 701/21A) . Supplies of Investment Gold between two taxable persons who are members of the London Bullion Market Association (LBMA) are Zero Rated . This includes: Futures Contracts Option Contracts Investment Gold that is not traded between members of the LBMA is covered under the VAT Exemption and the supply of Investment Gold here is exempt including for Financial Derivatives (Futures, Forwards, Swaps) excluding options. Note: Suppliers of Investment Gold can also apply to Opt to Tax and thus charge 20% Standard Rated VAT on their supply which allows them to recover VAT on their purchases. See HMRC VAT Notice 701/21: gold Voluntary Carbon Credits From 1 September 2024 VAT needs to be accounted for on certain trades of voluntary carbon credits at the standard rate. The following activities are still outside the scope of VAT: the first issue of a voluntary carbon credit by a public authority the holding of voluntary carbon credits as an investment, where there is no economic activity donations made to voluntary carbon credit projects sales of voluntary carbon credits from self-assessed projects with no independent or third-party verification Voluntary carbon credits in the scope of the Terminal Markets Order The Terminal Markets Order provides a VAT zero rate for wholesale commodity transactions made by members on specified terminal markets. From 1 September 2024, HMRC will allow the VAT relief granted under the Terminal Markets Order to apply to contracts in taxable voluntary carbon credits traded on terminal markets, within the terms of the relief. Electricity and Gas Trading Banks involved in Investment or Wholesale banking often trade in Natural Gas and Electricity via trading contracts for the purchase and supply (delivery) of wholesale gas and electricity. Such supplies are normally subject to the Domestic Reverse Charge Procedure. What this means is that the supply of Gas and Electricity will effectively be Zero Rated for the bank supplying as the liability for accounting for the Output VAT will be passed on to the customer. Only the net sales amounts will appear on their VAT return in Box 6. The opposite will be the case where the bank purchases Gas or Electricity and has to self account for VAT under the reverse charge mechanism thus effectively paying 20% VAT to HMRC and at the same time recovering 20% VAT from HMRC meaning a nil payment in Box 5 to HMRC. Note: This should not be confused with the supply of gas to businesses plus 20% VAT and the supply of domestic Gas and Electricity which is charged at the reduced rate 5% by energy companies. Emission Allowances UKETS (Replaces EU scheme) Emissions trading schemes usually work on the ‘cap and trade’ principle, where a cap is set on the total amount of certain greenhouse gases that can be emitted by sectors covered by the scheme. This limits the total amount of carbon that can be emitted and, as it decreases over time, will make a significant contribution to how we meet our Net Zero 2050 target and other legally binding carbon reduction commitments. Within this cap, participants receive free allowances and/or buy emission allowances at auction or on the secondary market which they can trade with other participants as needed. From the 1 May 2021 domestic Reverse charge VAT applies to the trading of UKETS - Emission Trading Certificates similar to Electricity and Gas Trading above. Oil Trading The supply of oil for non domestic purposes is Standard Rated including Crude oil, Kerosene, Road Fuel, White Diesel among others. Oil traded as commodity futures are covered above under futures. Fiscal Warehousing A fiscal warehouse is a regime where certain commodities in free circulation within Great Britain or between Northern Ireland and the EU can be traded VAT-free , subject to the certain conditions. Goods are in free circulation if they’re produced in the EU or, in the case of imported goods, all duties, taxes and levies due at importation have been paid. How Fiscal warehousing works Fiscal warehousing is a regime under which certain specified commodities may be placed in a notified warehouse and traded by businesses. VAT on the supplies of commodities both entering a fiscal warehouse and made whilst within the warehouse is relieved and accounted for when the commodities are removed from the regime. Goods must be in free circulation for this to happen. Eligible Commodities There are many types of commodities that can be placed in a fiscal warehouse and are eligible to be traded and transferred between fiscal warehouses in Great Britain or between Northern Ireland and the EU. Some of these are listed below (list is not exhaustive): Copper Zinc Nickel Aluminum Lead Oil Cerials Platinum Palladium Coffee (unroasted) Potatoes Eligibility Criteria The eligibility criteria is: Commodity in question should be commonly traded in large quantities on a recognised international market All commodities entered into the fiscal warehouse must be in free circulation Trading within and Removal of Goods from the Warehouse Supplies of goods which are in a fiscal warehouse are outside the scope of UK VAT. There is no requirement to account for VAT to HMRC on such transactions, nor is there any direct customs control over movements or transfers of goods whilst within the fiscal warehouse regime. When goods are removed from the regime the amount of VAT payable will correspond to either the amount which would have been due on the: Transaction that caused the goods to be entered into the warehouse Value of the last supply if they have been sold within the warehouse VAT becomes due when commodities finally leave the fiscal warehousing regime. The amount of VAT due corresponds to the amount of tax which would otherwise have been due on the final supply of goods in the warehouse, plus the amount of tax which would have been applied to any of the relieved supplies of services relating to those goods affected after that final supply. The person liable to pay the VAT on removal is the person who causes the goods to cease to be covered by the regime, if you are: VAT registered, you should account for the VAT on your VAT Return covering the period of the removal Not registered, you must complete form VAT150 Advice of removals from fiscal warehouse by persons unregistered for VAT and present it to the local EPU even when no VAT is due on removal Payment of any VAT due on removal must be made in cash or by cheque. For all removals, proof of ownership and either a stamped copy of form VAT150 or a VAT registration number is required by the warehouse keeper before the goods can be released Where goods are acquired into Northern Ireland from an EU member state and subsequently removed from warehouse without being sold within the warehouse, acquisition VAT must be accounted for in the normal way as explained in VAT Notice 725: VAT on movements of goods between Northern Ireland and the EU . When is VAT not due on Removal of Goods If you remove your goods from a fiscal warehouse in any of the following situations, VAT is not due on the removal of the goods. Removal of zero-rated goods that have not been subject to relieved supplies of services whilst warehoused Removal of your own goods (that either you produced or purchased VAT paid) which you entered to the fiscal warehouse and that have not been sold, nor have they been subject to relieved supplies of services whilst warehoused Exports where goods are exported from Great Britain outside the UK or from Northern Ireland to Great Britain and outside the EU, standard export procedures apply. Such removals must be supported by normal evidence of export. Any associated relieved supplies of services do not become taxable where goods have been exported. Dispatches to EU member states from Northern Ireland where goods are removed in the course of an intra-EU supply, normal Intrastat and intra-EU supply or acquisition rules apply for VAT-registered traders. Relieved services are not taxed on removal to an EU member state but should be reflected in the value of the supply. Temporary removals - authorisations (either general or specific) must be obtained through the approving office. Goods must be returned to the original site or another covered by the authorisation. In order to obtain authorisation, the remover must state the length of time the goods will need to be removed for and for what purpose the removal is required. Such removals must be notified to the warehouse keeper who’s responsible for ensuring that any temporary removals meet the prescribed conditions. VAT-free sampling small quantities of commodities of a negligible commercial value can be removed for this purpose under a simplified removal scheme. The amount and approximate value of the commodity to be removed must be detailed in the authorisation given by the VAT helpline. Such removals must be notified to the warehouse keeper, who’s responsible for ensuring that they meet the prescribed conditions. VAT Treatment for Services in a Fiscal Warehouse Services which may be zero-rated are supplies of allowable physical services within the fiscal warehouse which would otherwise be taxable at the standard rate, for example storage charges. Services which may not be zero-rated are brokerage, agents fees and transport between warehouses. On removal of the goods from the warehouse, any VAT relieved on each supply of services relating to those commodities made after the last sale in warehouse of such commodities must be accounted for, together with the VAT due on the relieved supply of the commodities. For example the commodity may be divided up into smaller packages by a simple operation that does not change its nature. The value of the service that is performed whilst the commodity is still relieved from VAT in the warehouse, must be added to the value of the supply when it is finally sold and removed from the warehouse. For example: Value of re-packaging service £50 Value of final supply of commodity on removal from warehouse £100 Value of total final supply £150 VAT due on total final supply £150 × 20% = £30 Where, as a result of an operation carried out on eligible commodities, the resulting commodities are no longer eligible for fiscal warehousing, they’re treated as having been removed and VAT will become due. VAT R egistration If your only business activity is the supply of goods within a fiscal warehousing regime you have no liability to register for VAT, but you may do so voluntarily if you wish under VAT Act 1994 Schedule 1(10). Your liability to register for other business activities is not affected by either the value of supplies made in a fiscal warehouse or the value of deemed supplies of relieved services accounted for by the remover of the goods. Commodities and VAT - Guide on how VAT is Applied

VAT Careers can be interesting and rewarding as it is a very specialised and Niche area. Discover the Pros and Cons of working in VAT and the different areas. Introduction Value Added Tax (VAT) is a consumption tax that is applied to a wide range of goods and services. There are a wide range of rules and regulations both of a legal and compliance nature that organisations both large and small have to adhere to. As such organisations whether large or small will require human capital to apply and comply with VAT legislation and file VAT returns to HMRC on a timely basis. Working in Practice Accountancy practices come in different shapes and sizes and range from: The small self employed owner managed Practices that provide book keeping services (VAT, Payroll, Annual Accounts, Self Assessment, CIS) to small businesses Franchised Practices such as Tax Assist or CerTax Practices with 2-10 Partners that typically provide a range of accounting, Audit and Taxation services to small and medium sized businesses Larger medium sized with 10 or more partners providing Taxation, Audit, Accounting and advisory services to medium sized entities Big 4 Accountancy Firms (Deloitte, EY, KPMG, PWC that provide services to large Private Companies, Public companies such as banks, Private Equity Houses etc and services can range from Consultancy, Technology, Audit, Taxation, Accounting and more. Typically working in practice involves providing services as listed above to external businesses for fees. Therefore normally an individual will commence their career as a junior (Graduate, School or college leaver) learning the ropes from more senior staff until eventually they receive an allocation of clients to manage. As their knowledge, experience and skills improve, juniors can typically move up the hierarchy to Manager, Senior Manager, Director, Associate Partner, Partner or their equivalent. As the fees billed are per hours worked, most accountants, tax specialists, technology specialist, Partners etc that work in Practice will be required to maintain and record their hours on time sheets to support the charging out (billing) to clients. Working in Industry Working in industry is basically the other side of the coin where Accountants and Tax Advisors will look after the internal VAT compliance, VAT Accounting and VAT legal Advisory aspects of the businesses. Basically VAT roles are usually split between VAT Compliance and VAT Advisory or a combination of both. Also roles can be focused on different internal segments or divisions within an organisation. For Example in a transport company you may have the Train Division and Bus Division or in Banking you may have an Investment Banking and Retail Banking division and as such the VAT rules and their application can be different depending on which area is being covered. Typically VAT Specialists will spend time working on the following: Preparing and or reviewing internal company VAT and other related returns for submission to HMRC M anaging VAT Risk and embedding controls Ensuring Accounts Payable processes are VAT compliant Ensuring the Process for Bad Debt Relief Recovery is sound Feeding in to Senior Accounting Officer risk meetings VAT Accounting and VAT Recovery Forecasting Managing VAT P roj ec ts Maintaining and building VAT Systems Advising M anagement on VAT, Advising client facing departments on billing VAT Advising Finance with VAT reporting Providing advice on Mergers and Acquisitions (M&A) Advising on Intervention Reviewing Contracts Advising on Sourcing and Procurement to ensure VAT efficiency Advising on Establishment & Fixed Establishment Advising on Securitisation Advising on Loan Syndication Registering and de-registering companies from VAT Creating VAT Groups Advising on Business Disposals (TOGC) Advising on international aspects of VAT Working in industry can mean working for Banks, Food Companies, Retailers, Oil Companies, Car Manufacturers, Airport Operators, Train Companies, Energy providers and basically any corporate entity that's not Practice as described above. As you can imagine from the duties and tasks typically performed above, VAT is a specialist area and requires a sound understanding and knowledge of UK VAT Law, EU VAT Law, Case Law, International VAT, compliance along with solid practical experience applying this to real life day to day transactions. The more knowledge you have and experience you gain in these areas, the more illuminated you will become in the VAT world which is actually a small specialist community. Qualifications Required The following professional qualifications are usually requested for roles within VAT. ( However the list is not exhaustive) Chartered Institute of Taxation (CTA) Association of Taxation Technicians (ATT) Associate Chartered Accountant (ACA) Institute of Chartered Accountants Association of Chartered Certified Accountants (ACCA) Association of Accounting Technicians (AAT) That said, it does not mean if you do not have one of these qualifications that you can't pursue a career in VAT. Many VAT specialist gain their experience working for HMRC before moving into Practice or Industry. List of Key Skills and Knowledge Required Regardless of Individual Professional Level Thorough understanding of UK VAT Law (VAT Act) and how it is applied to every day business transactions Sound understanding of the VAT liability of various products and services. Applicable rates of VAT Good understanding of European VAT principles VAT and its impact on M&A Transactions VAT on Sourcing and Procurement Professionalism and Ethics Good IT skills. For example experience in using Excel, WORD, Power point, SAP, Sage, Zero, Alteryx etc. Excellent Communication Skills Ability to work under pressure Being Analytical and having an eye for detail Must be collaborative Understand the importance of risk mitigation Have a continuous improvement mindset Emotionally Intelligent Understand the importance of diversity and its impact on business Good commercial awareness Ability to build and maintain key relationships Good understanding of VAT accounting and its impact on P&L Understanding of VAT Groups and Establishment Principles Understanding of how billing systems work and applied VAT coding Good knowledge of and application of reverse charge VAT and its Impact on costs and P&L Knowledge of the Error Correction Notice and Protective Claim procedure. Partial Exemption Special Methods Property and Option To Tax Construction Industry Scheme (CIS) Trainee / Analyst / Graduate - Entry Level At this level, the roles in VAT will normally be about learning and providing support to Managers / Assistant Vice Presidents and Senior Managers / Vice presidents. You will be expected to rapidly grasp the basic fundamentals of VAT while studying for one of the qualifications listed above. Some of the typical duties will include: Preparing or assisting in the preparation of VAT and other returns before further stage reviews Assisting with VAT administration, chasing responses and documenting various aspects relating to projects Investigating issues and problems and reporting on these to senior colleagues Preparing procedure notes to document processes Preparing VAT journals for review and posting Helping out with the Annual Adjustment Capital Good Scheme analysis Assisting in providing advisory support to internal business areas Manager / Assistant Vice President At the Assistant Vice President level, you are more likely to be doing a lot of the heavy lifting. Some of the typical duties will include: Preparing and or reviewing VAT returns Providing advice to clients or internal stakeholders Preparing annual adjustments Assisting Senior Managers, Vice presidents and Directors on projects Building and maintaining good relations with Finance and IT Assisting accounts payable and receivable in relation to VAT coding Capital Good Scheme preparation Option to Tax Advising on reverse charges and its application Ensuring VAT is being correctly coded or booked in systems Oversight of VAT Accounting Senior Manager / Vice President The Senior Manager / Vice president / Associate Director level brings with it significantly more ownership of processes and overall responsibility of particular business areas to ensure the accuracy of VAT and other Returns and the mitigation of risk. Also will be the first point of call for client and internal advisory support. Some of the typical duties will include: Reviewing VAT and other returns to ensure their accuracy Reviewing Annual Adjustments Annual review of Partial Exemption Special Method (PESM) Ensuring that control failures are documented, fixed and monitored Reviewing and signing off of VAT accounts Assisting accounts payable and receivable in relation to VAT coding Capital Good Scheme preparation or review Advising clients on M&A, Intervention, securitisation, Invoicing, Financing etc. PESM modelling / redraft Keeping up to date with legislation and preparing impact assessments Inter-company transactions and VAT impact Managing projects Managing junior staff Mentoring, Training and coaching Junior staff Making Tax Digital implementation and review Thorough understanding of systems Preparing reports for senior management Liaising with HMRC to resolve queries Managing internal and external audits Managing VAT reporting Director Directors typically have large VAT teams to manage on either the compliance or advisory side or can be the overall Head of VAT. At this level, most of the time will be spent overseeing the team and ensuring it is working towards the stated annual objectives. Some of the typical duties will include: Setting the VAT objectives for the organisation Reporting to the CFO or Head of Tax and keeping them updated with events Advising on VAT aspects of M&A and Intervention Advising on Global E Invoicing Implementation Requirements Advising on the set up of new branches and establishments Planning and overseeing internal / HMRC Partial Exemption Special Method Reviews Holding regular meetings with HMRC to update them on business changes, new product areas etc. Overall review and sign-off of VAT and other returns Mentoring, Training and coaching the team Having regular catch-ups with key clients Having regular catch ups with external consultants and attending industry events Overall responsibility for risk and controls and ensuring they are operating correctly Liaising with internal and external auditors to plan and coordinate timings and understand scope of audits etc. Overall responsibility for ensuring new products and services have been reviewed for VAT, documented and signed off. Overall responsibility for ensuring the digitalisation of VAT. Keeping up to date with Legislation and ensuring that changes are filtered down and implemented. Ensuring that VAT is being budgeted for on costs and all significant VAT risks are reflected in the P&L Chairing regular Team meetings Ensuring that clients are engaged and happy and dealing with any complaints promptly and robustly Ensuring that a strong risk culture is embedded in the team Dealing with staff recruitment Arranging regular training for the Team VAT Careers - Key Aspects of Pursuing a Career in VAT

Global VAT Guides. Information and guides on how VAT and GST is applied in different countries. Including VAT and GST rates, VAT rules, the VAT and GST liability of goods and services, imports and exports, plus links to local Tax Authority websites and much more. GLOBAL VAT - Country VAT Guides - How VAT Applies VATDIGITAL.COM - Explore our Global VAT Guides for information and updates on VAT and GST rules and how they are applied to locally and international transactions including to non domiciled entities. Australian - GST Austria - VAT Canada - GST / HST China - VAT Denmark - VAT Germany - VAT EU - VAT French - VAT Estonia - VAT Ireland VAT Italy - VAT Japanese Consumption Tax Show More Argentina - VAT Chile - VAT Jersey - VAT Show More VAT For Businesses - EU Explore Luxembourg - VAT Nigeria - VAT Ghana - VAT South Africa - VAT Netherlands - VAT Norway - VAT Portugal - VAT Singapore - GST Spain - VAT Israel VAT Saudi Arabia - VAT Switzerland - VAT Show More Poland VAT India - VAT Kenya VAT Show More Ecommerce - Online Traders - EU One Stop Shop Explore

The sale of a business can trigger a VAT liability or can be treated as a Transfer of a Business as a Going Concern (TOGC) (zero VAT) provided HMRC conditions are met. Introduction The sale of assets of a business by a business that is VAT registered would normally attract 20% VAT. However under HMRC rules, if you sell assets of a business as a going concern, then provided certain conditions are met, no VAT is applicable on the sale. This is known as Transferring a Business as a Going Concern (TOGC) and the following conditions must be met before the transfer can be treated as a TOGC. The assets, such as stock-in-trade, machinery, goodwill, premises, and fixtures and fittings, must be sold as part of the TOGC. The buyer must intend to use the assets in carrying on the same kind of business as the seller - this does not need to be identical to that of the seller, but the buyer must be in possession of a business rather than simply a set of assets Where the seller is a taxable person, the buyer must be a taxable person already or become one as the result of the transfer In respect of land or buildings which would be standard-rated if it were supplied, the buyer must notify HMRC that they have opted to tax the land by the relevant date, and must notify the seller that their option has not been disapplied by the same date Where only part of the business is sold it must be capable of operating separately There must not be a series of immediately consecutive transfers of the business Activities that are not consid ered a TOGC The buyer does not: (1) continue the business and absorbs the assets itself (2) intend to use the assets to continue the same kind of business as the seller The buyer is not registered for VAT or required to register as a result of the transfer There is no supply made, which could include situations such as changes in the constitution of a partnership There has been no transfer of assets so there is nothing to which the TOGC provisions can apply instances where a limited company is passed from one person to another via the transfer of shares, but the assets still belong to the limited company - there is no change in the ownership of the assets so no supplies to which the TOGC provisions could apply Where a VAT-registered farmer transfers his business as a going concern to a farmer who is certified under the Agricultural Flat Rate Scheme there can be no TOGC for VAT as the buyer is not registered or registerable for VAT Note : The sale of shares in a company is exempt from VAT as it falls under the Financial Services Exemption. Any VAT incurred on associated selling costs such as Legal, Accountancy, Consultancy etc, may be irrecoverable as a result. Note : The TOGC rules are compulsory. You cannot choose to ‘opt out’. So, it’s very important that you establish from the outset whether the business is being sold as a TOGC. Incorrect treatment could result in corrective action by HMRC which may attract a penalty and interest. For more specific details of how to treat the transfer of assets and or a business as a TOGC, please refer to HMRC's Notice on this subject in the link below. Transfer a business as a going concern (VAT Notice 700/9) -Contains public sector information licensed under the Open Government Licence v3.0. Selling a Business and VAT

Read our comprehensive guide on the VAT liability of supplying staff or labour as a service to either external counterparties or within a VAT group. Introduction The supply of staff occurs when a company provides its employees or directors to another organisation for consideration and the receiving company directs and exercises day to day control over the employee or director while working in their organisation. The key point is that the recipient company does not employ the staff provided but is responsible for their day to day direction in carrying out whatever work is required. The VAT liability for the supply of staff is as follows: Supply of staff from a UK business to a UK business = Standard Rated 20% Supply of staff from a UK business to a non UK business = Outside the scope of VAT. (Zero Rated) Supply of staff from a non UK Business to a business located in the UK( incl Isle of Man) = Reverse Charge VAT applicable at 20% Consideration for a supply = Value of what you are given in return for providing the required services and VAT must be accounted for on the full amount. Consideration will include the following (received from the recipient company and or paid to the staff member by the recipient company) and VAT should be applied to the sum total of these: Fees for staff provision Salary National Insurance Bonuses Pension contributions Paymaster Servic es Paymaster services occurs where there a number of associated companies that employ their own staff but one company has the role of paying the salaries and expenses to all the employees of each company. The recovery of the salaries and expenses by the paymaster company from the other companies is not a supply of staff and is outside the scope of VAT. Where the paymaster charges the other associated companies a fee for acting as paymaster, then this fee is subject to VAT. Supply of Directors The Supply of Directors occurs in the following circumstances and 20% VAT is applicable on any fees charged: Company A supplies a Director or Employee to serve as a Director at Company B for a Fee Company A provides a Director or Employee to serve at a number of associated Companies B, C, D and E. Accountancy Firm A supplies one of its Directors to serve as an accountant at Company B Company A invests and takes a majority stake in company B and appoints one of its Directors to the board to provide day to day specialism in running the target company for a fee Staff Employment Agencies Employment agencies can act as either principal or agent when they are involved is the provision of staff. A company that employs workers under its own contract of services and pays their salary then provides them to another company as a supply of staff = 20% VAT applicable on total charge collected from recipient company. Staff umbrella companies operate in this way. A company that acts a an agent to another company by only finding and introducing staff to that company then this is not a supply of staff but rather an introductory service = 20% VAT applicable on agency fee -Contains public sector information licensed under the Open Government Licence v3.0. Supply of Staff and VAT

VAT Guide for the Netherlands including VAT rates, VAT registrtaion, imports and exports and much more. Introduction There are 3 different rates of VAT in the Netherlands: 0% Zero Rate = Exports of Goods or Services 9% Reduced Rate = Food & Drink, Newspapers, Magazines, Agricultural Products and Services, medicines 21% Standard Rate = Applies to goods and services that do not fall under above or are not exempt. Click on the button below for more information about VAT in the Netherlands. How VAT Works in the Netherlands netherlands - Vat

Find out how VAT works in Austria VAT including VAT rules, VAT registration, imports and exports and much more. VAT - Ghana VAT - Ghana Austria-VAT Introduction There are three main rates of VAT in Austria, Standard Rate 20% , Reduced Rate 13% and Reduced Rate 10%. VAT Rates VAT Exemptions VAT Return Taxable Supplies Invoicing Reverse Charges Input VAT Deduct

Read our Guid on GST in Jersey, Including GST rates, Exemptions, goods and services that are zero rated, the requirements around GST registration and much more. Jersey-GST Goods and Services Tax (GST) The Standard Rate 5% on most goods and services in Jersey. Zero-rated goods and services GST is rated at 0% for: buying, selling or renting accommodation exports the supply of international services where the benefit is received in a country outside Jersey GST exempt goods and services The goods and services specifically exempted from GST under the law are: financial services insurance postal services medical supplies medicines on prescription supplies by charities registered child care some burial and cremation services school fees GST Other Tips - If a business adds a service charge to your bill, then it is subject to GST. If you leave a tip, it isn't. Prescriptions - No GST is charged on prescriptions if you are entitled to claim pharmaceutical benefit under the Health Insurance (Jersey) Law 1967. House sales, rent and housebuilding - You don't pay GST on house sales, transfers or leases. Loans or mortgages Loans and mortgages are exempt from GST. Hire purchase, conditional sales or credit sales are also exempt. Businesses that charge GST It should only be charged by a business which is registered for GST with Revenue Jersey. Jersey businesses with a turnover in excess of £300,000 in any 12 month period are required to register for GST and charge it to their customers, although some smaller businesses voluntarily register. Any overseas retailer, or online market, who sells goods to non-business consumers in Jersey and those goods are despatched from an overseas location to Jersey, must register and account for GST if their turnover from such sales exceeds, or is likely to exceed, £300,000 per annum. Smaller overseas retailers may also voluntarily register. For more specific information regarding Jersey VAT, please visit the Jersey Tax Authority website Goods and Services Tax (GST). Source - gov.je

Read our comprehensive guide on Tax Risk and Control Frameworks for VAT, including the interation with SAO signoff, BRR, Internal and Externaland Internal Audits, Organisational Culture and HMRC guidance. Risk and Control Framework - VAT Risks & Controls for Organisations VAT Risk & Control Framework - Key Components VAT Risk Register SAO Checklists for Function Heads Documentation of all VAT Processes Risk & Control Employee Objectives Annual Entity Risk Review / Rating Internal & External Audits Board Level / Management Review, Sign-off & Communication Periodic Review & Testing of Controls Uncertain Tax Treatments Flow Diagrams & Decision Trees Business Risk Reviews Service Level Agreements GFC's HMRC Complinance Guidelines Company Risk & Control Culture Introduction A VAT risk and control framework is a documented and structured system to identify, manage, and mitigate VAT risks to ensure accurate and compliant VAT and GST reporting to a local tax authority (HMRC in the UK). It involves establishing a VAT risk register, defining key controls, who is responsible and accountable for them, confirming controls are documented, applying a risk weighting for each risk and conducting regular reviews and testing of each control to ensure they are effective and thus preventing tax authority penalties. It is important for a risk and control framework to be a "living document" in that it is constantly reviewed and updated to ensure that an organisation continues to mitigate risks associated with Indirect Tax. VAT can be a significant cost to a business, especially those that are partially exempt (unable to recover all of their input VAT from HMRC that they incur on their costs. For example, Large multinational banks and insurance companies. Senior Accounting Officer Sign off Where an organisation has a Risk and Control Framework for VAT & GST, it will assist and enable the Senior Accounting Officer to sign off their annual declaration to HMRC confirming that the organisation: Has adequately documented its controls and processes for the following areas - Customer on-Boarding, Accounts Payable and Receivable, Inter-Company Recharging, Capital Good Scheme, Partial Exemption Methods agreed with HMRC, Internal VAT Allocation Methodologies for VAT recovery, Outsourced Services, Finance and Tax Service Centre supplied services, VAT and other Indirect Tax System change processes, Automated Processes. Front End System to SAP System Interfaced Transactions, Payments Outside of the Accounts Payable Processes, International VAT Transaction Compliance, Imports and VAT compliance, Entertainment and Company Events Compliance, Employee Expenses and VAT etc. Has carried out testing of these controls Has complied with all the necessary VAT legislation in relation to returns filed with the tax authority Has adequately trained staff with the appropriate qualifications and experience to prepare returns, advise and monitor VAT & GST risks Has filed accurate VAT and GST returns on time and paid the correct amount of tax Has appropriate VAT accounting and reconciliations procedures Has documented and reviewed all new products and services to ensure the correct VAT treatment from a systems and billing perspective Has reviewed any changes in business structure to ensure there has been correct inter-company billing Is MTD compliant Is E invoicing compliant post 2029 Uncertain Tax Treatments An organisations VAT Risk & Control Framework should include a control that ensures that any uncertain tax treatments which have a tax advantage of more than £5 million for each relevant period are identified where and organisations: Turnover is over £200 million in a financial year Balance sheet total is over £2 billion in a financial year HMRC Risk & Controls Guidance for VAT (GFC8) HMRC (UK Tax Authority)have issued guidance on the risks and controls and requirements (GFC 8) that they would expect organisations to adopt to demonstrate that their VAT processes are documented and robust to ensure accurate reporting and compliance. Its important for organisations to review this document and embed any control gaps within their processes as this will enable HMRC to have greater confidence in their risk and controls culture and processes if they conduct an audit. Business Risk Review HMRC or other global tax authorities may conduct Business Risk Reviews as part of their risk and compliance monitoring of organisations. This will involve HMRC evaluating overall Tax and VAT governance, billing and VAT reporting systems, documentation of processes, risk and control frame works to determine if risks are being effectively managed. The aim will be to provide a business with a risk rating high, medium or low and as such will determine how often they scrutinise the business in future. As such, if an organisation has robust Risk and Control Framework for VAT & GST and it is embedded within the company's culture then this will help businesses in securing a low VAT BRR rating. Internal & External Audits Having a VAT Risk and Control Framework will be a good premise for the internal and external auditors to review at the start of their audit. It will provide a greater understanding of the business, inherent risk and how they are being managed or mitigated. Without a VAT risk and control framework, auditors will have to conduct a more extensive audit to gather information that would normally be included within a risk and control framework document or pack. Board Level Approval and Embedding a Visible Risk Culture Having a VAT Risk and Control Framework Document is a good start but one has to always ask, how will the controls be implemented, tested and embedded within the culture of the organisation. Unless a company has a strong risk and control culture embedded from Board level down, having a VAT / Tax Risk and Controls Framework document may not be enough mitigate against Finance, Tax and VAT risks. As such, It is important that the TAX / VAT Risk & Controls Framework becomes part of an organisations culture by building it into employee objectives, recruitment policies, company policy and backed up by inter functional Service Level Agreements (SLA's) which can be reviewed against performance annually.

Israel VAT Guide - VAT rates, VAT on goods and services, digital services, e invoicing, reverse charges, input VAT deduction and more. Israel - VAT VAT in Israel is administered by the Israel Tax Authority which was established in 2004. Sales The standard VAT rate in Israel is 18% and is applicable and applied to most goods and services at bought and sold in Israel including the importation of goods from outside Israel and on services purchased from outside Israel where reverse charge VAT is applicable and payable by the customer. There is no VAT registration threshold in Israel and you are obliged to register as a dealer if you sell goods or provide services although you can be classified as an exempt dealer if annual turnover is lower than 120,000 NIS and you open an exempt dealer file online, via a local representative or physically visiting the local tax office with the appropriate documents. The export of Goods and Services is Zero Rate for VAT purposes. Non resident online vendors selling digital services to residents in Israel need to register for VAT locally by using a representative. The basic tax point for goods is when the goods are delivered regardless of when consideration or cash is received for the goods. To alleviate cash flow for small businesses with a turnover that does not exceed 2M NIS, they will be required to pay VAT on receipt of the proceeds of sale. (However if an invoice is issued, then the VAT on the invoice must be included in the figures reported for VAT. Purchases and VAT Recovery Input VAT (VAT incurred on purchases) and paid on imports is deductible from VAT owed on sales provided the input VAT is incurred for business purposes and is directly attributable to taxable sales. (standard and zero rated) Input VAT incurred in relation to supplies of exempt goods or services is not deductible. Input VAT incurred prior to VAT registration is deductible provided it is and can be proved that it was incurred and used for the establishment of the business. For more information on how VAT is applied and the Tax Authority rules, please see the link below to the Israel Tax Authority website. Link below for more information guide to the new VAT dealer Source ITA

UK Tax Rates: Corporation Tax, Income Tax, Inheritance Tax and VAT United Kingdom TAX Rates Corporation Tax Rates Rate 2024/25 Main Rate 25% Small Profit Rate 19% Marginal Rate 26.50% Capital Gains Tax Rates Asset 2024/25 Residential Property 25% Other Assets 19% Investment Trust 28% (Carried Interest) * Tax Free Allowance £3,000, £1,500 Unit Trusts Inheritance Tax Rates Band Taxable Income Tax Rate Tax Free Threshold £325,000 0% Taxed Above £325,000 40% Tax on Dividends Income Tax Band Tax Rate Over the Allowance Basic Rate 8.75% Higher Rate 33.75% Additional Rate 39.35% * Dividend Allowance TY 2024 /2025 = £500 VAT Rates Rate 2024/25 Standard Rate 20% Reduced Rate 5% Zero Rate 0% Income Tax Rates Band Taxable Income Tax Rate Personal Allowance upto £12,570 0% Basic Rate £12,570 - £50,270 20% Higher Rate £50,271 - £125,140 40% Additional Rate £125,140 and above 45% Personal Savings Allowance Income Tax Band Personal Savings Allowance Basic Rate £1,000 Higher Rate £500 Additional Rate £0 Stamp Duty Land Tax (SDLT) Property Value SDLT Rate 0 to £125,000 0% £125,001 to £250,000 2% £250,001 to £925,000 5% £925,001 to £1,500,000 10% £1,500,001 and above 12%

Global e invoicing guide - e invoicing explained including the different e invoicing models, UK, EU, Americas, Middle East and Asia timelines and updates. Electronic Invoicing - Guide on e invoicing, Models and its Global Implementation What is Electronic Invoicing Electronic Invoicing (e-invoicing), is the process where invoices are digitally exchanged between suppliers and buyers. An e-invoice is an invoice that has been issued, transmitted and received in a structured data format which allows for its automatic and electronic processing. Electronic invoicing in Europe for businesses and Public Administrations is governed by the EU Standard on e-invoicing with its foundations based on the EU e-invoicing directive. This model has also been adopted by other non EU countries such as Australia, Singapore, Japan etc . Many countries in Europe and around the world have already implemented or are adopting e-invoicing for Business to Government (B2G) (Public Administration) and Business to Business (B2B) invoicing as they continue to move into the digital age. Benefits of Electronic Invoicing: Eliminates the need to review paper invoices Introduces integrated electronic formats into invoicing processes Streamlines the Accounts Payable process with E2E automation for invoicing and payments Reduces risk and improves accuracy Reduces invoicing processing costs as automated Enables companies to manage their procurement and invoicing with Government Institutions more efficiently Faster processing and payment of invoices Facilitates greater Electronic Invoicing in Europe E-invoicing in the UK E invoicing as announced in the UK Autumn Budget of 2025 will be mandatory in the United Kingdom from 1 April 2029 for both B2B and B2G VAT invoicing. While e-invoices can currently be used in the UK, there are no formal standards setting out their format, content, application, or delivery. This means that there is no generally accepted model, and multiple, potentially incompatible, approaches can be in use. The exception to this is suppliers to NHS England who are required to issue e-invoices via the Pan-European Public Procurement On-Line (PEPPOL) network. Although several accountancy software providers offer e-invoicing capability in the UK, we understand that the uptake of e-invoicing is low. Why are standards important? Interoperability: They facilitate the seamless exchange and automated processing of e-invoices between businesses even if they use a different provider (like sending a text to someone on another phone network) preventing the need to use different systems for each supplier/buyer. Network effect: Interoperable systems improve business administration efficiency helping to reduce cost and administrative burdens. E-invoice standardisation reduces the work businesses need to do to onboard and maintain suppliers and buyers on their systems. With higher uptake and improved interoperability these benefits are increased. International trade: As increasing numbers of countries adopt e-invoicing models, increasing numbers of UK businesses will need to engage with international systems. Adopting a standard that supports interoperability with international trade partners could support trade and UK businesses. Current standards in the UK An example of standard setting in the UK is the NHS requirement for suppliers to use the PEPPOL standard. The PEPPOL standard is a network used globally by most EU member states, Australia, Japan and Singapore. E-invoices from suppliers in countries mandating PEPPOL and the UK’s NHS can be processed by IT systems with ease, as they share a common standard. This facilitates automated invoice processing, driving efficiencies across both international trade and domestic transactions. Other international standards PEPPOL is not the only international e-invoicing network setting standardised format. There are numerous international, and country specific standards driven by regional and national differences as well as industry specific needs. In this consultation we are not looking to identify a specific standard or standards to adopt in the UK but broader views on how standards could be used to support e-invoicing adoption and increase potential benefits. Models and approaches Voluntary / Mandated Globally, many countries have taken different approaches to e-invoicing. This includes whether to introduce a mandate. Examples of countries who currently have voluntary models of e-invoicing for Business-to-Business transactions include Singapore, New Zealand and Australia. Each of these countries has introduced standards for software providers to adhere to, to support interoperability between businesses who choose to adopt e-invoicing. Adoption levels have varied between jurisdictions, sectors and business size. Conversely, countries across Latin America, Asia and Europe and several EU member states have introduced mandates for e-invoicing. Businesses falling within a mandate are required to issue and receive e-invoices for all relevant transactions. In the UK, a business can choose whether to adopt e-invoicing systems into their business systems. Under this voluntary system we are seeing increasing number of software providers including e-invoicing as part of their accounting packages. This does carry risk as a business does not know if their supplier will provide e-invoices or their customers will accept them, creating the potential for having to run dual systems. This may reduce the potential benefit of investment. The network effect created by a mandate could maximise the potential benefits of e-invoicing. What is included in mandates varies globally. Examples for Business-to-Business and Business-to-Government transactions could include (but are not limited to): Requiring that e-invoices are issued for all Business-to-Business supplies Requiring that e-invoices are issued for all Business-to-Government supplies Requiring all businesses over a certain size to be able to receive e-invoices Requiring all businesses over a certain size to both issue and receive e-invoice E-invoicing models When considering different models of e-invoicing, a key question is whether a model has centralised or decentralised platforms. With a centralised model, e-invoices are submitted to the tax authority before being issued to the buyer. With a decentralised model, there is no central ‘hub’ through which invoices are routed, with businesses submitting their invoices through their software providers direct to their customers. Centralised models
 Centralised models have been implemented in several countries (such as Italy and Chile) and they require the government to build a centralised system and process all invoices. This model does not always improve business efficiency and is costly for tax authorities to implement, and we do not plan to explore this model in detail. Supplier creates e-invoice and submits to the Central Platform. Central Platform receives the e-invoice and takes any required actions before issuing on to the Customer. This could include standardising, retrieving data or validating and clearing. Customer receives and processes the e-invoice. Payment issued to supplier. Decentralised models In a simple decentralised e-invoicing system, a supplier’s financial system generates an invoice for the buyer. This information is passed through the invoicing network which validates key information. This information is then passed to the buyer’s financial system where it is reconciled against the purchase details and is ready to be paid. This is also sometimes known as a 4-corner model and has been implemented in Belgium and Australia. Businesses use software providers to issue and receive invoices. When Business A issues an invoice to Business B, they upload it onto their e-invoicing platform. Business B then receives it via their platform and it automatically enters their accounting software. Business B can then check the invoice and either query it or issue payment. 4-corner’ model E-invoice created by supplier Supplier’s software provider issues e-invoice Customer’s software provider receives and processes e-invoice Customer issues payment to supplier Decentralised models can be complementary to Making Tax Digital and further build on the business and tax benefits observed in the digitalisation of business records. They also provide greater flexibility to businesses to choose a platform and supplier that fits within their business needs. Real time reporting and Continuous Transaction Controls (CTC) Both centralised and decentralised models offer the opportunity for real or near real-time reporting of transactional data to the tax authority and has been implemented in a number of countries (such as Hungary and South Korea). This data transfer could potentially be automated to support and simplify businesses tax reporting processes and improve tax compliance activity. Decentralised data share model may work as follows: There are variations in how this is actioned globally: E-invoice created by supplier Supplier’s software provider issues e-invoice Customer’s software provider receives and processes e-invoice Customer issues payment to supplier E-invoice data is shared in real time, or close to real time with the tax authority. This can occur at the same time the e-invoice is issued, or shortly after. Centralised data share model may work as follows: There are variations in how this is actioned globally: Supplier creates e-invoice and issues through the Central Platform Central Platform reads the required data and issues the invoice to the Customer Customer receives and processes the e-invoice Payment issued to supplier Real-time reporting requires businesses to submit transactional data to their tax authority in real or near real-time. CTC and Decentralised CTC and Exchange (DCTCE) models contrast to the current VAT system as they allow tax authorities to better estimate VAT income, detect discrepancies, identity fraud and support businesses to get their tax right. By building in a data feed to HMRC, it could enable HMRC to take further steps to simplify tax reporting, reduce error and support businesses to get their tax right. This could include: improving accuracy of the VAT return and facilitate nudges and prompts to reduce errors more targeted compliance activity reducing the need for compliance engagement and visits to compliant businesses supporting HMRC efficiency A data feed also provides potential wider benefits for government efficiency: provides an improved understanding of the economy possibility of using data for business support schemes (for example, in emergency situations similar data has been used to develop and implement business support) The inclusion of a data feed can also be implemented later following the creation of a decentralised system without data sharing. For more in-depth understanding of the EU e Invoicing Directive and the current status of e invoicing globally for B2G (Business to Government), G2G (Government to Government), B2B (Business to Business) and B2C (Business to Consumer), please use the links below. Europe e Invoicing Country Factsheets for each Member State and other countries (europa.eu) Malaysia Tax Authority - e invoicing https://www.hasil.gov.my/en/e-invoice/ Singapore Government Agency - e invoicing https://www.imda.gov.sg/how-we-can-help/nationwide-e-invoicing-framework For more of a detailed and interesting read on global e - invoicing and mandates and challenges faced with implementation of E - Invoicing, please see links below. E-invoicing compliance simplified: Global mandates and trends (Source - Gulf News Feb 24) 2024 Guide to Global e-Invoicing Mandates Position Paper | OpenText https://www.pagero.com/uk/blog/what-is-an-e-invoice (Note these links are displayed here for information purposes only and are not intended to convey ownership or endorsement) Please see below e invoicing country snapshots for B2G / B2B / B2C including implementation timelines. Belgium - E Invoicing Belgium - B2B E Invoicing. On 1 February 2024, the Belgian parliament approved the law implementing mandatory domestic B2B e Invoicing in Belgium as from 1 January 2026. Royal Decree published on 14 July 2025 confirms that the Peppol network will be the default method for issuing these invoices. Estonia E Invoicing Estonia - will roll out B2B E- Invoicing in two phases. Phase 1 - July 2025 buyers can request e invoices from their suppliers Phase 2 - 2027 Mandatory E - Invoicing for all B2B transactions. France - E Invoicing Mandatory B2B E Invoicing - The issuance of e Invoices in France will be made mandatory in September 2026 for large companies and mid-cap companies, and in September 2027 for Small and Medium Enterprises (SMEs). From September 2026, receiving e Invoices will be mandatory for everybody. Germany - E Invoicing - Mandatory B2B 1 Jan 2025 Mandatory B2B Invoicing introduced from 1 Jan 2025 - Transitional period - Mandatory issuance of e Invoices in Germany for companies with an annual turnover exceeding 800 000, 00 EUR will occur in 2027 and the mandatory issue of e Invoice for every B2B transaction will come into effect in 2028. Greece E Invoicing Mandatory B2G e Invoicing since September 2023 Mandatory B2B e Invoicing proposed 2 February 2026 Italy - E Invoicing Mandatory E invoicing - As of January 2019, e Invoicing in Italy has been mandatory for B2B and B2C among Italian operators. . Malaysia - E - Invoicing Mandatory E - Invoicing from 1 August 2024 for larger entities then phased in stages to end of 2025. Timeline * Taxpayers with an annual turnover or revenue of more than RM100 million - 1 August 2024 * Taxpayers with an annual turnover or revenue of more than RM25 million and up to RM100 million - 1 January 2025. * Taxpayers with an annual turnover or revenue of more than RM500,000 and up to RM25 million - 1 July 2025. * Taxpayers with an annual turnover or revenue of up to RM500,000 - 1 January 2026 Nigeria E - Invoicing The Federal Inland Revenue Service (FIRS) will begin rolling out E invoicing in Nigeria using the Merchant Buyer Solution (MBS) platform from 1 August 2025. Larger taxpayers or companies with revenue of N5bn or over have been granted an extension to 1 November 2025 to onboard onto the MBS. For more information on how the MBS will operate, please visit https://einvoice.firs.gov.ng/ Norway E-Invoicing Norway Proposes Mandatory B2B E invoicing from 1 January 2028 Pakistan - E invoicing Pakistan - Federal Board of Revenue - Mandatory e invoicing for all sales tax registered businesses to be introduced in phases from September 2025. https://download1.fbr.gov.pk/SROs/2025811681810559SRO1413.pdf Poland - E Invoicing. E Invoicing B2B - Mandatory e Invoicing for all commercial transactions (B2G and B2B) e Invoicing from April 2026. Portugal E - Invoicing The European standard on e invoicing The European standard on e Invoicing is fully implemented. Electronic invoicing is mandatory for B2G relations between suppliers and public administrations. B2B e invoicing is still optional and private companies can use PDF invoices or decide whether to adopt electronic invoicing. However, as of January 1, 2026, a Qualified Electronic Signature (QES) or a Qualified Electronic Seal will be mandatory for PDF invoices in B2B and B2C transactions. So while companies can currently use PDF invoices, they will need a QES from January 1, 2026 issued to taxpayers by certified third-party provider to be considered compliant. Romania - E Invoicing Romania - B2B E Invoicing Mandatory from 1 July 2025. Singapore - E - Invoicing Mandatory E - Invoicing for new companies from 1st November 2025. E-Invoicing Journey - Singapore * 2018 - IMDA adopted Peppol as the standard for the nationwide e-invoicing initiative and became the first Peppol Authority outside of Europe. * 2019 - The network was launched with 11 Access Point providers. * 2020 - The Government public procurement was connected to Peppol, providing an additional channel for Government vendors to issue invoices to Government. * 2021 - IMDA rebranded Peppol to InvoiceNow in Singapore, drawing on the public’s familiarity with PayNow, the widely adopted e-payment system in Singapore. * 2022 - IMDA introduced additional document types – purchase order and invoice response, on the InvoiceNow network, aiming to further streamline the procure-to-pay process for businesses. * 2023 - The Government announced the plan to make InvoiceNow the default channel for public procurement in the next few years. * 2024 - IRAS announced the GST InvoiceNow Requirement, which requires GST-registered businesses to transmit invoice data to IRAS via the InvoiceNow network. The requirement will be implemented progressively, starting from November 2025. * 2025 - Progressively implementation of e invoicing starting from November 2025. Source - Singapore Gov Agency Slovakia - E invoicing Slovakia has had mandatory E - invoicing for B2G since 2022 and mandatory B2B e - Invoicing will commence from January 2027. Slovenia E - Invoicing * B2G - e invoicing has been mandatory in Slovenia since 1 January 2015. * B2B - e invoicing will be mandatory in Slovenia from 1 January 2028. South Africa - E-invoicing South Africa - E - Invoicing mandatory from 2028 with real-time reporting of transactions. Spain E Invoicing E Invoicing B2B - Businesses with total revenues of 8 million Euros or more a year will be required to comply with the mandate by July 2025 and other businesses a year later in 2026. (Now looks likely this will be delayed until 2027). UAE - E - Invoicing Mandatory E - Invoicing for all transactions from July 2026. Feb 26 Ministry of Finance Publishes E invoicing Guidelines. See Link UAE Electronic Invoicing Guidelines United Kingdom - E Invoicing Autumn Budget 2025 - UK E - Invoicing for B2B and B2G will be Mandatory from 1 April 2029. https://www.gov.uk/government/consultations/promoting-electronic-invoicing-across-uk-businesses-and-the-public-sector/outcome/promoting-electronic-invoicing-across-uk-businesses-and-the-public-sector-consultation-response#foreword