According to the Portuguese Law, in order to issue electronic invoices: “the taxable persons must assure the authenticity of the origin, the integrity of the content and the legibility of an invoice, from the point in time of issue until the end of the period for storage of the invoice, by means of any business control that creates a reliable audit trail between the invoice and the supply of goods or services.
Since most of us will fall within the category of people who purchase goods online of which some will also come from outside the EU, may I suggest that you take a few minutes and complete the questionnaire to voice your opinion how the future of e-commerce should look like.
https://ec.europa.eu/eusurvey/runner/TAXUD_E-CommerceStudy2021
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In most EU countries, a new EU SCIP register came into force on 1 January 2022, which includes products containing hazardous substances. The introduction of this register has not been properly publicized and it is worth getting acquainted with this regulation due to the high financial penalties provided for in it.
Slovenia’s National Assembly approved adoption of Article 194 of the EU VAT Directive for the VAT Act. That means that VAT compliance obligations can be shifted from foreign B2B seller to their resident customers. This simplification means VAT is not charged by the vendor, and the recipient records the transaction as a ‘reverse charge’ with no cash payment.
In June 2020, Peru’s Ministry of Tourism and Foreign Trade published the Rules of Authorized Exporter by means of the Supreme Decree No. 005-2020-MINCETUR. Under these rules, exporters could obtain an administrative license that allows them to issue their own certificates of origin (COs). Thus, exporters no longer need to submit forms before the Ministry to acquire COs, thereby saving time and reducing costs.
As of September 30, 2021, a new document known as an electronic tax bill of lading has become mandatory for all companies that transport goods (both imported and domestic) within Mexican territory. Failure to comply with this change in a timely manner will trigger customs and tax implications such as penalties, seizure of the goods, and possible tax deductibility issues.
The Canada Border Services Agency (CBSA) has released its second round of 2021 Trade Compliance Verifications, which includes the CBSA list of verification priorities (also known as the audit priorities list).
Argentina is implementing a new Foreign Exchange (FX) Control Regime. Through this regime, the Argentine Central Bank (BCRA) regulates operations that are carried out through the FX market, providing different requirements for each transaction.
The Argentine control organizations have imposed various regulations and restrictions, especially regarding operations that may result in an outflow of foreign currency from the country.
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Recent proposals in the United States to impose border adjustments on certain imports from heavy carbon emitters, while in the early stages and likely to face challenges, represent new initiatives to address climate change – the use of established trade mechanisms. These efforts have attracted the attention of countries that could be affected by such adjustments.
Taiwan Customs has implemented a real-name authentication mechanism since May 2020. Unlike other countries where third party logistics providers are able to import goods on behalf of customers, Taiwan Customs requires customers to be the formal importer of record (IOR). This means customers will need to declare their imports through an app called EZ WAY.
Under this mechanism, if a buyer fails to complete the authentication through the EZ WAY application or attach paper customs documents for real-name authentication, the importer will receive a “yellow flag” warning for the first violation.
PwC Switzerland ITX
Michaela Merz 