Tax: Hungary to Trial Standard Audit File for Tax (SAF-T)
The Standard Audit File for Tax (SAF-T) system was developed to give tax authorities the ability to easily access information from taxpayers and allow effective tax inspections to be carried out. It is currently being used in 9 EU countries and it is mandatory in Poland as part of the VAT return filing cycle. The Hungarian Tax Authority is now considering implementing the system in Hungary and they have spoken about launching a pilot for SAF-T. The pilot is due to trial at the start of 2020 and SAF-T will potentially launch fully into operation in 2021.
E-Commerce: Belgium Online Markets Dominated By Amazon and Foreign Businesses
The Ecommerce Foundation has carried out research into the revenue of Belgium’s major online retailers and has found that the online marketplaces with the highest turnover rates are foreign to Belgium. For example, out of the top 10 retailers with the highest turnovers, the top 3 are Amazon, Coolblue (a Dutch e-commerce giant) and in first place is Bol.com (also Dutch). In fact, Amazon have proven to be successful in Belgian e-commerce, as three of their platforms fall into the top 10 retailers with the highest turnovers - Amazon.de in 9th place, Amazon.com in 6th, and Amazon.fr in 3rd place.
E-Commerce: Artificial Intelligence Benefits eBay’s Global Trade
Professors of marketing at Olin Business School in St Louis have carried out research and found a positive correlation between the use of Artificial Intelligence and Economic Growth. Using data from eBay collected in 2014, the researchers studied trade data from before and after eBay implemented a new AI-driven translation service. The service improved translation quality by about 10%, and the research that was carried out demonstrated that this improvement increased trade between countries on eBay by 10.9%. This is evidence to support that artificial intelligence is beneficial to trade, and the researches have said that “Improved machine translation has made the eBay world significantly more connected.”