E-Commerce: European E-Commerce Market Will Be Worth €621 Billion by End Of 2019
A new report on E-Commerce in Europe has predicted that the business-to-consumer turnover in European Ecommerce will be worth 621 Billion Euros by the end of this year. This is an increase of 13.6% in comparison to the situation last year. The report indicates that most of the turnover is concentrated in Western Europe (66%), and also that Scandinavian countries in particular have played a very important role in this increase in turnover - Denmark is the highest-ranked country in Europe when it comes to the ease of doing business, and along with Sweden and Finland Denmark also features in the Top 10 Global Logistics Performance Index.
VAT: Romania to Become 9th European Country to Implement SAF-
In April, J&P reported that Poland plan to replace Polish VAT returns with an extended Standard Audit File for Tax, known as SAF-T, in 2020. The Romanian tax authority, Agenția Națională de Administrare Fiscală, has announced that Romania is going to follow in the footsteps of Poland and seven other European countries who have adopted the regime, as SAF-T VAT transactional reporting is set to be introduced in Romania by the end of 2020. The transactional data exchange regime will be mandatory for all businesses that are registered for VAT in Romania, resident or non-resident. Romania will be the ninth European country to adopt the regime.
VAT: Lithuania Introduces Optional Quarterly VAT Filing for Small Businesses
From 1 July 2019, smaller businesses in Lithuania will have the option to file VAT returns on a quarterly basis if they wish to. This option has been made available for businesses whose turnover in the previous year did not exceed €300,000. Currently in Lithuania, the VAT regulations that are followed mean that businesses file VAT returns on a monthly basis. The rule of filing returns on a monthly basis will still apply if businesses choose not to file their returns on a quarterly basis.