# Duni EFF ## Pages - [Glossary of terms](https://effglobal.com/glossary-of-terms/) - [Accounting and taxes for E-commerce](https://effglobal.com/accounting-and-taxes-for-e-commerce/) - [Extended Producer Responsibility (EPR)](https://effglobal.com/extended-producer-responsibility/) - [[landing] EU Entry Package](https://effglobal.com/lp-eu-entry-package/) - [Partners](https://effglobal.com/partners/) - [Blog](https://effglobal.com/blog/) - [Pricing](https://effglobal.com/pricing/) - [Career](https://effglobal.com/about-us/career/) - [Privacy policy](https://effglobal.com/privacy-policy/) - [Contact](https://effglobal.com/contact/) - [Our team](https://effglobal.com/about-us/our-team/) - [Become a Partner](https://effglobal.com/partners/become-a-partner/) - [About us](https://effglobal.com/about-us/) - [Homepage](https://effglobal.com/) ## Posts - [Italy: Annual VAT return requirements for 2026](https://effglobal.com/blog/italy-annual-vat-return-requirements-for-2026/): Businesses registered for VAT purposes in Italy are required to submit an annual VAT return for the 2025 reporting year.... - [UK SRS and FCA Guidance Explained: What Changes for Sustainability Reporting?](https://effglobal.com/blog/uk-srs-and-fca-guidance-explained-what-changes-for-sustainability-reporting/): This month, the UK government released its long‑awaited Sustainability Reporting Standards (SRS), aligned with the International Sustainability Standards Board’s (ISSB)... - [ESG Without the Mandate: A Practical Guide for Companies Under 1,000 Employees](https://effglobal.com/blog/esg-without-the-mandate-a-practical-guide-for-companies-under-1000-employees/): In October 2025, the European Parliament rejected the proposed simplifications to the CSRD and CSDDD directives, which means their final... - [Key updates on 2026 VAT rate changes in Lithuania](https://effglobal.com/blog/key-updates-on-2026-vat-rate-changes-in-lithuania/): The Lithuanian parliament (Seimas) has approved a series of significant changes to the country’s VAT system, set to take effect... - [7% VAT rate for restaurants in Germany from 2026](https://effglobal.com/blog/7-vat-rate-for-restaurants-in-germany-from-2026/): Starting from 1 January 2026, Germany will reinstate a 7% VAT rate on restaurants and catering services, excluding the sale... - [VAT increase on unhealthy foods from 2026 in Slovakia](https://effglobal.com/blog/vat-increase-on-unhealthy-foods-from-2026-in-slovakia/): The Slovak government has announced an increase in the VAT on food products with high sugar or salt content. It... - [EPR in Germany: What you need to know when selling products abroad](https://effglobal.com/blog/epr-in-germany-what-you-need-to-know-when-selling-products-abroad/): Are you currently selling or planning to sell products to customers in Germany? Regardless of your sales model whether B2B,... - [Limiting ESG reporting – A path to climate catastrophe?](https://effglobal.com/blog/limiting-esg-reporting-a-path-to-climate-catastrophe/): In recent years, climate policy has become one of the pillars of sustainable development strategies for companies worldwide. The obligation... - [Reporting to CDP – How to prepare and when to seek support](https://effglobal.com/blog/reporting-to-cdp-how-to-prepare-and-when-to-seek-support/): Reporting to CDP may seem challenging, especially for companies just beginning their ESG journey. What once was optional is now,... - [EcoVadis - How to achieve a high score and strengthen your market advantage](https://effglobal.com/blog/ecovadis-how-to-achieve-a-high-score-and-strengthen-your-market-advantage/): EcoVadis is one of the most widely used sustainability rating platforms for companies. An increasing number of clients, especially international... - [VAT penalties and interest for irregularities in submitting VAT returns and corrections, ECSL and Intrastat](https://effglobal.com/blog/vat-penalties-and-interest-for-irregularities-in-submitting-vat-returns-and-corrections-ecsl-and-intrastat/): Timely submission of VAT, VAT-EU (ECSL) or Intrastat returns, as well as correct VAT adjustments, are essential to ensure compliance... - [Single-use plastics - How the European Union is tackling environmental pollution](https://effglobal.com/blog/single-use-plastics-how-the-european-union-is-tackling-environmental-pollution/): Single-use plastics have become an integral part of our daily routines, yet their environmental impact is severe. From the contamination... - [What is sustainability and what does it involve?](https://effglobal.com/blog/what-is-sustainability-and-what-does-it-involve/): Sustainability is a concept that appears with increasing frequency in the context of global challenges - climate change, social inequalities,... - [E-invoicing in Mexico – what you need to know as a foreign seller](https://effglobal.com/blog/e-invoicing-in-mexico-what-you-need-to-know-as-a-foreign-seller/): Mexico is becoming an increasingly attractive destination for expansion among European Union sellers. This is due in part to the... - [Greenwashing – mistakes to avoid ](https://effglobal.com/blog/greenwashing-mistakes-to-avoid/): With consumers increasingly demanding sustainability from companies, it has become very common for many companies to tout their products as... - [Romania to introduce major VAT changes from August 2025](https://effglobal.com/blog/romania-to-introduce-major-vat-changes-from-august-2025/): Starting August 1, 2025, Romania will implement a significant overhaul of its Value-Added Tax (VAT) system, impacting both domestic and... - [VAT registration in Mexico – a new service supporting global expansion](https://effglobal.com/blog/vat-registration-in-mexico-a-new-service-supporting-global-expansion/): In recent years, the e-commerce sector has witnessed a growing trend of expansion beyond the European Union, driven by the... - [UK scraps its own green Taxonomy ](https://effglobal.com/blog/uk-scraps-its-own-green-taxonomy/): On Tuesday, the United Kingdom (UK) government announced that it was abandoning its prior plans to implement its own taxonomy... - [Invoicing in 2025 – changes to VAT invoices](https://effglobal.com/blog/invoicing-in-2025-changes-to-vat-invoices/): As of January 1, 2025, new VAT invoicing rules will come into effect due to amendments to the VAT Act.... - [OSS Procedure (One Stop Shop) – what to know in 2025](https://effglobal.com/blog/oss-procedure-one-stop-shop-what-to-know-in-2025/): The OSS procedure is an EU solution that simplifies VAT settlement for companies selling goods and services across multiple EU... - [Estonian Parliament considers legislation to raise VAT and income tax rates starting in 2026](https://effglobal.com/blog/estonian-parliament-considers-legislation-to-raise-vat-and-income-tax-rates-starting-in-2026/): The Estonian Parliament has accepted for consideration Bill No. 645 SE, which proposes significant amendments to the country's tax legislation.... - [Cloud Accounting — what it is and how it differs from traditional accounting](https://effglobal.com/blog/cloud-accounting-what-it-is-and-how-it-differs-from-traditional-accounting/): In the face of the ongoing digitization of the economy, an increasing number of business elements are undergoing transformation. In... - [How EPR is changing how we package. EPR: from end-of-life to start-of-design](https://effglobal.com/blog/how-epr-is-changing-how-we-package-epr-from-end-of-life-to-start-of-design/): Extended Producer Responsibility (EPR) is no longer just a waste management policy — it’s a design mandate. Across Europe, new... - [How to implement ESG principles in e-commerce and gain a competitive edge](https://effglobal.com/blog/how-to-implement-esg-principles-in-e-commerce-and-gain-a-competitive-edge/): Sustainable e-commerce is more than just a trend – it's a response to modern customer expectations and evolving market challenges.... - [VSME vs ESRS disclosures and processes: a guide for companies ](https://effglobal.com/blog/vsme-vs-esrs-disclosures-and-processes-a-guide-for-companies/): In February, the EU announced its groundbreaking Omnibus proposal, aiming to simplify non-financial reporting frameworks. One of the most impactful... - [SAF-T accounting system in Bulgaria](https://effglobal.com/blog/saf-t-accounting-system-in-bulgaria/): Bulgaria is advancing its tax compliance framework by implementing the Standard Audit File for Tax (SAF-T), an OECD-developed international standard... - [VAT reform in the European Union – key highlights of the "VAT in the Digital Age" (ViDA) package](https://effglobal.com/blog/vat-reform-in-the-european-union-key-highlights-of-the-vat-in-the-digital-age-vida-package/): On March 11, 2025, following extensive negotiations, consultations, and legislative work, the Council of the European Union officially adopted the... - ['Omnibus' Proposal's impact on EU's sustainability ambitions](https://effglobal.com/blog/omnibus-proposals-impact-on-eus-sustainability-ambitions/): Since the Omnibus proposal was announced on February 26th, consulting firms and non-profits have debated its impact—not just on reporting... - [EPR overview internationally](https://effglobal.com/blog/epr-overview-internationally/): Although the European Union (EU) has established Extended Producer Responsibility (EPR) policies through legislation like the Directive on Waste Electrical... - [Omnibus package – incoming changes in ESG reporting](https://effglobal.com/blog/omnibus-package-incoming-changes-in-esg-reporting/): The European Commission's proposals to simplify ESG regulations as part of the so-called Omnibus Package published on February 26th 2025... - [5 ways SMEs can manage the financial pressures of EPR compliance](https://effglobal.com/blog/5-ways-smes-can-manage-the-financial-pressures-of-epr-compliance/): Managing compliance with Extended Producer Responsibility (EPR) regulations can be particularly challenging for smaller businesses, which often operate with limited... - [All about the PPWR](https://effglobal.com/blog/all-about-the-ppwr/): The EU’s Packaging and Packaging Waste Regulation 2025/40 (PPWR) officially enters into force on Tuesday, 11th February. Currently, roughly 40%... - [January updates to EU taxonomy](https://effglobal.com/blog/january-updates-to-eu-taxonomy/): This month, the EU’s Platform on Sustainable Finance (PSF) initiated a public consultation to collect feedback on the updates made... - [Switzerland to introduce annual VAT reporting in 2025](https://effglobal.com/blog/switzerland-to-introduce-annual-vat-reporting-in-2025/): Starting from January 2025, Switzerland will introduce an option for businesses with a turnover of up to CHF 5,005,000 to... - [The Estonian Ministry of Finance has proposed changes to VAT reporting and mandatory e-invoicing to enhance VAT receipts](https://effglobal.com/blog/the-estonian-ministry-of-finance-has-proposed-changes-to-vat-reporting-and-mandatory-e-invoicing-to-enhance-vat-receipts/): The Estonian Ministry of Finance has proposed significant changes to VAT reporting and the implementation of mandatory e-invoicing to improve... - [Extended Producer Responsibility (EPR)](https://effglobal.com/blog/extended-producer-responsibility-epr/): Failure to comply with the rules of Extended Producer Responsibility (EPR) carries a number of sanctions, ranging from a restriction... - [Carbon footprint in the context of ESG reporting](https://effglobal.com/blog/carbon-footprint-in-the-context-of-esg-reporting/): One of the key indicators in ESGx (Environmental, Social, Governance) reporting is the carbon footprint. Understanding its principle, importance and... - [EU taxonomy](https://effglobal.com/blog/eu-taxonomy/): The EU Taxonomy is a classification system that determines which economic activities can be considered environmentally sustainable in the European... - [ESG gap analysis - what is it and what should you keep in mind?](https://effglobal.com/blog/esg-gap-analysis-what-is-it-and-what-should-you-keep-in-mind/): ESG gap analysis is a tool used to assess how the existing ESG reporting practices meet the requirements under the... - [ESG strategy step by step / CSRD Success.](https://effglobal.com/blog/esg-strategy-step-by-step-csrd-success/): What is ESG? ESG, or Environmental, Social, and Governance, is a set of criteria for evaluating companies’ environmental, social, and... - [Double materiality analysis - What should you know?](https://effglobal.com/blog/double-materiality-analysis-what-should-you-know/): Preparing an ESG report in accordance with the requirements of the CSRD (Corporate Sustainability Reporting Directive) and ESRS (European Sustainability... - [Estonia introduces temporary VAT adjustments](https://effglobal.com/blog/estonia-introduces-temporary-vat-adjustments/): The Estonian government has announced changes to its value-added tax (VAT) structure as part of its broader fiscal strategy. - [Sustainability in business travel](https://effglobal.com/blog/sustainability-in-business-travel/): Climate change and environmental degradation are becoming increasingly serious challenges that require commitment on many levels. Modern companies, which are... - [Slovakia announces VAT rate changes effective 2025](https://effglobal.com/blog/slovakia-announces-vat-rate-changes-effective-2025/): The Slovak government has approved significant amendments to the country's VAT regulations, set to take effect from January 1st, 2025.... - [How will GPSR affect your e-commerce? Guide for EU sellers](https://effglobal.com/blog/how-will-gpsr-affect-your-e-commerce-guide-for-eu-sellers/): As early as December 13, 2024, the new GPSR (General Product Safety Regulation) will take effect, replacing the existing General... - [Zero-emission – the key to competitive advantage](https://effglobal.com/blog/zero-emission-the-key-to-competitive-advantage/): In the face of advancing climate change and tighter environmental regulations in the European Union, companies face the challenge of... - [VAT in real estate transactions](https://effglobal.com/blog/vat-in-real-estate-transactions/): Understanding the rules that apply to the taxation of real estate transactions is essential for anyone operating in the market,... - [Tax havens](https://effglobal.com/blog/tax-havens/): Can we really talk about fair play in the global financial system when certain countries offer much more favorable tax... - [Quality Management System based on ISO 9001:2015 in services](https://effglobal.com/blog/quality-management-system-based-on-iso-90012015-in-services/): ISO 9001:2015 is the international standard for quality management systems (QMS). It is a powerful tool that can help improve... - [A specialist available immediately or Personnel Outsourcing in a nutshell](https://effglobal.com/blog/a-specialist-available-immediately-or-personnel-outsourcing-in-a-nutshell/): Labor market dynamics and emerging challenges within new projects require ready solutions that can be implemented expediently, quickly, and without... - [Higher VAT rates in Finland from September 2024](https://effglobal.com/blog/higher-vat-rates-in-finland-from-september-2024/): The Finnish government has decided to increase VAT rates. The change is expected to take effect on 1 September 2024.... - [ESMA new greenwashing rules for investment fund names](https://effglobal.com/blog/esma-new-greenwashing-rules-for-investment-fund-names/): Last week, the European markets regulator, European Securities and Markets Authority (ESMA), announced its final guidelines for investment funds using... - [Growing your business online](https://effglobal.com/blog/growing-your-business-online/): If you are wondering how to increase your sales, expansion into foreign markets is one of the solutions. This is... - [Circularity at company level](https://effglobal.com/blog/circularity-at-company-level/): What exactly does circularity mean for a company? We hear about circularity in multiple sustainability contexts, from the EU Taxonomy... - [China's reporting requirements](https://effglobal.com/blog/chinas-reporting-requirements/): China’s three biggest stock exchanges - the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), and Beijing Stock Exchange (BSE)... - [Norway at your fingertips; how does EFF's new service facilitate entry into this dynamic market?](https://effglobal.com/blog/norway-at-your-fingertips-how-does-effs-new-service-facilitate-entry-into-this-dynamic-market/): A new service at EFF, enabling direct VAT registration and VAT compliance services in Norway, opens up a wide range... - [ICA - what is it and whom does it apply to?](https://effglobal.com/blog/ica-what-is-it-and-whom-does-it-apply-to/): Purchasing products from companies operating within the territory of EU member states may generate tax liabilities if the transactions are... - [Circularity indicators for companies](https://effglobal.com/blog/circularity-indicators-for-companies/): In the last article "Circularity at company level", we discussed what circularity means for companies and how companies can contribute... - [USA SEC & ESG Reporting](https://effglobal.com/blog/usa-sec-esg-reporting/): The United States Security & Exchange Commission (SEC), which oversees the enforcement of fair market practices to prevent manipulation and... - [Combating inflation](https://effglobal.com/blog/combating-inflation/): For some time now, all of Europe has been gripped by rampant inflation. Although it has begun to fall in... - [EPR - who counts as a producer of EEE](https://effglobal.com/blog/epr-who-counts-as-a-producer-of-eee/): Are you wondering if you have obligations under Spanish Extended Producer Responsibility (EPR) regulation? EFF has recently opened a hub... - [Unlocking sustainable investments: understanding ESG ratings for companies](https://effglobal.com/blog/unlocking-sustainable-investments-understanding-esg-ratings-for-companies/): In today's rapidly changing world, investors are not just looking for financial returns; they also want to make a positive... - [Poland's new plastic tax: what businesses need to know](https://effglobal.com/blog/polands-new-plastic-tax-what-businesses-need-to-know/): As of 2024, Poland has implemented a new plastic tax with a clear mission: to tackle the harmful effects of... - [The 2030 Agenda for sustainable development](https://effglobal.com/blog/the-2030-agenda-for-sustainable-development/): The 2030 Agenda for Sustainable Development is a global initiative adopted by United Nations in 2015. This ambitious action plan... - [Sustainability ratings](https://effglobal.com/blog/sustainability-ratings/): Sustainability can be defined as socio-economic progress achieved through unification of political, economic and social initiatives which aim to protect... - [ESRS delay](https://effglobal.com/blog/esrs-delay/): The European Council and Parliament reached a compromise regarding the Corporate Sustainability Reporting Directive (CSRD) in February, delaying some of... - [VAT rate changes in Europe in 2024](https://effglobal.com/blog/vat-rate-changes-in-europe-in-2024/): VAT, or value added tax, is an indirect tax that is levied on most products and services sold in the... - [Czech Republic: consolidation of reduced VAT rates](https://effglobal.com/blog/czech-republic-consolidation-of-reduced-vat-rates/): The President of the Czech Republic signed the budget law that consolidates the reduced rates of 15% and 10% into... - [Updating invoicing guidelines in Sweden](https://effglobal.com/blog/updating-invoicing-guidelines-in-sweden/): On the 10th of November, the Swedish Tax Authorities published a clarification to the invoicing guidelines. This will enable you... - [Steuernummer vs. VAT ID Number (USt-IdNr): What's the Difference?](https://effglobal.com/blog/steuernummer-vs-vat-id-number-ust-idnr-whats-the-difference/): When it comes to taxation and business identification in Germany, two terms often surface: Steuernummer and VAT ID number (USt-IdNr).... - [Reverse charge in different EU countries](https://effglobal.com/blog/reverse-charge-in-different-eu-countries/): Why do so many Polish entrepreneurs provide their services to clients from other EU countries? Border-free policy, universal access to... - [Portuguese unique document code - ATCUD](https://effglobal.com/blog/portuguese-unique-document-code-atcud/): Invoices and other pertinent tax papers must now include a two-dimensional bar code (QR code) and a unique document code... - [UK’s new VAT penalty regime as of January 2023](https://effglobal.com/blog/uks-new-vat-penalty-regime-as-of-january-2023/): A new system of penalties and VAT interests will be introduced by HMRC and will replace the previous Default Surcharge... - [AP automation tools – are you using them right?](https://effglobal.com/blog/ap-automation-tools-are-you-using-them-right/): Nowadays accounts payable automation tools are becoming more and more popular and rightly so. After all they can increase efficiency... - [The biggest sales platforms in the EU – overview and comparison](https://effglobal.com/blog/the-biggest-sales-platforms-in-the-eu-overview-and-comparison/): Do you want to sell online not only in Poland but also in Europe? Thus, you need an appropriate sales... - [Future online sales](https://effglobal.com/blog/future-online-sales/): The e-commerce industry is developing at a dizzying pace - especially in Poland. For several years we have been observing... - [The future of e-commerce](https://effglobal.com/blog/the-future-of-e-commerce/): It is neither surprising nor unusual to say that there is a lot of potential in e-commerce. It has been... - [The Polish Deal and the upcoming changes in income tax, pt.2](https://effglobal.com/blog/the-polish-deal-and-the-upcoming-changes-in-income-tax-pt-2/): In the first part of the article, we mentioned some crucial changes related to the introduction of the Polish Deal.... - [Multiple VAT registrations in various countries: how to manage your accounts?](https://effglobal.com/blog/multiple-vat-registrations-in-various-countries-how-to-manage-your-accounts/): Does your company register to VAT in multiple countries? If so, here are the best practices offered by our accountants.... - [VAT One Stop Shop scheme for Northern Ireland](https://effglobal.com/blog/vat-one-stop-shop-scheme-for-northern-ireland/): Changes in distance selling between EU member states and non-EU countries made a great impact on the existing methods of... - [The Polish Deal - Relief for automation and robotization of production](https://effglobal.com/blog/the-polish-deal-relief-for-automation-and-robotization-of-production/): The new economic plan prepared by the government includes various tax reliefs. One of such reliefs is the tax relief... - [The Polish Deal and the upcoming changes in income tax, pt.1](https://effglobal.com/blog/the-polish-deal-and-the-upcoming-changes-in-income-tax-pt-1/): In November President of Poland Andrzej Duda signed the Polish Deal Act, which provides financial assistance for Polish citizens and... - [Autumn 2021 – changes in the AML Act](https://effglobal.com/blog/autumn-2021-changes-in-the-aml-act/): The next stage of the amendment process for regulations concerning counteracting money laundering and the financing of terrorism, which began... - [Benefits of payroll outsourcing](https://effglobal.com/blog/benefits-of-payroll-outsourcing/): Professional payroll outsourcing services are an invaluable aid for all entrepreneurs who think of improving the internal processes in their... - [IOSS or OSS – which option to choose for businesses from UK?](https://effglobal.com/blog/ioss-or-oss-which-option-to-choose-for-businesses-from-uk/): Brexit has led to many vital economic changes including those in the e-commerce sector. When the UK decided to leave... - [IOSS vs. OSS – similarities and differences](https://effglobal.com/blog/ioss-vs-oss-similarities-and-differences/): VAT OSS (One Stop Shop) is a replacement VAT settlement method for VAT MOSS (Mini One Stop Shop). Since July... - [How to choose the right statutory auditor](https://effglobal.com/blog/how-to-choose-the-right-statutory-auditor/): Is it time for your company to conduct a thorough financial audit? Many entrepreneurs wrongly associate financial audits with something... - [Accounting automation. Will humans be replaced by AI?](https://effglobal.com/blog/accounting-automation-will-humans-be-replaced-by-ai/): Automation is a word both intriguing and unnerving. Yet, no matter what feelings it evokes, one thing is clear –... - [Tax settlement during a pandemic](https://effglobal.com/blog/tax-settlement-during-a-pandemic/): In order to help entrepreneurs carry on business activity during a global crisis a variety of alternative support solutions emerged.... - [Changes in the ZUS forms after May 16, 2021](https://effglobal.com/blog/changes-in-the-zus-forms-after-may-16-2021/): An important change to the process of ZUS ZUA and ZUS ZZA forms filing was introduced mid-May. As of now,... - [Changes in distance selling to German consumers after July 1st, 2021](https://effglobal.com/blog/changes-in-distance-selling-to-german-consumers-after-july-1st-2021/): At the beginning of July 2021 new regulations concerning e-commerce trade to Germany and all other countries of the EU... - [Remote work and the upcoming amendment to the Labour Code](https://effglobal.com/blog/remote-work-and-the-upcoming-amendment-to-the-labour-code/): In the face of a pandemic, remote work model has become the best temporary solution for many employers. Temporarily, employees... - [ESL / ECSL declarations – what are they and when to submit them?](https://effglobal.com/blog/esl-ecsl-declarations-what-are-they-and-when-to-submit-them/): Are you engaged in international or eCommerce trade and shipping products to other EU countries? If so, then you are... - [The VAT-21 form and the taxation of distance selling from Poland](https://effglobal.com/blog/the-vat-21-form-and-the-taxation-of-distance-selling-from-poland/): When conducting business based on distance selling you should keep in mind the available methods of VAT settlement. If all... - [When is obligatory to register as a VAT payer?](https://effglobal.com/blog/when-is-obligatory-to-register-as-a-vat-payer/): Are you planning on conducting business activity and wonder if you should register as a VAT payer? Before taking the... - [The new VAT-OSS scheme](https://effglobal.com/blog/the-new-vat-oss-scheme/): In 2021, changes regarding the methods of settling VAT in the EU will be introduced. The package of regulations will... - [Does your business require an EORI number?](https://effglobal.com/blog/does-your-business-require-an-eori-number/): Promisingly, the more popular international trade becomes, the more entrepreneurs decide to expand their businesses. However, before you decide to... - [The Amazon platform launches in Poland](https://effglobal.com/blog/the-amazon-platform-launches-in-poland/): The e-commerce market in Poland used to be dominated by a local brand – Allegro. However, a few months ago,... - [Tax relief and additional funding programmes – where and how to find support for your business during the pandemic?](https://effglobal.com/blog/tax-relief-and-additional-funding-programmes-where-and-how-to-find-support-for-your-business-during-the-pandemic/): Although it has been a year since the pandemic outbreak was officially declared in Poland, entrepreneurs are still struggling with... - [How to correctly issue German invoices](https://effglobal.com/blog/how-to-correctly-issue-german-invoices/): Because of numerous queries received concerning what a German invoice should look like and what it should include, we decided... - [Interview with Krister Gullström, General Manager at EFF](https://effglobal.com/blog/interview-with-krister-gullstrom-general-manager-at-eff/): The interview began at 11 a. m. on a June morning. It was scheduled for one hour but – to... ## Business sectors - [Event organisation](https://effglobal.com/business-sectors/event-organisation/) - [Construction](https://effglobal.com/business-sectors/construction/) - [E-commerce](https://effglobal.com/business-sectors/e-commerce/) ## Case studies - [Duna Polska S.A.](https://effglobal.com/case-studies/duna-polska-s-a/) - [Gudrun Sjödén](https://effglobal.com/case-studies/gudrun-sjoden/) - [Global Maritime](https://effglobal.com/case-studies/global-maritime/) - [David Lloyd Leisure Limited](https://effglobal.com/case-studies/david-lloyd-leisure-limited/) - [Cederroth AB](https://effglobal.com/case-studies/cederroth-ab/) - [Tikkurila Sweden](https://effglobal.com/case-studies/tikkurila-sweden/) - [Haldex China](https://effglobal.com/case-studies/haldex-china/) - [Haldex Poland](https://effglobal.com/case-studies/haldex-poland/) - [Haldex Sweden](https://effglobal.com/case-studies/haldex-sweden/) - [Thule Poland](https://effglobal.com/case-studies/thule-poland/) - [Duni Sales Poland](https://effglobal.com/case-studies/duni-sales-poland/) - [Duni GmbH](https://effglobal.com/case-studies/duni-gmbh/) - [Actic](https://effglobal.com/case-studies/actic/) - [Duni AB](https://effglobal.com/case-studies/duni-ab/) ## Countries - [Germany](https://effglobal.com/services/vat-compliance/countries/germany/) - [Hungary](https://effglobal.com/services/vat-compliance/countries/hungary/) - [Estonia](https://effglobal.com/services/vat-compliance/countries/estonia/) - [Slovakia](https://effglobal.com/services/vat-compliance/countries/slovakia/) - [The Netherlands](https://effglobal.com/services/vat-compliance/countries/the-netherlands/) - [Denmark](https://effglobal.com/services/vat-compliance/countries/denmark/) - [Italy](https://effglobal.com/services/vat-compliance/countries/italy/) - [Poland](https://effglobal.com/services/vat-compliance/countries/poland/) - [Latvia](https://effglobal.com/services/vat-compliance/countries/latvia/) - [Spain](https://effglobal.com/services/vat-compliance/countries/spain/) - [Czech Republic](https://effglobal.com/services/vat-compliance/countries/czech-republic/) - [United Kingdom](https://effglobal.com/services/vat-compliance/countries/united-kingdom/) - [Portugal](https://effglobal.com/services/vat-compliance/countries/portugal/) - [Lithuania](https://effglobal.com/services/vat-compliance/countries/lithuania/) - [France](https://effglobal.com/services/vat-compliance/countries/france/) - [Belgium](https://effglobal.com/services/vat-compliance/countries/belgium/) - [Sweden](https://effglobal.com/services/vat-compliance/countries/sweden/) - [Norway](https://effglobal.com/services/vat-compliance/countries/norway/) - [Ireland](https://effglobal.com/services/vat-compliance/countries/ireland/) - [Finland](https://effglobal.com/services/vat-compliance/countries/finland/) - [Austria](https://effglobal.com/services/vat-compliance/countries/austria/) ## FAQ - [How do you communicate with clients?](https://effglobal.com/faq/how-do-you-communicate-with-clients/): The method of communication is agreed upon individually with each client, tailored to their preferences. We understand the diverse nature... - [What sets you apart from other companies in the industry?](https://effglobal.com/faq/what-sets-you-apart-from-other-companies-in-the-industry/): Our Swedish organisational culture — thanks to our parent company and our CEO — means that we are not just... - [How does the company ensure the security of clients’ financial data?](https://effglobal.com/faq/how-does-the-company-ensure-the-security-of-clients-financial-data/): Our contracts include a confidentiality clause in which we commit not to disclose confidential information to third parties without the... - [Which tasks am I responsible for, and which are handled by EFF?](https://effglobal.com/faq/which-tasks-am-i-responsible-for-and-which-are-handled-by-eff/): The division of responsibilities between EFF and our clients is clearly outlined in the Service Level Agreement (SLA) and agreed... - [What experience do you have? Do you have client references?](https://effglobal.com/faq/what-experience-do-you-have-do-you-have-client-references/): EFF has been providing accounting services for 20 years. During this time, we have not only increased the number of... - [What principles guide your cooperation with clients?](https://effglobal.com/faq/what-principles-guide-your-cooperation-with-clients/): First and foremost, we prioritise effective communication. Each client is assigned a dedicated contact person, eliminating anonymity and facilitating contact.... - [How the ESG strategy differs from the climate strategy?](https://effglobal.com/faq/how-the-esg-strategy-differs-from-the-climate-strategy/): ESG Strategy is a roadmap for companies to integrate environmental, social and corporate governance aspects into their management processes. It... - [Is an ESG report and a non-financial report the same thing?](https://effglobal.com/faq/is-an-esg-report-and-a-non-financial-report-the-same-thing/): ESG report and non-financial report are not the same, although they often overlap. In the context of the obligations imposed... - [What regulations apply to the company's ESG Activities?](https://effglobal.com/faq/what-regulations-apply-to-the-companys-esg-activities/): ESG regulation refers to laws that require companies to comply with environmental, social responsibility and governance standards. As global awareness... - [Why is a Risk Assessment conducted in an ESG report?](https://effglobal.com/faq/why-is-a-risk-assessment-conducted-in-an-esg-report/): ESG Risk Assessment is the process of identifying and analyzing risks related to environmental, social and corporate governance aspects. The... - [What are the three characteristics of a sustainable enterprise?](https://effglobal.com/faq/what-are-the-three-characteristics-of-a-sustainable-enterprise/): A Sustainable Enterprise is not only a company that cares about the environment, but also about people and transparency of... - [What is Greenwashing?](https://effglobal.com/faq/what-is-greenwashing/): Greenwashing is a practice in which companies attempt to create a false image of sustainability by promoting products or services... - [What does ESG stand for?](https://effglobal.com/faq/what-does-esg-stand-for/): ESG is a concept that addresses three key areas of companies’ operations: environment (E), society (S) and corporate governance (G).... - [What does an ESG report audit consist of?](https://effglobal.com/faq/what-does-an-esg-report-audit-consist-of/): An ESG Report Audit is a process that enables companies to assess their operations against environmental, social and corporate governance... - [Why conduct a data gap analysis?](https://effglobal.com/faq/why-conduct-a-data-gap-analysis/): Data Gap Analysis is a tool that allows companies to identify gaps between their current performance and stakeholder expectations, market... - [What is a dual materiality analysis?](https://effglobal.com/faq/what-is-a-dual-materiality-analysis/): Dual materiality analysis is a key process that allows companies to fully understand their impact on the environment and the... - [How to fill in the VAT-R form?](https://effglobal.com/faq/how-to-fill-in-the-vat-r-form/): The VAT-R form is a registration declaration for VAT purposes. When filling it in, it is necessary to provide company... - [What is VAT OSS and who does it apply to?](https://effglobal.com/faq/what-is-vat-oss-and-who-does-it-apply-to/): VAT OSS (One Stop Shop) is a simplified VAT settlement system for services provided remotely (e. g. electronic, telecommunications) within... - [Who is an active VAT payer?](https://effglobal.com/faq/who-is-an-active-vat-payer/): An active VAT taxpayer is a company or sole trader that is registered for VAT. This means that this company... - [What is the white list of VAT payers?](https://effglobal.com/faq/what-is-the-white-list-of-vat-payers/): List of VAT taxable persons -> List of entities registered as VAT taxable persons, unregistered as well as deleted and... - [How do I check my EU VAT number?](https://effglobal.com/faq/how-do-i-check-my-eu-vat-number/): You can check your EU VAT number using the VIES (VAT Information Exchange System) run by the European Commission. All... - [How much is VAT in Poland?](https://effglobal.com/faq/how-much-is-vat-in-poland/): In Poland, the standard VAT rate is 23%. However, there are reduced VAT rates: 8% and 5%, which apply to... - [When was VAT introduced in Poland?](https://effglobal.com/faq/when-was-vat-introduced-in-poland/): In Poland, it was introduced by the Value Added Tax and Excise Duty Act of 8 January 1993. - [How do I check if a company is a VAT payer?](https://effglobal.com/faq/how-do-i-check-if-a-company-is-a-vat-payer/): To check whether a company is a VAT payer, you can use the VAT taxpayer database provided by the Ministry... - [By when do we pay VAT?](https://effglobal.com/faq/by-when-do-we-pay-vat/): The deadline for submitting the VAT return and paying the tax to the Tax Office depends on the frequency of... - [What am I obliged to do and what documents do I need to file after registering for VAT?](https://effglobal.com/faq/what-am-i-obliged-to-do-and-what-documents-do-i-need-to-file-after-registering-for-vat/): Statutory declarations which are subject to tax are all transactions that took place and have to be reported for VAT... - [Do I have to be a taxpayer to sell online?](https://effglobal.com/faq/do-i-have-to-be-a-taxpayer-to-sell-online/): Not every business owner selling online has to be registered for VAT. Entrepreneurs may be exempted from registering for VAT... - [What is VAT?](https://effglobal.com/faq/what-is-vat/): Value-added tax (VAT) – an indirect tax, the value of which is added to the net value of purchase and... - [VAT 7 - what is it?](https://effglobal.com/faq/vat-7-what-is-it/): A form that is used to settle VAT. It applies to entrepreneurs who settle on a monthly basis. Quarterly settlements... - [How can my business benefit from outsourced payroll services?](https://effglobal.com/faq/how-can-my-business-benefit-from-outsourced-payroll-services/): We are a competent service provider with many years of experience on the market under our belt. Our team comprised... - [We would like to optimize our accounts payable process, how can you help us with it?](https://effglobal.com/faq/we-would-like-to-optimize-our-accounts-payable-process/): The most essential initial phase of working with a new client is an analysis of their situation with ways to... - [Why should we outsource accounts payable procedures?](https://effglobal.com/faq/why-should-we-outsource-accounts-payable-procedures/): Outsourced accounts payable increase effectiveness and generate substantial savings. The experience we gained through working with vast number of clients... - [How do you calculate the VAT value of each transaction?](https://effglobal.com/faq/how-do-you-calculate-the-vat-value-of-each-transaction/): The amount of VAT depends on the net value of the sale. VAT can be calculated using the formula: VAT... ## Landingi - [Smarter Finance with AI in CloudSuite 2025](https://effglobal.com/smarter-finance-with-ai-in-cloudsuite-2025/) ## Partners - [SN Accounts](https://effglobal.com/partners/sn-accounts/) - [Tedalian](https://effglobal.com/partners/tedalian/) - [Ebury](https://effglobal.com/partners/ebury/) - [Markel](https://effglobal.com/partners/markel/) - [29-05 Ltd](https://effglobal.com/partners/29-05-ltd/) - [Columbus](https://effglobal.com/partners/columbus/) - [Apex System](https://effglobal.com/partners/apex-system/) - [AnyData Solutions](https://effglobal.com/partners/anydata-solutions/) - [CloudConnect](https://effglobal.com/partners/cloudconnect/) - [BloomSmith](https://effglobal.com/partners/bloomsmith/) - [Medius](https://effglobal.com/partners/medius/) - [ISPnext](https://effglobal.com/partners/ispnext/): Nethansa to największa w Polsce firma, zajmująca się zarządzaniem sprzedażą na Amazon. Nethansa to największa w Polsce firma, zajmująca się... ## Services - [AP Automation](https://effglobal.com/services/ap-automation/) - [Reporting ESG](https://effglobal.com/services/sustainability/reporting-esg/) - [Case studies](https://effglobal.com/services/sustainability/case-studies/) - [Finance transformation](https://effglobal.com/services/accounts-payable/finance-transformation/) - [Reporting to EcoVadis and CDP](https://effglobal.com/services/sustainability/reporting-to-ecovadis-and-cdp/) - [AP automation software](https://effglobal.com/services/accounts-payable/ap-automation-software/) - [AP optimisation](https://effglobal.com/services/accounts-payable/ap-optimisation/) - [ERPs implementation](https://effglobal.com/services/erps-implementation/) - [Commercial property VAT bridging loans](https://effglobal.com/services/vat-compliance/commercial-property-vat-bridging-loans/) - [Carbon footprint and decarbonization](https://effglobal.com/services/sustainability/carbon-footprint-and-decarbonization/) - [Developing an ESG strategy](https://effglobal.com/services/sustainability/developing-an-esg-strategy/) - [Clients](https://effglobal.com/services/accounts-payable/clients/) - [Case studies](https://effglobal.com/services/payroll/case-studies/) - [Case studies](https://effglobal.com/services/accounts-payable/case-studies/) - [Case studies](https://effglobal.com/services/international-accounting/case-studies/) - [Workflow](https://effglobal.com/services/accounts-payable/workflow/) - [ERPs](https://effglobal.com/services/accounts-payable/erps/) - [Consulting](https://effglobal.com/services/international-accounting/consulting/) - [Benefits of ESG](https://effglobal.com/services/sustainability/benefits-of-esg/) - [Outsourcing](https://effglobal.com/services/vat-compliance/outsourcing/) - [Training and consulting](https://effglobal.com/services/sustainability/training-and-consulting/) - [Double materiality analysis](https://effglobal.com/services/sustainability/double-materiality-analysis/) - [EU taxonomy](https://effglobal.com/services/sustainability/eu-taxonomy/) - [Extended Producer Responsibility (EPR)](https://effglobal.com/services/sustainability/extended-producer-responsibility-epr/) - [Correct and timely invoicing](https://effglobal.com/services/credit-management/correct-and-timely-invoicing/) - [Monitoring of receivables and pre-collection](https://effglobal.com/services/credit-management/monitoring-of-receivables-and-pre-collection/) - [Registering incoming payments](https://effglobal.com/services/credit-management/registering-incoming-payments/) - [Consulting and temporary work](https://effglobal.com/services/accounts-payable/consulting-and-temporary-work/) - [Workflow system services](https://effglobal.com/services/accounts-payable/workflow-system-services/) - [Business travel expenses processing](https://effglobal.com/services/accounts-payable/business-travel-expenses-processing/) - [Reminders handling and balance reconciliation](https://effglobal.com/services/accounts-payable/reminders-handling-and-balance-reconciliation/) - 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[Pricing](https://effglobal.com/services/accounts-payable/pricing/) - [Counseling and consultation](https://effglobal.com/services/vat-compliance/counseling-and-consultation/) - [VAT rates verification](https://effglobal.com/services/vat-compliance/vat-rates-verification/) - [VAT OSS and VAT IOSS - simplified procedure](https://effglobal.com/services/vat-compliance/vat-oss-and-vat-ioss-simplified-procedure/) - [Selling on Amazon and other marketplaces](https://effglobal.com/services/vat-compliance/selling-on-amazon-and-other-marketplaces/) - [Submission of VAT, SAF-T, ECSL and INTRASTAT declarations](https://effglobal.com/services/vat-compliance/submission-of-vat-saf-t-ecsl-and-intrastat-declarations/) - [VAT registration](https://effglobal.com/services/vat-compliance/vat-registration/) - [Sustainability](https://effglobal.com/services/sustainability/) - [VAT compliance](https://effglobal.com/services/vat-compliance/) - [International accounting](https://effglobal.com/services/international-accounting/) - [Credit management](https://effglobal.com/services/credit-management/) - [Accounts payable](https://effglobal.com/services/accounts-payable/) - [Contact center](https://effglobal.com/services/contact-center/) - [Payroll](https://effglobal.com/services/payroll/) - [Services for e-commerce](https://effglobal.com/services/vat-compliance/services-for-e-commerce/) # # Detailed Content ## Pages ## Posts - Published: 2026-05-27 - Modified: 2026-05-28 - URL: https://effglobal.com/blog/italy-annual-vat-return-requirements-for-2026/ - Categories: EU, VAT Businesses registered for VAT purposes in Italy are required to submit an annual VAT return for the 2025 reporting year. The annual return (dichiarazione annuale IVA) summarises VAT transactions carried out during the 2025 tax period and complements the information reported through periodic VAT filings. Purpose of the annual VAT return The annual VAT return provides an overview of VAT transactions reported during the year. While periodic VAT returns focus on aggregated figures, the annual return requires a breakdown of transactions based on their nature and applicable VAT rates. Additional transactions included in the return It may also include certain transactions that are not reported through periodic VAT communications, such as specific exempt supplies. Does filing trigger a VAT payment In most cases, the submission of the annual VAT return does not trigger an immediate VAT payment. Filing deadline The Italian annual VAT return for the 2025 tax year must be submitted electronically between 1 February and 30 April 2026. Who must file the return The obligation to file applies to VAT registered businesses regardless of whether they are in a net VAT payable or VAT refund position. Electronic submission The annual VAT return must be submitted exclusively via electronic channels to the Italian tax authority (Agenzia delle Entrate). Non-established businesses This requirement also applies to non established companies registered for VAT purposes in Italy. Italian VAT refunds In Italy, VAT refunds are generally requested through the annual VAT return. The annual filing serves as the basis for determining whether a taxpayer is entitled to a refund of excess input VAT for the reporting period. Bank guarantee and “visto di conformità” As a rule, the refund of recoverable VAT may require the provision of a bank guarantee. However, under certain conditions, this requirement can be... - Published: 2026-05-22 - Modified: 2026-05-28 - URL: https://effglobal.com/blog/uk-srs-and-fca-guidance-explained-what-changes-for-sustainability-reporting/ - Categories: Sustainability This month, the UK government released its long‑awaited Sustainability Reporting Standards (SRS), aligned with the International Sustainability Standards Board’s (ISSB) IFRS S1 and IFRS S2. It’s a defining moment that finally gives UK companies a clear blueprint for sustainability reporting. The draft UK Sustainability Reporting Standards (UK SRS) set out the core disclosure content based on IFRS S1 and S2, while the FCA’s CP26/5 consultation explains how those standards would be applied specifically to UK‑listed companies. In practice, the UK SRS define what must be disclosed, whereas CP26/5 sets who must report, when the rules take effect, and how they will operate within the UK Listing Rules — including scope, timing, and “comply or explain” expectations. Because of this, CP26/5 should be understood as the FCA’s implementation framework for listed issuers rather than part of the UK SRS themselves. The Scope of the UK SRS and CP26/5 Requirements The FCA proposes that the new rules apply to the following categories of listed companies: Commercial companies (UKLR 6) Non equity shares and non voting equity shares (UKLR 16) Transition category (UKLR 22) Secondary listing (UKLR 14) Depositary receipts (UKLR 15) Categories excluded from the requirements Source: FCA Consultation Paper CP26/5 The FCA suggests excluding: Closed-ended investment funds (UKLR 11) and open-ended investment funds (UKLR 12) Shell companies (UKLR 13) Debt and debt-like securities (UKLR 17) Securitised derivatives (UKLR 18), as well as warrants, options, and other miscellaneous securities (UKLR 19) How the UK SRS Compare to IFRS and TCFD If you’re familiar with IFRS or the former TCFD framework, Novata has prepared a helpful comparison table summarising key differences and similarities across UK SRS, IFRS S1/S2, and TCFD. UK SRS IFRS S1 & S2 TCFD Framework Status UK-endorsed sustainability standards (exposure drafts published) Global baseline standards issued by the ISSB Voluntary global disclosure framework for climate risks (TCFD disbanded in 2023Primary Objective Provide consistent, decision-useful sustainability information for UK capital markets Provide a global baseline of sustainability disclosures focussed on enterprise value Improve transparency on voluntary climate-related risks and opportunities Scope SRS S1: All sustainability-related risks and opportunities SRS S2: Climate-related disclosures IFRS S1: General sustainability disclosures IFRS S2: Climate-related disclosure Climate-related risks and opportunities only Materiality Focus Enterprise value (financial materiality) Enterprise value (financial materiality) Financial impacts of climate risks and opportunities Structure Mirrors IFRS & TCFD structure across four core pillars Incorporates TCFD four pillars: Governance, Strategy, Risk Management, Metrics & Targets Four pillars: Governance, Strategy, Risk Management, Metrics & Targets Alignment with TCFD Full... - Published: 2025-12-05 - Modified: 2025-12-05 - URL: https://effglobal.com/blog/esg-without-the-mandate-a-practical-guide-for-companies-under-1000-employees/ - Categories: Sustainability In October 2025, the European Parliament rejected the proposed simplifications to the CSRD and CSDDD directives, which means their final form is still taking shape. The next vote is scheduled for November. If the proposed compromise is adopted, the new thresholds for mandatory ESG reporting would come into effect no earlier than 2026, and CSDDD-related obligations would begin applying from 2029. For companies with fewer than 1,000 employees, this is a period of uncertainty—but also an opportunity to make strategic decisions. Does ESG reporting still apply to you? According to current proposals: CSRD would apply to companies with more than 1,000 employees and over EUR 450 million in net turnover. CSDDD would apply to companies with more than 5,000 employees and turnover above EUR 1. 5 billion. For companies below these thresholds, this would mean one thing: the formal obligation to report may no longer apply. But this does not mean ESG stops being relevant—quite the opposite. ESG reporting not only helps you meet market expectations but, above all, allows you to identify risks that may translate into real financial losses—from supply chain disruptions and increasing energy costs to the potential loss of contracts. Why voluntary ESG reporting is worth the effort 1. Maintaining your position in the supply chain According to the report Decarbonisation Is Already Here, prepared by the Climate & Strategy Foundation, 72% of SMEs using their calculator state that clients ask them about their carbon footprint—19% receive such questions regularly. If your company supplies goods or services to larger entities, it is worth being prepared for these inquiries. A lack of data may lead to losing a contract to a competitor who has those figures ready. 2. Risk assessment by financial institutions Banks and investment funds still need to report ESG under their own regulations, and nothing indicates this will change soon. They rely heavily on data provided by their clients to meet these obligations. This means the absence of ESG policies may negatively affect the risk... - Published: 2025-11-25 - Modified: 2025-11-26 - URL: https://effglobal.com/blog/key-updates-on-2026-vat-rate-changes-in-lithuania/ - Categories: EU, VAT The Lithuanian parliament (Seimas) has approved a series of significant changes to the country’s VAT system, set to take effect from January 1, 2026. The reform introduces higher VAT rates for several sectors, including accommodation, culture, and heating, while also lowering the tax on books. Key updates The following changes will take place: The reduced VAT rate of 9% will increase to 12%, affecting accommodation, certain transport services, and cultural events. This may result in higher prices that will affect end customers The VAT on heating, hot water, and firewood will rise to the standard rate of 21%. Households and service providers will face additional costs, particularly during colder periods. A reduced VAT rate from 9% to 5% will apply to books and printed or electronic publications, as well as non-periodical publications, both printed and electronic (e. g. manuals, academic texts), as a means of promoting reading and learning. This excludes: calendars, notebooks, publications in which advertising constitutes more than 4/5 of content, other similar printed matter. These measures are expected to have wide-reaching effects across the hospitality, publishing and utilities. Source: -XV-287 Lietuvos Respublikos pridėtinės vertės mokesčio įstatymo Nr. IX-751 19 straipsnio pakeitimo ... - Published: 2025-11-12 - Modified: 2025-11-13 - URL: https://effglobal.com/blog/7-vat-rate-for-restaurants-in-germany-from-2026/ - Categories: EU, VAT Starting from 1 January 2026, Germany will reinstate a 7% VAT rate on restaurants and catering services, excluding the sale of beverages. The measure was included in 2025 Tax Amendment Act as a permanent solution aiming to provide lasting support to the hospitality industries, which are facing continued economic pressure. This will also help to align Germany with neighboring countries, many of which already introduced reduced VAT rates on food services, helping restaurants near borders to remain competitive. The measure also works to simplify the complex VAT distinctions between dine-in and takeaway services. Update on VAT for restaurants The change follows the previously temporarily implemented VAT reduction during the COVID-19 pandemic, which was applied as governmental help to support restaurants and catering services in the struggling hospitality industry. In January 2024, the standard VAT rate was reintroduced and, in face of ongoing economic pressures, is now being revisited. Businesses can find more information in an administrative letter containing clarification on combination offers (e. g. menu including drinks) and restaurant vouchers, which are advised to be switched to multi-purpose ones, enabling customers to benefit from reduced VAT in 2026. Source: Tax Amendment Act 2025: Gesetzentwurf der Bundesregierung - Entwurf eines Steueränderungsgesetzes 2025 - Published: 2025-11-12 - Modified: 2025-11-13 - URL: https://effglobal.com/blog/vat-increase-on-unhealthy-foods-from-2026-in-slovakia/ - Categories: EU, VAT The Slovak government has announced an increase in the VAT on food products with high sugar or salt content. It will raise the VAT rate from 19% to 23%, starting from 1 January 2026. The decision has been made as a part of a broader Tax Amendment Act 2025 and its goal is both to strengthen additional revenue as a fiscal consolidation measure, as well as to discourage overconsumption of sugar and salt as a public health initiative. New VAT rate The new VAT rate will supposedly affect about one-quarter of current food products, all of which have higher contents of sugar and salt, namely: soft drinks, confectionery, chips, processed snacks. Some foodstuffs and products will be exempt from the increase, such as: salt and sugar as basic raw ingredients, baby food, food for diabetics, dairy drinks, yogurts, 100% fruit juices other staple or essential food items. Businesses, especially ones that produce borderline products (e. g. “low-sugar” variants, snacks with moderate amounts of salt), will need to review their product classification and determine whether their goods will be subject to the higher 23% VAT rate. This means a necessary update to IT systems, pricing models and invoicing processes to adequately reflect the new rate. Producers, suppliers and retailers are advised to reassess cost structures and margins while awaiting further clarification from Ministry of Finance and Health. Source: - Tax Amendment Act 2025: Verejnosť a médiá : Udalosti : NRSR: Poslanci schválili balík konsolidačných opatrení na budúci rok... - Published: 2025-10-22 - Modified: 2025-10-22 - URL: https://effglobal.com/blog/epr-in-germany-what-you-need-to-know-when-selling-products-abroad/ - Categories: Sustainability Are you currently selling or planning to sell products to customers in Germany? Regardless of your sales model whether B2B, B2C, via your own online shop, or through platforms like Amazon or eBay, you are likely subject to Germany’s Extended Producer Responsibility (EPR) regulations. What should you know about EPR as a seller, distributor, or manufacturer? EPR places environmental responsibility on companies for the entire lifecycle of their products. Whether you're a manufacturer or simply a seller, you must comply with specific obligations. Failure to do so can result in fines, blocked listings, or even a complete ban on selling in Germany. Below you'll find all the essential information to help you stay compliant. Extended Producer Responsibility (Erweiterte Herstellerverantwortung – EHV) is a legal framework that requires companies to manage their products after their end-of-life. It applies to several product categories: packaging, batteries, electrical and electronic equipment (EEE) Under the “polluter pays” principle, if you profit from selling regulated products, you are also responsible for their environmental impact. This includes recycling, disposal, and financial contributions to waste management systems. Who must comply? Manufacturers and brand owners Produce goods and sell under their own brand Outsource production but sell under their own brand (private label) Exporters and cross-border sellers Sell directly to German consumers via e-commerce Operate online shops or sales platforms with delivery to Germany Retailers and mail-order companies operating in Germany Sell online or via mail order within Germany Deliver products directly to end customers Importers and distributors Import goods into Germany Resell them (wholesale or retail) If your business sells physical goods in Germany and those products generate waste such as packaging, electronic devices or batteries, you are likely subject to EPR regulations. These rules apply regardless of where your company is... - Published: 2025-08-21 - Modified: 2025-09-02 - URL: https://effglobal.com/blog/limiting-esg-reporting-a-path-to-climate-catastrophe/ - Categories: Sustainability In recent years, climate policy has become one of the pillars of sustainable development strategies for companies worldwide. The obligation to report on ESG (Environmental, Social, Governance) was designed to increase transparency in environmental actions and to encourage businesses to take tangible preventive, corrective, and adaptive measures in response to climate change. However, plans to ease ESG reporting requirements, included in the European Commission’s so-called Omnibus proposal, may have serious consequences – both for the environment and the economy. Slowing down climate action – Short-term gain, long-term loss Although the proposal to reduce the number of companies required to report on ESG has its advantages and may be attractive to businesses seeking to avoid additional administrative costs, these short-term savings will not offset long-term consequences. Without transparent reporting, companies will find it easier to limit investments in green technologies and climate adaptation. This means: Fewer companies will monitor their greenhouse gas emissions and energy efficiency. Decarbonisation initiatives in production and supply chains will be scaled back. Businesses will be less inclined to implement adaptation strategies, such as protection against extreme weather events. It is therefore crucial to emphasise the objective of the Omnibus. Simplifying reporting requirements is not intended to weaken climate strategies. On the contrary – by freeing up company resources from complex reporting processes, the goal is to give them space to implement actions as quickly as possible. In short: more action, less bureaucracy – a step towards real results. Companies must remember that without adequate mitigation measures, climate change will accelerate, and its effects will cut across multiple areas. Here are a few examples of real consequences: Extreme weather events will damage infrastructure – Severe storms, floods, and heatwaves will become more frequent and intense. Without proper preparation and adaptation, companies exposed to these threats will face enormous financial losses. An example is the 2021 floods in Germany, which cost the economy over EUR 30 billion. Disruptions in raw material supplies and supply chains – Droughts... - Published: 2025-08-19 - Modified: 2025-09-02 - URL: https://effglobal.com/blog/reporting-to-cdp-how-to-prepare-and-when-to-seek-support/ - Categories: Sustainability Reporting to CDP may seem challenging, especially for companies just beginning their ESG journey. What once was optional is now, more often than not, a condition imposed by clients and investors. In this article, we explain what CDP is, how the reporting process works, and why companies choose to seek advisory support. Reporting to CDP – what, why, and how What is CDP? CDP (Carbon Disclosure Project) is an organization that promotes transparency in corporate activities related to climate, water, and land use. Each year, it invites companies to complete a questionnaire that helps assess their environmental impact and how they manage climate-related risks. CDP is not only an ESG tool – it is also a valuable source of data for investors and analysts who rely on reporting outcomes when making financial decisions. Why do companies report to CDP? An increasing number of organizations choose to participate in CDP, even if not formally required to do so. Why? Because reporting to CDP brings tangible benefits: You enhance credibility – showing that you take ESG seriously and act transparently. You gain easier access to financing – CDP data can serve as leverage in negotiating terms, e. g. , for loans. You understand climate risks – supporting long-term business resilience. How does the process work? The reporting process is cyclical. The questionnaire is published in spring, with submission deadlines falling in summer. Questions cover, among others, climate strategy, CO2 emissions (Scope 1, 2, and 3), reduction targets, risk management, and supplier engagement. Scores are awarded on a scale from D to A. A higher rating means not only prestige but also greater stakeholder trust. Challenges and difficulties For many companies, reporting to CDP poses a significant challenge, particularly the first time. The main obstacles include lack of data – especially Scope 3 emissions (from... - Published: 2025-08-14 - Modified: 2025-09-02 - URL: https://effglobal.com/blog/ecovadis-how-to-achieve-a-high-score-and-strengthen-your-market-advantage/ - Categories: Sustainability EcoVadis is one of the most widely used sustainability rating platforms for companies. An increasing number of clients, especially international ones, require their partners to achieve a good score in this system. In this article, we explain what EcoVadis is, how the assessment process works, and what benefits a high rating brings to a company. You will also learn what challenges businesses face and how our consultants can help your organization achieve better results. What is EcoVadis and why is it gaining traction? EcoVadis is a global platform that evaluates companies across four areas: environment, human rights and labor, ethics, and sustainable procurement. Rated companies receive points (0–100) and a medal – ranging from bronze to platinum – based on the evidence they provide. A good rating is not just a pat on the back – increasingly, it determines whether a company can collaborate, compete in tenders, or sign a contract with an international client. When and for whom is EcoVadis certification valuable? EcoVadis certification is particularly important for companies operating within the supply chains of large corporations – including manufacturers, distributors, service providers, and logistics partners. It also brings added value to organizations bidding for contracts that include ESG requirements, seeking to strengthen their responsible brand image, preparing for CSRD-aligned reporting, or planning expansion into new markets. The assessment process – step by step Registration on the platform and payment of the license. Collection and/or preparation of data to complete the questionnaire. Filling in the questionnaire tailored to the company’s industry and size. Attaching supporting documents (e. g. policies and procedures). Review and analysis of the questionnaire by EcoVadis experts. Receiving the report with the score and potential medal. Sharing the result with business partners. The rating is valid for 12 months. It can be updated and improved, allowing companies to monitor progress and strengthen ESG initiatives. EcoVadis as part of an ESG strategy For many companies, EcoVadis is more than just a... - Published: 2025-08-12 - Modified: 2025-09-02 - URL: https://effglobal.com/blog/vat-penalties-and-interest-for-irregularities-in-submitting-vat-returns-and-corrections-ecsl-and-intrastat/ - Categories: EU, VAT Timely submission of VAT, VAT-EU (ECSL) or Intrastat returns, as well as correct VAT adjustments, are essential to ensure compliance in Poland. Failure to meet these obligations may lead to serious financial consequences for businesses. This article outlines the conditions under which penalties are imposed, their amounts, and how to avoid sanctions while managing tax obligations effectively! Penalties for failure to submit VAT returns Penalties for failing to file VAT returns (JPK_V7M or JPK_V7K) on time arise from Article 56 §4 of the Fiscal Penal Code (KKS). Sanctions are imposed when a taxpayer fails to submit a return despite having disclosed the tax base, and the breach is considered socially harmful. The penalty also applies to failing to submit zero returns. Penalty amounts A fine for a tax offence ranges from 1/10 to 20 times the minimum wage (in 2025: from PLN 430 to PLN 86,000). In summary proceedings, the maximum fine is twice the minimum wage (PLN 8,600). If failure to submit a return results in a tax shortfall exceeding five times the minimum wage (PLN 21,500), the act may be classified as a fiscal offence, punishable by a fine of up to 720 daily rates (from PLN 143. 33 up to PLN 1,720,000). Penalties for late payment of VAT According to Article 57 §1 KKS, penalties for late payment of VAT apply in cases of “persistent” non-payment of tax, meaning repeated or prolonged non-compliance. A one-time delay typically does not result in criminal sanctions but does generate VAT interest charges and may trigger further enforcement proceedings by the Tax Office. Penalty and interest amounts A fine for a tax offence ranges from PLN 430 to PLN 86,000, and up to PLN 8,600 in summary proceedings. VAT late-payment interest in 2025 amounts to 16. 5% annually (double the NBP lombard rate + 2%). If the arrears... - Published: 2025-08-05 - Modified: 2025-08-05 - URL: https://effglobal.com/blog/single-use-plastics-how-the-european-union-is-tackling-environmental-pollution/ - Categories: EU, Sustainability Single-use plastics have become an integral part of our daily routines, yet their environmental impact is severe. From the contamination of marine ecosystems to the decline of endangered species, the consequences of this issue are becoming increasingly apparent. In response, the European Union has implemented decisive measures to mitigate the implact plastic has on our ecosystems. The 2019 adoption of the SUP Directive, a legislation that specifically addresses plastic pollution, was a pivotal moment for the struggle against climate deterioration, particularly in marine ecosystems. What is the SUP Directive? The SUP (Single-Use Plastics) Directive is a regulation aimed at reducing the production and use of single-use plastic products. In practice, this means that EU member states have introduced a range of measures restricting the production, distribution, and recycling of such items. What changes did the SUP Directive introduce? Implementation of the SUP Directive has varied across Europe, with each country tailoring its approach to local needs. In Poland, since 2021, manufacturers are required to mark plastic packaging with the “dead turtle” pictogram—a stark reminder intended to raise consumer awareness of plastic pollution. The country has also banned the sale of selected single-use products, including plastic cutlery, plates, and straws. Similar measures have been taken in other EU states. Spain and France have banned plastic cutlery and the use of expanded polystyrene packaging. Germany went a step further by introducing mandatory charges for plastic bags, which significantly reduced their consumption. These countries have also adopted stringent recycling regulations to ensure that as much plastic as possible is reused rather than being disposed of in landfills. A challenge for business, an opportunity for the environment For businesses, the SUP Directive has brought numerous challenges. Companies have had to invest in new technologies, revise production processes, and adapt to new legal requirements. Examples include replacing plastic bags with paper alternatives in grocery stores and switching to biodegradable packaging for various products. On the other hand, the directive has opened new avenues. Eco-packaging manufacturers have seen a surge... - Published: 2025-08-04 - Modified: 2025-08-05 - URL: https://effglobal.com/blog/what-is-sustainability-and-what-does-it-involve/ - Categories: Sustainability Sustainability is a concept that appears with increasing frequency in the context of global challenges - climate change, social inequalities, and the growing demands of the economy. That’s why it’s worth understanding what sustainability really means.In short, it refers to a development model that strives to balance economic growth with environmental protection and societal well-being - both today and in the future.In this article, we’ll explore what the idea of sustainability entails, how it is defined, what comprises its pillars and objectives, and what benefits does it offer for everyday life and business operations. The pillars of sustainability To fully grasp the meaning of sustainability, it is crucial to understand its three core pillars: Environmental – focused on environmental protection, combating climate change, safeguarding air and water quality, and preserving biodiversity. Social – includes initiatives promoting social equality, health, education, and improved quality of life. Economic – aims for economic growth that does not compromise environment, but instead manages and resonsibly utilises its potential. For sustainability to a lasting impact, these these three elements must work in harmony. Sustainability in practice The idea of sustainability translates into tangible actions across various sectors of life and the economy. Some examples include: In agriculture – promoting organic farming and responsible use of natural resources. In construction – designing energy-efficient, low-emission buildings. In manufacturing – reducing waste and improving production management. The goals of sustainability are supported by different groups — consumers, companies, and public institutions: Consumers, by making responsible purchasing decisions, support producers that adhere to sustainable practices. Businesses, by implementing sustainability strategies based on the three pillars. Governments, by introducing legislation that supports both ecology and the economy, investing in education, environmental regulation, and new technologies. A sustainability strategy in business A growing number of companies now understand how to implement sustainability strategies to meet customer and market expectations. Notably, what was once considered merely a passing trend, has become a recongised and actionable business strategy. A well-designed sustainability strategy delivers measurable benefits: reduced resource consumption, lower costs, enhanced brand image, increased customer and partner... - Published: 2025-07-24 - Modified: 2025-07-24 - URL: https://effglobal.com/blog/e-invoicing-in-mexico-what-you-need-to-know-as-a-foreign-seller/ - Categories: VAT, World Mexico is becoming an increasingly attractive destination for expansion among European Union sellers. This is due in part to the rapidly growing e-commerce market, the strong presence of Amazon and its Latin American counterpart, Mercado Libre, and Mexico’s status as a more accessible alternative to the U.S. market. Furthermore, Mexico is a pioneer in e-invoicing within the LATAM region. E-invoicing in Mexico CFDI (Comprobante Fiscal Digital por Internet) is an electronic invoice composed of two components: an XML file (technical format) and an optional PDF (visual representation for the recipient). The invoice must be validated by the Mexican tax authority – the Servicio de Administración Tributaria (SAT). Taxpayers are required to submit the invoice to the authority in real time. Since 2014, the obligation to issue CFDI applies to all entities registered for tax purposes in Mexico – including foreign businesses. Before a business can access the CFDI system, it must first take several key steps. This includes obtaining an electronic signature (FIEL) and a Digital Seal Certificate (Certificado de Sello Digital, CSD) from the tax authority. Additionally, it is mandatory to use a PAC (Proveedor Autorizado de Certificación) – a government-authorized provider that validates and submits invoices to SAT. The responsibilities of a PAC include: Receiving the XML - formatted invoice prepared by the taxpayer Authorizing the invoice (i. e. , formally validating the data) Submitting the approved document to SAT, which assigns it a unique UUID and returns it within 72 hours with a digital seal, ready to be forwarded to the recipient. Are there penalties for not issuing a CFDI? Yes. Failure to issue electronic invoices can result in penalties for non-compliance with e-invoicing obligations. In addition, the recipient loses the right to deduct VAT. It can also hinder cooperation with local partners, who may refuse to accept invoices not authorized under the CFDI system. Does... - Published: 2025-07-24 - Modified: 2025-07-25 - URL: https://effglobal.com/blog/greenwashing-mistakes-to-avoid/ - Categories: Sustainability With consumers increasingly demanding sustainability from companies, it has become very common for many companies to tout their products as “green, “natural”, or “eco-friendly”. However, these three terms, like many others used to convey this message of sustainability end up leaving consumers unaware of the actual impact the company has. This miscommunication, deemed “greenwashing”, occurs when an organisation disseminates misleading or deceptive information with the intent to make their product, policy, or activity appear more environmentally friendly and/or less harmful than it truly is. Greenwashing mistakes Earlier this year, the European Parliament approved a general approach for the proposal of a Green Claims Directive. If approved, this legislation would oblige companies to provide evidence for any environmental claims made prior to selling their products. To avoid the reputational (and perhaps soon, regulatory) risks of greenwashing, companies can start by avoiding what are known as the “7 sins of greenwashing”: Hidden trade-offs: Claims need to consider the entire lifecycle when making claims about benefits.  For example, paper from sustainably harvested forests is not necessarily environmentally beneficial because other parts of the paper-making process have environmental impacts (e. g. , chlorine in bleaching or greenhouse gas emissions in production) that are equally important.   No proof: Claims need to have accessible supporting information (either internally or a third-party). For example, often facial tissues or other hygiene products will claim some percentage of recycled content without providing any evidence.   Vagueness: Claims should be specific and accurate to avoid misunderstanding by the consumer.   For example, many chemicals and substances that are “natural” are still harmful (e. g. , arsenic, uranium, or mercury).   Worshipping false labels: Claims cannot give the impression (either verbally or visually) that a third-party has endorsed the product or brand where this endorsement does not exist.  For example, putting an EU Eco-label on a product where you have not been verified by that organisation.   Irrelevance: Claims must be true but also must be important and pertinent.   For example, claiming that... - Published: 2025-07-23 - Modified: 2025-07-23 - URL: https://effglobal.com/blog/romania-to-introduce-major-vat-changes-from-august-2025/ - Categories: EU, VAT Starting August 1, 2025, Romania will implement a significant overhaul of its Value-Added Tax (VAT) system, impacting both domestic and foreign businesses operating in the country. These changes aim to simplify the VAT structure while also addressing fiscal consolidation goals. Key VAT changes Romania’s standard VAT rate will rise from 19% to 21%. This marks the first increase in the standard rate since it was reduced in 2017 and aligns with broader regional fiscal tightening trends. A new reduced VAT rate of 11% will replace most current reduced rates, including the widely used 5% and 9% rates. This leaves only two applicable VAT rates in the Romanian system going forward: 21% – Standard rate 11% – Reduced rate What falls under the 11% VAT rate? The following goods and services will shift to the 11% reduced rate: Food Medicines Books and printed publications Water services Hotel accommodation and restaurant services This adjustment is expected to affect pricing and compliance across multiple sectors, particularly in retail, hospitality, and healthcare. There is a temporary exemption for certain housing supplies. These will retain the 9% VAT rate until August 1, 2026, offering a transitional period for developers and real estate businesses to adapt. Potential future adjustments The Romanian government has indicated that the VAT rate for hotel and restaurant services could rise to 21% in the future, subject to further review. Businesses in these sectors should closely monitor legislative developments in the coming months. Implications for businesses These VAT changes will require updates to invoicing systems, pricing strategies, and compliance processes. Businesses supplying or purchasing goods and services in Romania should review their contracts and systems to prepare for the new rates. For more detailed analysis, see: https://mfinante. gov. ro/static/10/Mfp/transparenta/proiectLegemasurifiscale_03072025. pdf - Published: 2025-07-21 - Modified: 2025-07-25 - URL: https://effglobal.com/blog/vat-registration-in-mexico-a-new-service-supporting-global-expansion/ - Categories: VAT, World In recent years, the e-commerce sector has witnessed a growing trend of expansion beyond the European Union, driven by the dynamic development of non-European markets. That’s why, as EFF, we are proud to introduce our new service – VAT registration and compliance on the Mexican market. The importance of VAT registration in Mexico for your business Entering the Mexican market provides your business with access to a large consumer base of over 126 million people, 67% of whom shop online. Prominent marketplaces such as Amazon and Mercado Libre maintain a strong presence in the region and enable direct sales from the European Union. Selling in Mexico also facilitates simplified export to the US and Canada, as Mexico is part of the USMCA free trade zone – all while offering significantly lower entry costs than direct expansion into the US. Who should consider VAT registration in Mexico? This service is the right fit for your business if you: are planning to expand beyond Europe, especially into Latin America, are considering B2C sales to Mexico via your own store, Amazon, or Mercado Libre, want to operate legally and handle VAT in full compliance with local regulations, don't yet have a structure or registration in Mexico and require comprehensive support from day one, are looking for a reliable partner to guide you through the registration and compliance process step by step. EFF’s end-to-end VAT support in Mexico VAT registration in Mexico, Submission of required declarations and reports, Liaison with local tax authorities (SAT – Servicio de Administración Tributaria), Advisory support regarding e-invoicing and local compliance requirements. Our specialists will guide you through every step of your market entry into Mexico – get in touch with us to learn more. - Published: 2025-07-18 - Modified: 2025-07-24 - URL: https://effglobal.com/blog/uk-scraps-its-own-green-taxonomy/ - Categories: Sustainability On Tuesday, the United Kingdom (UK) government announced that it was abandoning its prior plans to implement its own taxonomy of sustainable activities, similar to that established by the European Union (EU). The finance ministry argued in its press release on the consultation process’ conclusion that the policy “would not be the most effective tool to deliver the green transition and should not be part of our sustainable finance framework” and that they will continue to pursue clean energy and other environmental targets through other means. These taxonomies were designed to drive investment in “green” projects by labelling certain activities as “sustainable” through evidence-based classification. However, critics argue that these frameworks can be overly burdensome for companies and are not practical. UK's green Taxonomy - the timeline 2020UK Chancellor of the Exchequer, Rishi Sunak, proposed several sustainable finance measures, including a green taxonomy to provide a common framework for understanding economic activities in the transition to a more sustainable economy and meet environmental targets. 2021The Green Technical Advisory Group (GTAG) was launched to advise the government on implementing the taxonomy and published its first updates later that year, recommending alignment with the EU Taxonomy but tailored to UK priorities. 2022In late 2022, the government announced that it was struggling to develop the secondary legislation due to its complexity and a lack of regulatory bandwidth to adequately consider all relevant sectors. 2024-25 The consultation was open for twelve weeks, from mid-November of 2024 until early-February of 2025. They received only 150 responses, with the largest group (59) coming from the financial services sector. Trade bodies also represented a large input (57), but other sectors also offered feedback. Only about 45% of respondents had a favourable view of the taxonomy, with 55% holding a mixed or negative view. Many cited concerns over “the real-world application” while others argued that other elements of the sustainable finance framework should take priority. 2025The government decided, based on the consultation results, to drop its efforts to develop the green taxonomy, proposing to... - Published: 2025-06-30 - Modified: 2025-06-30 - URL: https://effglobal.com/blog/invoicing-in-2025-changes-to-vat-invoices/ - Categories: VAT As of January 1, 2025, new VAT invoicing rules will come into effect due to amendments to the VAT Act. These changes introduce the SME procedure (Small and Medium Enterprises), allowing small businesses to benefit from VAT exemption across the entire European Union. Find out what conditions must be met to use this simplified procedure and what information must be included on a simplified invoice. Simplified Invoices for Small Businesses – SME procedure The new regulations allow small businesses to benefit from VAT exemption throughout the EU via the SME procedure. Entrepreneurs who meet the specified criteria may issue simplified invoices. What must a simplified invoice include? Date of issuance Sequential invoice number Names (or full names) and addresses of both the taxpayer and the buyer Description (type) of goods or services Unit of measure and quantity of goods delivered or scope of services performed Unit price of goods or services Total amount due EX identification number What is the EX number on a simplified invoice? The EX number is an individual identification number assigned by the country of establishment of the business. It entitles the business to use the exemption within Poland, according to Article 113a(2)(2) of the VAT Act. To obtain it, an SME must submit a registration request for the SME procedure to the tax authority, attaching documents confirming its small business status. Failure to provide the EX number may render the invoice non-compliant with the law. Conditions for using the SME procedure To benefit from the SME procedure, a business must: Implement the procedure's rules in its country of establishment Not exceed the EU turnover limit – a maximum of €100,000 excluding VAT Possess an EX identification number Submit an appropriate application to the tax office Meet the requirements for small business status The status of a small business in the context of VAT (so-called small VAT taxpayer) is primarily regulated... - Published: 2025-06-30 - Modified: 2025-06-30 - URL: https://effglobal.com/blog/oss-procedure-one-stop-shop-what-to-know-in-2025/ - Categories: VAT The OSS procedure is an EU solution that simplifies VAT settlement for companies selling goods and services across multiple EU countries by eliminating the need for multiple VAT registrations. Introduced in July 2021, it allows centralized tax reporting and payment via a single online portal. This article explains what the OSS procedure is, who can use it, how to register, how often to file returns, how to make payments, and what penalties apply for non-compliance. What is the OSS procedure? The OSS procedure is a system that allows businesses to settle VAT on cross-border B2C (business-to-consumer) sales in a single EU Member State, referred to as the “Member State of identification. ” OSS covers: Sales of services (e. g. , digital, telecommunication) to consumers in the EU Intra-community distance sales of goods (WSTO) above the €10,000 annual threshold Imports of goods valued up to €150 (import scheme – IOSS) It replaces the previous MOSS system by expanding its scope to more transactions. Who can use the OSS? The OSS procedure is available to: EU businesses: VAT-registered companies in the EU conducting B2C sales in other EU countries (Union scheme) Non-EU businesses: Companies without an EU establishment, selling goods or services to EU consumers (non-Union or import schemes) Online platforms: Entities facilitating online sales, considered “deemed suppliers” for VAT purposes Eligibility requires either exceeding the €10,000 cross-border sales threshold or opting in voluntarily. How to register for OSS To register for the OSS procedure in Poland, a company must: Complete and electronically submit form VIU-R to the Second Tax Office Warsaw-Śródmieście Receive confirmation upon successful verification Registration becomes effective from the first day of the quarter following the quarter in which the application was submitted After registration, the taxpayer gains access to the OSS portal (in Poland, via the e-Tax Office) The process typically takes 2–4 weeks, and registration is effective from the start of the next quarter. OSS declaration frequency and deadlines Companies using OSS... - Published: 2025-06-18 - Modified: 2025-06-18 - URL: https://effglobal.com/blog/estonian-parliament-considers-legislation-to-raise-vat-and-income-tax-rates-starting-in-2026/ - Categories: EU, VAT The Estonian Parliament has accepted for consideration Bill No. 645 SE, which proposes significant amendments to the country's tax legislation. The bill outlines a series of tax increases aimed at reforming Estonia's fiscal framework, with most changes scheduled to take effect on January 1, 2026. Key elements of the proposal Income Tax Changes: Both individual and corporate income tax rates are set to rise from 22% to 24%. In addition, the temporary security tax component, which had been part of the income tax structure, would be removed. Business Income Tax: The tax rate on business income would increase from 20% to 22%. Value-Added Tax (VAT): The standard VAT rate would be raised from 22% to 24%, effective July 1, 2025. Unlike the income tax adjustments, this change is intended to be permanent. The proposed legislation is part of a broader effort by the Estonian government to implement fiscal reforms aimed at strengthening the national budget. The government has stated that these measures are necessary to support long-term financial stability. Further details can be found in the full bill text available on the official Riigikogu website: Bill No. 645 SE - Published: 2025-06-17 - Modified: 2025-06-17 - URL: https://effglobal.com/blog/cloud-accounting-what-it-is-and-how-it-differs-from-traditional-accounting/ - Categories: Accounting In the face of the ongoing digitization of the economy, an increasing number of business elements are undergoing transformation. In this dynamic environment, changes in accounting practices are particularly evident. A revolution in this area is being driven by the use of cloud computing technology, which opens up new possibilities for managing a company's finances by offering greater flexibility, efficiency, and data security. The introduction of cloud accounting is a response to the growing need for companies to access financial information in real-time, without geographic or technical limitations. Optimization of accounting processes Cloud accounting is a modern method of managing a company’s finances, significantly different from traditional approaches. The fundamental difference lies in the use of cloud computing technology for storing and processing accounting data. This infrastructure allows access to financial information from anywhere in the world, at any time, which is impossible under the classical model where data is typically stored locally on company servers or computers. The core of cloud accounting is an online-based application that integrates various functionalities—from invoicing to payment management and liquidity monitoring. By using the internet, users can log into the system from any device with network access, resulting in significantly greater flexibility in managing a company’s finances. The difference between traditional and cloud-based accounting is also evident in data security. While local servers might seem more secure due to data being physically “on-site,” cloud systems offer advanced encryption mechanisms and constant security monitoring, often exceeding the capabilities of small and medium-sized enterprises. Moreover, cloud accounting is more scalable. Companies can flexibly adjust required resources (storage space, computing power) depending on current needs, which is difficult to achieve in traditional systems. This enables savings and operational cost optimization, especially for growing businesses. - Published: 2025-06-02 - Modified: 2025-07-11 - URL: https://effglobal.com/blog/how-epr-is-changing-how-we-package-epr-from-end-of-life-to-start-of-design/ - Categories: Sustainability Extended Producer Responsibility (EPR) is no longer just a waste management policy — it’s a design mandate. Across Europe, new EPR regulations are forcing a shift in how businesses think about packaging, moving responsibility upstream to the earliest stages of product development. In this new landscape, lifecycle thinking isn’t optional — it’s operational. Why EPR is a Gamechanger for Packaging Traditionally, the environmental impact of packaging was managed at the end of its life — collected, sorted, and (hopefully) recycled. EPR turns that model on its head. By making producers financially and legally responsible for the full lifecycle of their packaging, the EU aims to drastically reduce waste and increase resource efficiency. Under the proposed Packaging and Packaging Waste Regulation (PPWR), packaging that cannot be reused or recycled will be restricted from the EU market by 2030 (European Commission, 2022). This includes new design-for-recyclability requirements, reuse targets, and volume reduction rules — all linked directly to EPR compliance and cost. Here’s how this EU legislation is changing packaging design Easy waste management first: Packaging must be recyclable in practice and at scale by 2030, according to the PPWR, though rates vary by category. This is pushing a shift away from complex, multi-layer materials toward mono-materials like PE, PP, and PET and packaging will require labelling with materials and waste management instructions. There is a move away from dark-colored plastics that disrupt sorting systems. Other packaging types, such as filter coffee pods, must be compostable by early 2027. Reuse in rising: The PPWR introduces binding reuse targets for food and beverage packaging — 10% to 20% by 2030 in many cases, but excluding certain materials such as cardboard. This change is driving innovation in reusable formats and return logistics, especially in takeaway and catering. Less is more: Packaging must now minimize empty space (no... - Published: 2025-05-20 - Modified: 2025-05-20 - URL: https://effglobal.com/blog/how-to-implement-esg-principles-in-e-commerce-and-gain-a-competitive-edge/ - Categories: Sustainability Sustainable e-commerce is more than just a trend – it's a response to modern customer expectations and evolving market challenges. This article outlines step-by-step how to embed ESG principles into your online store. You'll discover how to improve operational efficiency, reduce environmental impact, increase customer loyalty, and leverage responsibility as a genuine competitive advantage. ESG implementation in e-commerce – a practical guide for businesses A well-planned ESG strategy helps build a resilient and trusted e-commerce business. More importantly, it can have a direct, positive impact on financial performance. What is ESG and Why Should It Matter in E-Commerce? ESG stands for Environmental, Social, and Governance – a set of practices designed to foster environmental responsibility, social accountability, and corporate governance integrity. When implemented effectively, ESG not only demonstrates responsibility but also enhances competitiveness, mitigates risk, and builds stronger customer loyalty. Sustainable logistics and distribution in e-commerce – practical actions Optimizing distribution is one of the most effective ways to reduce your online store’s carbon footprint. How can you make deliveries more environmentally friendly? Use electric delivery vehicles, especially in urban areas and for short distances. Partner with local suppliers to shorten the supply chain and reduce emissions. Implement renewable energy sources in logistics centers and offices. Plan delivery routes smartly using process optimization tools. Decarbonize your supply chains gradually, introducing changes in phases. Eco-friendly packaging and storage for online retailers Sustainable packaging and efficient warehousing are key to reducing waste and improving operational performance. What changes should you consider in packaging and warehousing? Ship products in recyclable, eco-friendly packaging. Use reusable packaging where applicable. Communicate your eco-efforts to customers starting from the moment they open their package. Optimize energy usage in warehouses by introducing green energy solutions. Manage your digital footprint using green hosting and energy-efficient servers. We’ll help you select and implement ESG-aligned... - Published: 2025-05-07 - Modified: 2025-07-21 - URL: https://effglobal.com/blog/vsme-vs-esrs-disclosures-and-processes-a-guide-for-companies/ - Categories: Sustainability In February, the EU announced its groundbreaking Omnibus proposal, aiming to simplify non-financial reporting frameworks. One of the most impactful proposals in this announcement was the severely limited scope of the companies required to report under the CSRD. VSME vs ESRS While policymakers debate the details of the Omnibus in the coming months, many companies – particularly those between the old scope and the new scope – are left confused as to the future of their sustainability reporting. One option for companies is the Voluntary Small and Medium Enterprise standard (VSME), which employs the core elements of the European Sustainability Reporting Standards (ESRS) and other common non-financial reporting standards in a more accessible and simplified way. Companies have the option to take the Basic (B) route or the more Comprehensive (C) route. For example, the ESRS 1&2 can either be the B1–B2 (Basic), C1–C2 (Comprehensive). The graphic below depicts how the ESRS topical standards translate into the VSME: Source: "VSME vs ESRS: Understanding the key differences in sustainability reporting" As you can see, many of the key areas from ESRS are still addressed in the VSME, just in more simplified ways and often with a smaller scope. What about the Double Materiality Assessment (DMA)? While the VSME does not require a formal DMA as the ESRS does, it does apply a “if applicable” principle, where companies are recommended to report only on those topics that are relevant to their operations and stakeholders. Thus, while an extensive and audited DMA is not mandatory, doing even a simplified assessment can be beneficial to SMEs in multiple ways: Identifying relevant disclosures Prioritising sustainability efforts and resources and, in the process, strengthening a sustainability strategy Laying the groundwork for future CSRD work,... - Published: 2025-04-02 - Modified: 2025-06-25 - URL: https://effglobal.com/blog/saf-t-accounting-system-in-bulgaria/ - Categories: Legal changes, VAT Bulgaria is advancing its tax compliance framework by implementing the Standard Audit File for Tax (SAF-T), an OECD-developed international standard for electronic data exchange between taxpayers and tax authorities. This initiative aims to enhance transparency, streamline auditing processes, and facilitate more efficient tax compliance. Implementation timeline The SAF-T rollout in Bulgaria is planned in phases: 2026: Large enterprises (annual turnover over BGN 300 million or tax liabilities exceeding BGN 3. 5 million) will commence reporting. 2028: Mid-sized enterprises (annual turnover over BGN 15 million or tax liabilities exceeding BGN 1. 5 million) will be included. 2030: All other taxpayers, including micro-enterprises, will be required to comply. This phased approach allows businesses sufficient time to adapt to the new requirements. Benefits of SAF-T implementation The adoption of SAF-T is expected to: Enhance Fiscal Risk Management: Standardized data facilitates better detection and management of fiscal risks. Reduce Administrative Burden: Automation of data submission simplifies compliance processes for businesses. Promote Compliance: Clear guidelines and standardized reporting encourage adherence to tax regulations. Preparing for the transition Business owners are encouraged to prepare for the SAF-T transition by consulting with tax professionals or digital accounting solution providers. Early preparation will facilitate a smoother adaptation to the standardized reporting requirements and ensure compliance with the new system. - Published: 2025-03-26 - Modified: 2025-05-14 - URL: https://effglobal.com/blog/vat-reform-in-the-european-union-key-highlights-of-the-vat-in-the-digital-age-vida-package/ - Categories: EU, VAT On March 11, 2025, following extensive negotiations, consultations, and legislative work, the Council of the European Union officially adopted the "VAT in the Digital Age" (ViDA) package, introducing sweeping reforms to the EU VAT system. As a result, amendments to the EU VAT Directive and associated regulations will be required. Implementing regulations will take effect 20 days after their publication in the Official Journal of the European Union and will apply automatically. However, for the VAT Directive amendments to be effective, each Member State must transpose them into its national legal framework. Three core pillars that the ViDA reform is built on Single EU-Wide VAT Registration By 2028, the reverse charge mechanism under Article 194 of the EU VAT Directive will be significantly extended. This will apply to the supply of goods and services by vendors without a fixed establishment or place of business in the destination Member State, provided the recipient is VAT-registered in that country. In the same year, the scope of the One Stop Shop (OSS) scheme will be expanded to include intra-EU movements of own goods and all B2C sales conducted across borders. E-Invoicing and VAT Reporting Requirements From the outset of ViDA’s implementation, Member States will be allowed to introduce mandatory e-invoicing. While many countries have already adopted or are in the process of implementing such systems, ViDA will harmonize this practice EU-wide. Under the reform, electronic invoices will become the only legally recognized format, replacing paper invoices. By 2030, e-invoicing will be compulsory for cross-border transactions within the EU. Digital Reporting Requirements (DRR) will be introduced for intra-Community B2B transactions, replacing the current European Community Sales List (ECSL). Businesses will be required to issue an e-invoice within two days of the VAT liability arising and to transmit it to the national e-invoicing system within the same timeframe. By 2035, existing national digital reporting frameworks must be aligned with ViDA standards. Countries with established systems (e. g. Italy, France, Poland, Germany, Romania, and Belgium) will need to ensure compliance by the deadline. VAT Compliance Obligations for Digital... - Published: 2025-03-17 - Modified: 2025-05-07 - URL: https://effglobal.com/blog/omnibus-proposals-impact-on-eus-sustainability-ambitions/ - Categories: EU, Sustainability Since the Omnibus proposal was announced on February 26th, consulting firms and non-profits have debated its impact—not just on reporting companies (as we discussed here) but also on the efficacy of the EU’s Green Deal and its broader sustainability ambitions. On 'Omnibus' Proposal's impact Julia Otten, Senior Policy Officer at the consulting firm Frank Bold, criticized the proposed changes to the Corporate Sustainability Due Diligence Directive (CSDDD), arguing: Julia Otten, Senior Policy Officer at the consulting firm Frank Bold, criticized the proposed changes to the Corporate Sustainability Due Diligence Directive (CSDDD), arguing: The proposed changes... would effectively dismantle the law before it's even started to apply, without presenting any proper evidence. Addressing crucial issues like child labour and forced labour requires targeted oversight beyond direct business partners in the value chain. It is absurd that the Commission is proposing to limit this. The sudden shift appears to prioritise short-term industry pressures over long-term sustainability goals and the protection of human rights. Others echo this concern. Richard Gardiner, Strategic Public Policy Lead of the World Benchmarking Alliance, warned that removing the requirement in Article 22 of the CSDDD to “put into effect” climate transition plans could undermine climate action: This goes completely against that intention and worst-case scenario could reduce these plans to kind of a paper exercise, a publicity exercise, but something that doesn’t have any real effect on how the company functions. Similarly, Mariana Ferreira of WWF described policy changes to the EU Taxonomy as a “significant butchering” of the framework. While the revised taxonomy still covers major corporations, the reduction in scope and materiality thresholds for reporting weakens its effectiveness, she argued. Such omissions reduce accountability and hinder firms, investors, and stakeholders from assessing whether climate policies achieve... - Published: 2025-03-14 - Modified: 2025-07-21 - URL: https://effglobal.com/blog/epr-overview-internationally/ - Categories: EU, Sustainability, World Although the European Union (EU) has established Extended Producer Responsibility (EPR) policies through legislation like the Directive on Waste Electrical and Electronic Equipment and the Directive on Packaging and Packaging Waste, the implementation of these policies can still vary significantly across member states and is continually evolving. Since the Omnibus proposal was announced on February 26th, consulting firms and non-profits have debated its impact—not just on reporting companies (as we discussed here) but also on the efficacy of the EU’s Green Deal and its broader sustainability ambitions. On EPR overview internationally While EPR policies share a common goal—shifting the responsibility of waste management from consumers and governments to producers—their implementation varies widely across regions. Some countries enforce strict, centralized regulations with heavy penalties for non-compliance (e. g. , South Korea), while others take a decentralized approach with state- or province-level policies (e. g. , the US and Canada). Additionally, some frameworks emphasize financial contributions from producers, while others focus on physical take-back schemes or circular economy incentives. Understanding these variations is crucial for businesses operating in multiple markets, as compliance requirements, reporting obligations, and financial burdens differ significantly. In this article, we will explore EPR frameworks beyond the EU, offering a broad overview of how some of the world’s largest economies are adopting and adapting similar principles in diverse ways. Country Overviews Key product categories Key compliance factors United States (US) Packaging, electronics, pharmaceuticals... State-level EPR laws enacted in states like Maine, Oregon, Colorado, California, and Maine, with others in development, focussing on packaging. No national policy and none expected under the Trump administration.  Canada Packaging, electronics, batteries, tyres...  Province-level EPR laws enacted in British Columbia, Yukon, Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, and Nova Scotia. A Federal Plastics Registry on its way.  Brazil Packaging, electronics, batteries, tyres, agrochemicals...  Brazil’s pioneering 2010 credit policy has recently been updated in 2022 to enhance enforcement and circularity where it has been lacking. Reverse logistics certificates as well as engaging the informal waste picking sector play a key role in monitoring and compliance.  Mexico Packaging,... - Published: 2025-02-28 - Modified: 2025-03-17 - URL: https://effglobal.com/blog/omnibus-package-incoming-changes-in-esg-reporting/ - Categories: EU, Sustainability The European Commission's proposals to simplify ESG regulations as part of the so-called Omnibus Package published on February 26th 2025 have sparked a wide debate on their impact on the functioning of companies. The main objective of the changes is to reduce the administrative burden on enterprises and improve their competitiveness. However, there is a risk that reducing ESG reporting obligations could lead to a loss of availability of key ESG data for investors in the long term and difficulties in monitoring sustainability progress. ESG deregulation – intentions and consequences Both legislative packages – Omnibus I and Omnibus II – are aimed at simplifying the requirements for companies, especially in the field of the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDD). The key assumption is to reduce administrative obligations by about 80%. The new regulations will apply only to the largest enterprises which: employ over 1000 employees and generate annual revenues exceeding EUR 50 million and/or having a balance sheet total of more than EUR 25 million. All other companies will be able to report voluntarily (using the VSME standard), which will ultimately be issued in the form of a delegated regulation. The reporting schedule has also been changed. Companies that were supposed to publish a sustainability report for the first time in 2026 or 2027 will be given additional two years to adapt to the new requirements. In addition, sector-specific reporting standards have been removed, meaning that companies will not have to adapt reports to industry-specific guidelines. Regulatory perspective – what's next? The Omnibus package also provides for the simplification of reporting in the field of: EU Taxonomy - Disclosures regarding the Taxonomy will be mandatory only for companies that both have more than 1000 employees and annual revenues above EUR 450 million. CBAM (Carbon Border Adjustment Mechanism) – 90% of importers (mainly SMEs and individuals) have been exempted from the CBAM obligation. Audit of the report - The requirement for “limited assurance” will remain in force.... - Published: 2025-02-10 - Modified: 2025-07-02 - URL: https://effglobal.com/blog/5-ways-smes-can-manage-the-financial-pressures-of-epr-compliance/ - Categories: Sustainability Managing compliance with Extended Producer Responsibility (EPR) regulations can be particularly challenging for smaller businesses, which often operate with limited budgets and resources. However, there are several strategies these businesses can adopt to minimize costs while fulfilling their obligations. Join collective compliance schemes Many small producers can benefit from joining compliance schemes or producer responsibility organizations (PROs). These schemes handle much of the administrative and logistical burden of EPR compliance, including waste collection, recycling coordination, and reporting. While there are membership fees involved, the shared infrastructure and expertise significantly reduce costs compared to setting up independent compliance systems. EFF can help your business simplify this process further! Instead of having to contact and coordinate with a unique PRO for each of your products and markets, partner with EFF with our EPR Attorneys will be your one-stop shop for organising all of these communications. We'll work with you and the PROs to understand each of your requirements and make sure that you are meeting all your obligations in a timely manner. Focus on sustainable product design Redesigning products and packaging to align with recyclability and sustainability standards can reduce modulated EPR fees. For instance, using mono-material packaging or incorporating higher levels of recycled content can lower financial obligations under many EPR frameworks. Proactive eco-design can also appeal to eco-conscious customers, creating long-term business value beyond compliance. Leverage government and industry support Many EU countries provide financial incentives, grants, or technical support to help small and medium-sized enterprises (SMEs) transition to sustainable practices. These programs can offset costs related to material changes or compliance adjustments. Additionally, working with industry bodies or trade associations can provide access to shared resources and advocacy for proportionate EPR policies. Streamline reporting and data management EPR... - Published: 2025-02-07 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/all-about-the-ppwr/ - Categories: EU, Sustainability The EU’s Packaging and Packaging Waste Regulation 2025/40 (PPWR) officially enters into force on Tuesday, 11th February. Currently, roughly 40% of plastics used in the EU are for packaging, and in 2021, each EU resident generated approximately 36.1 kg of plastic packaging waste—an increase of 8.1 kg (29%) compared to the previous decade. Packaging and Packaging Waste Regulation First adopted in late 2022, this legislation amends and replaces the Packaging and Packaging Waste Directive 94/62/EC (PPWD) of 1994. The general date of application for the PPWR will be 12th August 2026, 18 months after its entry into force, at which point the PPWD will be officially repealed. Both the PPWD and PPWR regulate packaging placed on the EU market while introducing packaging waste management and prevention measures. Key elements According to the European Commission, key elements of the new legislation include: "Restrictions on certain single-use plastics, such as pre-packed fruit and veg weighing less than 1. 5 kg and individual portions of condiments, sauces, and sugar in hotels, bars and restaurants. Minimising the weight and volume of packaging and avoiding unnecessary packaging. 2030 and 2040 targets for a minimum percentage of recycled content in packaging. A requirement for take-away businesses to offer customers the option to bring their own containers at no extra cost. Minimising substances of concern, including restrictions on packaging containing per- and polyfluorinated alkyl substances (PFAS) if they exceed certain thresholds. ” This legislation will affect a wide range of businesses, including packaging manufacturers, e-commerce platforms, and retailers and distributors, among others. It covers materials and packaging for commercial, household, and industrial use. It covers commercial, household, and industrial packaging materials, meaning its impact will be felt across multiple sectors. As a result, its implementation and long-term effects will be closely monitored across Europe. Why does packaging waste matter? Properly... - Published: 2025-02-07 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/january-updates-to-eu-taxonomy/ - Categories: Sustainability This month, the EU’s Platform on Sustainable Finance (PSF) initiated a public consultation to collect feedback on the updates made to the EU Taxonomy, as system for classifying and reporting on sustainable activities. The intention was to improve usability and simplicity while expanding the scope of the activities included. Updates to EU taxonomy The organisation published a report with initial findings from extensive stakeholder engagement, particularly with companies, and is now seeking further consultation from the public. In introducing the note to the report, Helena Viñes Fiestas, Chair of the PSF, stated: During this period, our priority has been to improve the usability and effectiveness of the Taxonomy and the broader sustainable finance framework. Once the necessary changes have been implemented, the Platform hopes that a future mandate will allow us to focus on incorporating many more activities into the Taxonomy. Currently, the EU Taxonomy includes the following sectors and their activities: Accommodation activitiesArts, entertainment, and recreationConstruction and real estate activitiesDisaster risk managementEducationEnergyEnvironmental protection and restoration activitiesFinancial and insurance activitiesForestryHuman health and social work activitiesInformation and communicationManufacturingProfessional, scientific, and technical activitiesServicesTransportWater supply, sewerage, waste management and remediation Proposed changes include expanding the scope to include areas such as digital services or mining and smelting of key metals such as lithium, copper, and nickel. Other metal manufacturing, such as that of iron and steel, is included in the Taxonomy list of activities. To be considered sustainable, an activity must contribute significantly to at least one of the following six objectives and Do No Significant Harm (DNSH) to any of the others, as well as complying with the minimum safeguards. Pollution prevention and controlMarine and water resource protectionBiodiversity and ecosystem protectionClimate change adaptationClimate change mitigationCircular Economy transition One aspect of the feedback was the call for the criteria and instructions to... - Published: 2025-02-07 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/switzerland-to-introduce-annual-vat-reporting-in-2025/ - Categories: VAT, World Starting from January 2025, Switzerland will introduce an option for businesses with a turnover of up to CHF 5,005,000 to switch to annual VAT reporting. This new system will provide an alternative to the current quarterly, semi-annual, or monthly reporting requirements. The change aims to simplify VAT compliance for smaller businesses while maintaining efficient tax collection. Eligibility criteria To qualify for the annual VAT reporting option, businesses must meet two key criteria. First, their annual turnover must not exceed CHF 5,005,000. Secondly, the business must have a clean VAT compliance history, meaning timely VAT filings and full payments for the last three periods. The Swiss Federal Tax Administration (SFTA) will verify compliance before granting approval. Businesses that wish to opt for the annual VAT reporting system must submit an application through the ePortal by February 28, 2025. New businesses, however, have 60 days from receiving their VAT number to apply. Advance VAT payments Under the new system, businesses will be required to make advance VAT payments. These payments, calculated by the SFTA, will be due in instalments on May 30, August 30, and November 30. For those using the net tax rate method, only the August 30 payment is required. These advance payments are based on an estimated tax liability and can be adjusted up to 10 days before the due date. However, if the advance payments are deemed insufficient—specifically if they are below 50% or 35% of the total tax claim—they may be considered inadequate, potentially leading to penalties. Filing and payment The annual VAT statement, which will include final VAT calculations, must be submitted and paid by the end of February in the following year. Businesses will have the option to request extensions or make corrections to the submitted VAT return. If a business overpays its VAT in advance, the excess amount will be... - Published: 2025-02-06 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/the-estonian-ministry-of-finance-has-proposed-changes-to-vat-reporting-and-mandatory-e-invoicing-to-enhance-vat-receipts/ - Categories: Legal changes, VAT, World The Estonian Ministry of Finance has proposed significant changes to VAT reporting and the implementation of mandatory e-invoicing to improve VAT collection. Changes to VAT reporting A key aspect of the reform is the removal of the €1,000 threshold for declaring transactions, requiring VAT payers to report all transactions. This change aims to close loopholes, as many small transactions under the threshold are often undeclared, contributing to tax evasion. In 2023, approximately €327 million in input VAT went unreported. A 2014 reform, which required more detailed invoice declarations, resulted in an increase of over €100 million in VAT receipts. Building on this success, the Ministry believes that the introduction of e-invoices will further enhance VAT receipts by reducing administrative burdens, improving data quality, and preventing fraud. Already, 47% of entrepreneurs are prepared to adopt e-invoicing, which will also be mandatory for cross-border transactions within the EU from July 1st, 2030. The proposed changes are expected to increase VAT receipts by €16. 6 million annually and could take effect by 2027. These measures align with broader EU trends, as several countries are also moving towards mandatory e-invoicing. Sources: - https://www. fin. ee/uudised/rahandusministeerium-esitas-ettepanekud-kaibemaksulaekumise-parandamiseks - Published: 2025-02-04 - Modified: 2025-03-06 - URL: https://effglobal.com/blog/extended-producer-responsibility-epr/ - Categories: Sustainability Failure to comply with the rules of Extended Producer Responsibility (EPR) carries a number of sanctions, ranging from a restriction or complete ban on the sale of a product, to loss of brand reputation, to monetary fines or confiscation of goods. More and more countries are adopting EPR as a mandatory environmental policy, so its tenets are strictly enforced. Manufacturers that fail to comply with its provisions or use inappropriate waste management practices face numerous consequences. The severity of possible restrictions depends on both the scale of the violation and the size of the company, while their effects have a significant impact on its profitability and stability in the market. What exactly is EPR? Extended Producer Responsibility (EPR) is a type of environmental policy that was first implemented in Sweden and has subsequently gained popularity in many countries around the world. The policy is based on the "polluter pays" principle, thus regulating the producer's responsibility for the products they put on the market. Its application directly contributes to the development of a circular economy. The main goal of EPR is proper waste management and sustainable consumption of raw materials. According to the policy, manufacturers are responsible for the entire life cycle of products, from the moment they are manufactured to the end of their useful life. Accordingly, regulations govern the management of generated waste through payment of fees for collection, recycling, reuse and disposal. Who is affected by the EPR regulations? In short, the provisions of Extended Producer Responsibility apply to any person who takes part in a product’s introduction to the market. In other words, any legal or natural person whose business activity consists of developing, manufacturing, processing, selling or importing products, regardless of how they are placed on the domestic market. Companies that sell their products directly to end consumers (B2C) are subject to different regulations than those that trade with retailers or distributors (B2B). Moreover, the requirements applied to domestic sellers differ from those applied to international sellers. Therefore, it is important to consider the type of business you are doing in order to correctly determine your obligations. Who should apply for an EPR registration number? Individuals... - Published: 2025-02-04 - Modified: 2025-03-06 - URL: https://effglobal.com/blog/carbon-footprint-in-the-context-of-esg-reporting/ - Categories: Sustainability One of the key indicators in ESGx (Environmental, Social, Governance) reporting is the carbon footprint. Understanding its principle, importance and how to measure it, is the basis for companies preparing ESG reports in accordance with new European Union regulations, particularly the CSRD (Corporate Sustainability Reporting Directive). What is a carbon footprint? Carbon footprint is a gauge of the total amount of greenhouse gases, including carbon dioxide (CO₂), that have been emitted as a result of a company's operations. It is an indicator that measures a company's impact on climate change through greenhouse gas emissions associated with its production processes, operations, transportation, energy consumed in offices and other activities. Carbon footprint is most often expressed in tons of carbon dioxide equivalent (tCO₂e), a unit that allows different greenhouse gases to be unified into a single measure, taking into account their global warming potential. Why is carbon footprint an important issue from the perspective of ESG reporting companies? The obligation to report on carbon footprint has gained significance in the context of changing legislation and a growing emphasis on the transparency of companies' environmental activities. It has become one of the key indicators in assessing a company's impact on climate change and thus sustainability. Increased environmental awareness among consumers and investors is making carbon footprint not only an environmental indicator, but also a competitive element in the market. For example, companies that reduce emissions by optimizing production processes, switching to renewable energy sources or reducing water consumption can be assured of consumer loyalty and the positive evaluation of investors, who increasingly consider sustainability in their investment decisions. Reducing carbon footprint is also an integral part of a sustainability strategy that aims to minimize the negative impact of business activities on the environment. Companies that engage in such initiatives... - Published: 2025-02-04 - Modified: 2026-07-28 - URL: https://effglobal.com/blog/eu-taxonomy/ - Categories: Sustainability The EU Taxonomy is a classification system that determines which economic activities can be considered environmentally sustainable in the European Union. It is a key tool within the European Green Deal to promote environmentally friendly investments and counter greenwashing. Main environmental objectives: countering climate change, climate change adaptation, Sustainable use and protection of water and marine resources, The transition to a circular economy, Pollution prevention and control, Protection and restoration of biodiversity and ecosystems. If an activity is considered sustainable, it must first significantly contribute to one of these goals without harming others. The taxonomy aims to direct capital to projects that foster environmental transformation and to increase transparency and accountability in reporting sustainable activities. In order for a company's activities to be considered compliant with the taxonomy, it must meet all three conditions: It must make a significant contribution to at least one of the six environmental goals. It must not cause significant harm to any of the six goals. Must demonstrate compliance with the Minimum Safeguards In addition, the company must meet the Technical Qualification Criteria, but this condition is included in items 1 and 2. Why is taxonomy important for companies preparing an ESG report? For companies preparing an ESG report, the EU taxonomy provides a compliance framework and guidance to better understand the environmental impact of operations and meet regulatory requirements. The taxonomy's provisions specifically affect: Transparency reporting - companies covered by the CSRD (Corporate Sustainability Reporting Directive) must demonstrate in their ESG reports the extent to which their activities are in line with the taxonomy. Attracting investors - sustainable actions in line with the taxonomy can increase a company's attractiveness in the eyes of investors, who are becoming increasingly influenced by ESG criteria. Minimize... - Published: 2025-02-04 - Modified: 2025-03-06 - URL: https://effglobal.com/blog/esg-gap-analysis-what-is-it-and-what-should-you-keep-in-mind/ - Categories: Sustainability ESG gap analysis is a tool used to assess how the existing ESG reporting practices meet the requirements under the CSRD. Identifying disparities between regulations and the current state of reporting allows for determining the appropriate changes to introduce. Gap analysis allows you to pinpoint areas that need improvement, such as detailed reporting on climate change risks, approaches to supply chain management, or monitoring the social and environmental impact of a company's operations. Gap analysis As experts in ESG reporting, we will analyze a set of nonobligatory standards and regulations, as well as benchmark the most important ones. We will work with you to determine which values and factors are most important within your company's operations, including compliance with EU regulations, the attainability of aspiring decarbonization goals, and the efficiency of data collection processes. With this in mind, we will make recommendations to fill the gaps and work with your team to create a strategy for further action. Our team’s ESG experience allows us to provide individual support in the reporting process so that your documents not only meet regulatory requirements but also comply with market best practices. - Published: 2025-02-04 - Modified: 2025-03-06 - URL: https://effglobal.com/blog/esg-strategy-step-by-step-csrd-success/ - Categories: Sustainability What is ESG? ESG, or Environmental, Social, and Governance, is a set of criteria for evaluating companies' environmental, social, and governance impacts. These areas include efforts to reduce greenhouse gas emissions, improving working conditions, addressing social inequality, and transparency in corporate governance, among others. The introduction of the CSRD (Corporate Sustainability Reporting Directive) makes the topic of ESG even more relevant, especially in the context of mandatory reporting by companies. What is an ESG strategy and how to prepare it in accordance with the CSRD? An ESG strategy is a set of actions that a company takes to meet environmental, social and governance responsibility criteria. For companies required to report under the CSRD, the ESG strategy must follow the guidelines of the CSRD, covering not only sustainability goals, but also how they are measured and how ESG risks are managed. Step 1: ESG baseline assessment - defining the starting point The first step in developing an ESG strategy is to conduct a detailed ESG baseline assessment that will allow the company to determine the current status of its environmental, social and governance activities. It is important to understand where the company stands with respect to ESG requirements. The baseline assessment should include an audit of existing ESG practices and policies, an analysis of ESG indicators, and identification of factors that may affect the company's operations. This analysis will give the company a complete picture of its strengths and areas that need improvement. Step 2: Double Materiality Analysis In the next... - Published: 2025-02-04 - Modified: 2025-03-06 - URL: https://effglobal.com/blog/double-materiality-analysis-what-should-you-know/ - Categories: Sustainability Preparing an ESG report in accordance with the requirements of the CSRD (Corporate Sustainability Reporting Directive) and ESRS (European Sustainability Reporting Standards) is a new challenge for many companies. A key element of this process is double materiality analysis, which assesses both the impact of a company's activities on the environment and the risks and opportunities arising from environmental, social and corporate governance factors. In this article, we explain what double materiality analysis is, why it is so important and how to conduct it effectively. What is double materiality analysis? Double Materiality analysis is an approach required for ESG reporting that considers two perspectives: Impact materiality, or how the company affects the environment and/or society. Financial materiality, or how the environment and/or society affects the company. This approach provides a holistic view of the company's relationship with the environment, indicating both its responsibilities and the potential risks and opportunities associated with sustainability. Why is double materiality analysis crucial in the context of CSRD and ESRS? The CSRD and ESRS standards prioritize transparency and accurate reporting of companies' sustainability impacts. The reasons why double materiality analysis plays a key role in this process are: Regulatory requirements - Companies covered by CSRD must present in their ESG reports what factors are applicable to them from both a financial and environmental/social perspective. Report credibility – Transparency of the analysis results builds trust among investors, customers and other stakeholders. Risk management - By identifying relevant issues, a company can more effectively prepare for potential ESG risks, such as changing climate regulations or consumer expectations. Growth opportunities - Double materiality analysis also identifies business opportunities or sectors with increased potential, such sustainable agriculture or digitization of manufacture processes. How do you conduct a double materiality analysis? A double materiality analysis should be well planned and systematic. Here are the steps to consider: Identifying ESG topics - start by analyzing which ESG topics are relevant to your industry and company. Consider, issues such as: regulations (e. g. , CSRD, ESRS, EU... - Published: 2025-01-17 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/estonia-introduces-temporary-vat-adjustments/ - Categories: Legal changes, VAT, World The Estonian government has announced changes to its value-added tax (VAT) structure as part of its broader fiscal strategy. VAT adjustments Starting 1 July 2025, the standard VAT rate will increase from 22% to 24%. This higher rate will be a temporary measure, remaining in effect until 31 December 2028, after which the rate will revert to 22% on 1 January 2029. Additionally, adjustments will affect the hospitality sector. From January 2025, the VAT rate for accommodation services, including those that offer breakfast, will rise from 9% to 13%. It is also worth noting that another change will be the increase in the VAT rate for press publications, which will change from 5% to 9%. These measures aim to balance fiscal needs while supporting public services and national security efforts. Businesses and consumers should prepare for these adjustments to effectively manage their finances. Sources: - https://www. fin. ee/uudised/ettevotted-panustavad-julgeolekusse-kasumimaksuga- https://www. emta. ee/en/business-client/taxes-and-payment/value-added-tax#from-01012025 - Published: 2024-12-13 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/sustainability-in-business-travel/ - Categories: Sustainability Climate change and environmental degradation are becoming increasingly serious challenges that require commitment on many levels. Modern companies, which are increasingly embracing sustainability, cannot ignore the ecological aspect in the context of business travel as well. Solutions for companies In the face of rising transportation costs and growing environmental awareness, responsible business travel planning is becoming crucial not only from an environmental perspective, but also from a corporate image perspective. What solutions can both companies and employees implement to minimize the impact of business travel on the planet? Here are five suggestions for companies and five tips for employees. Sustainable transportation choices. Companies can promote the choice of greener modes of transportation, such as trains, which in Poland are becoming an increasingly comfortable and environmentally friendly alternative to airplanes. It is also worth investing in electric or hybrid car rentals, which reduce carbon emissions. For international air travel, some airlines offer a CO2 offset option, which is a favorable solution for environmentally conscious companies. Employee education and technology to support sustainability. Companies are increasingly implementing technology platforms to support travel planning that take into account CO2 emissions for different transportation options. With these, employees can make decisions more easily, choosing transportation with a lower environmental impact. In addition, educating employees about sustainable business travel aims to build environmental awareness and show the benefits of such choices. Sustainable accomodation. Choosing the right accommodations is another important step. Eco-certified hotels that use renewable energy sources and conserve water are choices that reduce the carbon footprint of travel. In Poland, more and more hotels are beginning to implement such practices, creating a wide range of environmentally friendly options for companies. Remote meetings and travel optimization. Companies can reduce the... - Published: 2024-12-13 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/slovakia-announces-vat-rate-changes-effective-2025/ - Categories: Legal changes, VAT The Slovak government has approved significant amendments to the country's VAT regulations, set to take effect from January 1st, 2025. These adjustments aim to bolster public finances and streamline the tax framework. The standard VAT rate will rise from the current 20% to 23%, marking a notable shift in the country's fiscal policy. Additionally, the existing reduced VAT rates will undergo changes. VAT rate changes A new reduced VAT rate of 19% will replace the current rate of 10%. Examples include: non-basic foodstuffs, domestic electricity, catering services (including low-alcohol). The VAT rate of 5% remains unchanged, but new products have been added to the existing list. The following goods and services, previously taxed at 10%, will now be subject to the 5% VAT rate: catering services (without alcohol), basic foods, medicines, medical devices, books, newspapers, rental accommodation. These changes, passed on October 18th, 2024, reflect a broader trend among European nations to recalibrate tax policies in response to economic challenges. Businesses operating in Slovakia will need to update their systems and processes to ensure compliance with the new rates. For more detailed information, refer to the Slovak legislative database. - Published: 2024-12-11 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/how-will-gpsr-affect-your-e-commerce-guide-for-eu-sellers/ - Categories: EU, VAT As early as December 13, 2024, the new GPSR (General Product Safety Regulation) will take effect, replacing the existing General Product Safety Directive. For e-commerce companies selling on European markets, this is a significant change that requires attention and appropriate action. What is the GPSR Regulation? The GPSR Regulation aims to introduce stricter rules for the safety of products sold in the EU, especially those offered online. It introduces new obligations for sellers, distributors and e-commerce platforms that address aspects such as: Product traceability: every product sold in the EU must have clear information about the manufacturer, importer and possible responsible parties. Responsibility for safety: online retailers will have to be sure that the products they offer meet safety requirements even if they do not manufacture them. Faster responses to risks: e-commerce platforms will be required to promptly recall unsafe products and report such cases to regulators. What does this mean for your e-commerce business? If you run an online store, the new regulations mean you'll have to adhere to updated regulations. In practice, you may face challenges related to: Verifying suppliers and products - making sure goods meet GPSR requires building robust control procedures. Adjusting accounting and VAT processes - changes in supply chain or product traceability can affect your tax obligations in Europe. New operating costs - having to recall products or comply with local regulations can increase your costs. How can EFF help you? As a company specializing in VAT accounting across the EU, we understand that legislative changes such as GPSR can raise many questions. With our experience, our team provides tailored guidance that includes: Analysis of your business in terms of new legal and tax obligations. Advice on how to reduce tax risks arising from changes... - Published: 2024-11-25 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/zero-emission-the-key-to-competitive-advantage/ - Categories: EU, Sustainability In the face of advancing climate change and tighter environmental regulations in the European Union, companies face the challenge of aligning their operations with sustainability requirements. Zero-carbon, defined as a state of equilibrium between greenhouse gas emissions and their neutralization through reduction and absorption, has ceased to be merely an ambitious goal - it has become a condition for survival and development in the modern economy. What is zero-emission? Under zero-emission is a comprehensive approach: Step 1: minimize emissions at every stage of operations Step 2: invest in solutions to neutralize unavoidable emissions Linking zero-carbon with carbon footprint by scope Striving for zero-carbon is closely linked to reducing the carbon footprint in all three emission bands defined by the Greenhouse Gas Protocol. Scope 1 covers direct emissions over which companies have the most control, such as emissions from technological processes or vehicle fleets. Scope 2 refers to indirect emissions related to purchased energy, where a key element is the transition to renewable energy sources and energy efficiency improvements. Scope 3, which is the most challenging, addresses the entire value chain, including suppliers, logistics and product usage. A comprehensive approach to reducing carbon footprints in these scopes not only allows companies to move closer to climate neutrality, but also responds to the growing demands of stakeholders and customers, who increasingly expect transparency in emissions reporting. How to achieve zero-emission in each scope? Scope 1: Reduction of direct emissions Upgrading equipment - replacing boilers or industrial machinery with modern, low-carbon technologies. Decarbonizing the vehicle fleet - investing in electric or hydrogen-powered cars and optimizing logistics routes. Switching to renewable energy sources - using locally generated energy, such as photovoltaic panels, making it possible to become independent of emissions generated by burning fossil fuels. Scope 2: Reduce emissions associated with purchased energy Purchasing green energy - entering into renewable energy supply agreements (PPA - Power Purchase Agreement) or buying... - Published: 2024-10-30 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/vat-in-real-estate-transactions/ - Categories: VAT Understanding the rules that apply to the taxation of real estate transactions is essential for anyone operating in the market, whether investors, developers or individuals. The variety of regulations that determine when and how much VAT should be charged, and when to apply other forms of taxation, such as civil law transaction tax (PCC) or personal income tax (PIT), requires detailed analysis and an awareness of which regulations apply under which circumstances. Sale of real estate and VAT VAT in real estate transactions covers a broad spectrum of issues that relate to both the general rules for taxing these transactions and special cases of exceptions and exemptions. The most important thing is to understand which transactions are subject to VAT, and when the personal property tax (PCC) or personal income tax (PIT) should be applied. General principles of VAT taxation The basic principle is that the supply of real estate for consideration is generally subject to VAT. Normally, the seller of commercial real estate must charge VAT. However, there are a number of situations that may affect the application of this tax, including the first settlement of the building or the period that has elapsed since that settlement. If less than two years elapse between the first settlement and the delivery of the building, the transaction is subject to VAT. On the contrary, if this period is longer, the supply may be exempt from VAT, as long as no significant improvements have been made to the building that account for at least 30% of its initial value. VAT rates and place of taxation VAT rates may vary depending on the type of transaction and the location of the property. In international cases, it is important to determine the place of supply of services. In the European Union, the place of taxation depends on the location of the property, but the rules can vary depending on the details of the transaction and the... - Published: 2024-10-30 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/tax-havens/ - Categories: VAT Can we really talk about fair play in the global financial system when certain countries offer much more favorable tax conditions, thus attracting capital that could be taxed in the country of origin? This question brings us closer to understanding what so-called tax havens are and how they work. These jurisdictions, often referred to as tax havens, have become a vital part of the global economy, influencing the tax decisions of businesses and individual investors around the world. What are tax havens? Tax havens offer foreigners and foreign companies attractive tax conditions that include low or zero tax rates, as well as a high degree of financial confidentiality. Countries such as Antigua and Barbuda, Belize, Grenada, Jersey, the Cayman Islands, the Principality of Andorra, the British Virgin Islands and the Kingdom of Bahrain use liberal laws to attract foreign capital that would otherwise be taxed in the investor's home country. However, not all countries offering low taxation can be classified as tax havens. Germany and the United States, for example, despite strict financial secrecy, have relatively high tax rates, effectively eliminating them from this category according to the most widely accepted definition. Tax havens, while bringing economic benefits to investors and entrepreneurs, simultaneously generate serious challenges for the global financial system. It is estimated that through the use of tax havens, global capital of between $9 trillion and more than $32 trillion is hidden from the tax authorities, resulting in huge losses for national budgets, which cannot tax these funds. Poland, for example, loses about 3 to 4 billion zlotys a year from moving profits abroad. In response to these challenges, many countries, including Poland, have introduced legislation to limit the misuse of tax havens. In 2019, the Ministry of Finance presented a list of 26 countries and territories that were deemed to use harmful tax competition. These countries, such as Andorra, Bahrain and Panama, are on the so-called Black List, meaning that income earned in these jurisdictions... - Published: 2024-10-30 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/quality-management-system-based-on-iso-90012015-in-services/ - Categories: Other ISO 9001:2015 is the international standard for quality management systems (QMS). It is a powerful tool that can help improve the quality of services provided, which is tantamount to an increase in customer satisfaction. Implementing ISO 9001:2015 Implementing a standard in an organization may face some challenges, such as resistance from employees to the changes being made, or additional costs to implement and maintain the system. The key, however, is to understand the benefits of certification, which can lead to long-term success. A certified organization not only enjoys increased customer confidence in international markets, but also improves its operational efficiency through better organization of processes, their continuous monitoring and improvement. ISO 9001 certification is recognized worldwide and is very often required by international contractors. The implementation of a QMS based on this standard broadens an organization's horizons to new markets. Organizations operating in accordance with ISO requirements are better prepared to manage risks and to adapt to changing stakeholder requirements. ISO 9001:2015 is a flexible tool that can be applied to manufacturing companies, as well as service industries providing services including financial, health, IT, education and many others. By following the standard's seven principles, which are: Customer-based approach Leadership Engagement of people Process approach Continual improvement Evidence-Based Decision Making Relationship management They assure their clients of, among other things, regulatory compliance of services provided and minimization of financial risks, the provision of quality patient care, the delivery of quality services and products (software, project management, or technical support), and, in the case of the education industry, the pursuit of excellence in education. EFF has had the privilege of belonging to the group of certified organizations since May 2020 and reaping the benefits. Thanks to... - Published: 2024-09-05 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/a-specialist-available-immediately-or-personnel-outsourcing-in-a-nutshell/ - Categories: Accounting, Other Labor market dynamics and emerging challenges within new projects require ready solutions that can be implemented expediently, quickly, and without the additional costs usually related to a lengthy recruitment process. Today, the labor market can provide specific services that depend on particular tasks, projects, or investors. The most effective solution is outsourcing, or back-office partnership— renting personnel under demand. Body Leasing or Personnel Outsourcing? The term personnel outsourcing is very often used as a synonym for the term body leasing, but these services are considerably different. In outsourcing, a whole process or set of tasks is transferred to the suppliers, who then take up the related responsibility and control over the process or department entrusted. Body leasing means outsourcing specialists, when control over the "leased" employee and his or her tasks or duties remains with the client company. The formula behind a back-office partnership is rather simple and straightforward to implement. The contractee only has to define the scale and nature e of the project in question, whether it's long-term engagement or just a short-term one, seasonal demand, or support of a temporary backlog. With the services provided by EFF, the clients can engage both individual specialists and entire teams created for a given project. Advantages of Personnel Outsourcing In practice, companies outsource personnel to meet a variety of needs, but most often it is for short-term challenges, as it provides a number of advantages and does not involve the hassle of a long recruiting process. In personnel outsourcing, highly specialized skills can be secured for certain periods, which can range from a few days to a few months based on requirements defined by the specified project. The "hired" people or team engage only for the duration of the project, meaning fixed costs regarding these employees are borne by the supplier. In other words, this means considerable savings on... - Published: 2024-08-12 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/higher-vat-rates-in-finland-from-september-2024/ - Categories: EU, Legal changes, VAT The Finnish government has decided to increase VAT rates. The change is expected to take effect on 1 September 2024. The decision was taken with the objective of stabilizing public finances and enhancing their robustness. Below you will find a summary of the current Value Added Tax (VAT) rates in Finland, along with the rates that will apply from 1 September 2024. Standard VAT rate the current rate in effect until August 31st 2024: 24% the new rate, which will take effect on September 1st 2024: 25. 5% goods and services subject to specific VAT rates: applies to all goods and services for which no exemption or one of the reduced VAT rates is applied. Reduced VAT rate the current rate in effect until August 31st 2024: 14% the new rate, which will take effect on September 1st 2024: 25. 5% goods and services subject to specific VAT rates: applies to the particular food items high in sugar (chocolate, sweets). Reduced VAT rate the current rate in effect until August 31st 2024: 14% the new rate, which will take effecton September 1st 2024: 14% goods and services subject to specific VAT rates: applies to catering and restaurant services Reduced VAT rate the current rate in effect until August 31st 2024: 10% the new rate, which will take effecton September 1st 2024: 10% goods and services subject to specific VAT rates: applies to pharmaceutical products, accommodation, books and cultural events. Please be advised that the Finnish government has also updated the VAT return form. The new declaration (online form) will include boxes for transactions at both current and future VAT rates, which will be effective from 1 September 2024. It is also worth keeping in mind that the Finnish Government is considering reclassifying products subject to the 10 and 14% rates. Any changes would be planned for 2025. We will keep you updated... - Published: 2024-06-11 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/esma-new-greenwashing-rules-for-investment-fund-names/ - Categories: Sustainability Last week, the European markets regulator, European Securities and Markets Authority (ESMA), announced its final guidelines for investment funds using “green” terms in their names. These guidelines will be in effect from three months after their publication in all EUB languages on the ESMA website, with a total transition time of six months for existing funds. New greenwashing rules According to the ESMA, interest in sustainable investments has grown dramatically in recent years, providing an incentive for funds to market themselves accordingly. Thus, these new rules are placed to address a new need in the industry, with the proportion of funds using such terms increasing four-fold in the past 10 years, according to one ESMA study. In the finalised version of the guidelines, which has changed slightly since the proposal was first introduced in November 2022, investments must meet a requirement of 80% minimum in sustainable causes to meet the criteria for terms like “sustainable” in investment names, with exclusions according to Paris-Aligned Benchmarks (PABs). There must also be a commitment to investment in truly sustainable causes. The final guidelines do include a transition category, featuring terms such as “improving”, “evolution”, and “progress” or terms related to “social” or “governance”. This also contains the 80% investment threshold but applies the exclusions of the EU’s rules for Climate Transition Benchmarks (CTBs) to allow for investment in companies which still derive some revenue from fossil fuels. The document also includes guidance in the event of a combination of these two categories. Other markets have enacted similar regulations recently. Last September, the US Securities and Exchange Commission (SEC) amended its ruling to include fund names in scope and set a similar 80% threshold for investments. Likewise, the UK Financial Conduct Authority passed an anti-greenwashing packaging in November which added criteria for how firms use terms such as “ESG”, “green”,... - Published: 2024-05-29 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/growing-your-business-online/ - Categories: Other, World If you are wondering how to increase your sales, expansion into foreign markets is one of the solutions. This is a process that may seem daunting at first, but the European market promises significant profit in a short period of time. World wide access to the Internet, as well as membership in the Schengen Area, have made it easier than ever. However, there are things you need to keep in mind when planning your development. Where to sell your product When deciding to enter foreign markets, it is important to decide through which channels or platforms we will sell our products. We can choose one of the ready-made, already functioning e-commerce platforms, such as Amazon or E-bay, or their numerous local counterparts (e. g. Kaufland DE, CDiscount, Bol, Otto). They offer a plethora of off-the-shelf solutions, but they all come at the cost of commission. Another option is to create our own online store or expand the platform we currently run. Choosing this option will usually involve adjusting the parameters of the site and making additional language versions, as well as tailoring the payment and shipping methods to a wider group of customers. Translation alone may prove to be time consuming, so a good place to start would be the fundamental elements, such as statutes, rules for deliveries, returns or complaints. It is important that all regulations are in line with the laws of the target country. Keeping to European markets reduces the workload, as certain EU directives unify the legal systems of individual member states. Nonetheless, it is important to find out whether our store's regulations adhere to local laws. Creating our own online store also comes with many benefits. We have full control of our offer, the look of our site, and the marketing strategy, not to mention the customer experience. Using the right tools, not only are we able to collect data about our customers, but also utilize it, personalizing the ads.... - Published: 2024-05-28 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/circularity-at-company-level/ - Categories: Sustainability What exactly does circularity mean for a company? We hear about circularity in multiple sustainability contexts, from the EU Taxonomy priorities and the European Green Deal (and even Duni Group’s 2030 Sustainability Strategy!) but what exactly does it entail at the microscale of a company? Circularity While often circularity is referred to in terms of the “Circular Economy”, in reality, it is more about the amalgamation of making individual systems circular. Thus, a life-cycle perspective is essential, where actors work to move the existing cradle-to-grave linear economy into a cradle-to-cradle, more circular one. This can mean: Slowing loops: Slowing down the resource flows by designing quality products which have long lifespans, and which can be repaired or remanufactured when issues arise. These days, many products, from our appliances to our personal electronics are designed with “planned obsolescence” to force consumers to continually be buying new products every few years. Slowing resource loops is just better for consumers, the environment, and, if capitalised on through creative business models, can be better for producers as well. Closing loops: Even the best designed products will eventually reach the end of their lifespans. For this stage, we need to close the loops by putting the materials back into the system to the extent possible. Recycling is an example of closing the loop commonly employed in communities around the world. Other instances of closing the loop include designing products to be compostable or using waste for energy. Narrowing loops: An added method is through resource and energy efficiency, which some call “narrowing the loop”. While this approach does not slow resource flows or create circular or closed systems, it does mean that fewer resources are put into the system in the first place, which ultimately supports the goals of the... - Published: 2024-05-28 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/chinas-reporting-requirements/ - Categories: Sustainability, World China’s three biggest stock exchanges - the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), and Beijing Stock Exchange (BSE) - have joined the ranks of the EU, US, Brazil, and Singapore, among others, to establish ESG reporting requirements for companies. These requirements are stricter than the International Sustainability Standards Board (ISSB) financial requirements and better reflect the recently adopted comprehensive standards of the EU. Reporting requirements The four “core content” topics include (1) governance, (2) strategy, (3) impact, risk and opportunity management, and (4) indicators and goals. This, similar to the new EU legislation on corporate sustainability reporting, employs a “double materiality” approach, where both an inside-out and outside-in perspective are considered. More specifically, the guidelines include requirements on... Rural revitalisation Supply chain security Energy use Climate change Ecosystems and biodiversity Scope 3 emissions Circular economy Anti-corruption Anti-bribery These requirements will apply to almost 500 companies, or about half of the listed market value and begin in 2026 (for the 2025 reporting year). The obligations apply to companies meeting the following criteria: on the Shenzhen 100, Shanghai Science & Technology Innovation 50 Index, and SSE 180 dual-listed companies on both domestic and international markets Roughly 70% of these companies do already publish some form of a sustainability report. In addition to these, Beijing exchange listed companies, mostly SMEs, will see voluntary standards for reporting. According to Boya Wang, an ESG analyst for Morningstar, these regulations are aimed at standardising reporting across China and in line with Europe, and thus, “by catching up with international standards, the government hopes to attract foreign money-especially from institutional investors”. Foreign investment to China has been decreasing in recent years and direct investment reached a three-year low in 2023. Therefore, by increasing transparency and reducing greenwashing risks, Chinese companies can become more attractive and reliable for investment. Furthermore, Wang expects that these reporting guidelines and emphasis on sustainability can... - Published: 2024-05-13 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/norway-at-your-fingertips-how-does-effs-new-service-facilitate-entry-into-this-dynamic-market/ - Categories: VAT, World A new service at EFF, enabling direct VAT registration and VAT compliance services in Norway, opens up a wide range of opportunities for Polish entrepreneurs to expand in this attractive market. Norway, as part of the European Economic Area (EEA), is becoming an increasingly inviting destination for various industries in Poland every year. It has attracted attention of not only online sellers (e-commerce), but also companies in the construction and renovation industries, as well as experts offering a variety of highly specialized services. What makes the Norwegian market so attractive? Why is the Norwegian market so attractive to Polish entrepreneurs? First of all, Norway prides itself on a stable economy and a high standard of living, which creates favorable conditions for business development due to its receptive domestic market. In addition, its openness to innovation and high demand for a variety of services mean that this market offers many opportunities for entrepreneurs looking for new growth prospects outside the European Union. Why Norway? For construction and renovation companies, Norway is a particularly attractive destination due to the country's rapidly developing infrastructure and high demand for new buildings, both public and residential. For specialized professionals offering services in Norway, such as IT technicians, business consultants or IT specialists, the country provides great conditions, such as the population’s high technological awareness and the growing demand for high-tech services. With the implementation of the new service, EFF's clients have the opportunity to effectively expand their business beyond the borders of the European Union. It provides an advantage of Norway's growth potential and the wealth of opportunities this market offers, with a particular focus on scaling business beyond the structures of the European community. Kamil Rzezak, Tax Expert at EFF EFF's new direct VAT registration and VAT Compliance service in Norway, supported by expanded partnerships in its network of tax advisors throughout the European Union, makes it easier and more efficient to enter the Norwegian market. - Published: 2024-05-07 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/ica-what-is-it-and-whom-does-it-apply-to/ - Categories: EU, VAT Purchasing products from companies operating within the territory of EU member states may generate tax liabilities if the transactions are carried out within the framework of Intra-Community Acquisition of goods (ICA). What elements are taken into account in determining the tax base, and when exactly does tax liability arise? Today’s article will answer these questions and more. ICA - what is it? Intra-Community Acquisition of goods refers to a situation in which a business, registered for VAT in one EU member state, purchases goods from an entity registered for VAT in another EU country. ICA is follows what is known as the reverse charge mechanism, in which the obligation to charge VAT is shifted from the seller to the customer. In this way, the buyer reports and then deducts the tax on this transaction. The basis for calculating tax under ICA is the amount that the customer is obligated to pay for the purchased product. It includes: all taxes, duties and other expenses the purchase necessitates, with the exception of VAT, as well as service charges, such as commissions, packaging, transportation and insurance costs, which are charged by the seller. Obligation to register as a VAT-EU taxpayer Entrepreneurs in Poland who wish to conduct Intra-Community transactions must register as VAT-EU taxpayers. This enables tax identification at the European Union level and is required for proper reporting of VAT transactions. Without this, a business should not purchase or sell goods within the EU internal market. ICA - when does tax liability arise? The so-called reverse charge, or reverse liability, is different from a typical sales transaction, which may be grounds for misunderstandings should the purchasing party be unfamiliar with the process. Article 20(5) of the Directive on Value Added Tax, defines the moment when ICA tax obligation arises as the moment when the taxpayer issues an invoice, but... - Published: 2024-05-06 - Modified: 2025-03-19 - URL: https://effglobal.com/blog/circularity-indicators-for-companies/ - Categories: Sustainability In the last article "Circularity at company level", we discussed what circularity means for companies and how companies can contribute to the broader Circular Economy while benefiting financially from this innovation. Methods for pursuing circularity Methods for pursuing circularity focus on three key areas: “Closing the loop” or returning resources back into the system to reduce the need for virgin material extraction (e. g. , recycling) “Slowing the loop” or prolonging the lifespan of products to reduce consumption (e. g. , through repair) “Narrowing the loop” or increasing resource efficiency to create with as little impact as possible (e. g. , energy efficient machinery) Indicators To measure progress toward these goals, companies can establish their own indicators and KPIs for circularity, such as Duni Group, that EFF is a part of, which measures virgin plastic and FSC-certified material usage for its Circular at Scale initiative. The following graphic shows several of the available tools and systems for measuring different elements of circularity for companies. Some, such as GRI 306 focus on reporting and can be applied universally to any user, whereas others, such as CIRCelligence, which are more tailor-made to the needs of the particular client. Image source: BCG & CE These frameworks use indicators, with a wide range in the quantity of data points, which can be broken down into how they measure closing, slowing, and narrowing loops. Others focus more on the impact of circularity on revenue or overall impact or else on the systems that are in place for implementing circularity. For a few of these frameworks, you can see this breakdown below: Closing LoopsSlowing LoopsNarrowing LoopsOtherWBCSD Circular Transition Indicators % material circularity;% water circularity;% renewable energy;Waste recoveryActual lifespan%... - Published: 2024-05-06 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/usa-sec-esg-reporting/ - Categories: Sustainability The United States Security & Exchange Commission (SEC), which oversees the enforcement of fair market practices to prevent manipulation and protect investors, has interrupted its progress toward climate disclosure rules, citing legal challenges to the new obligations. Climate regulations Within the United States, some states, notably, California, have established their own climate disclosure regulations, which are also being challenged in the courts. The European Union as well, has developed disclosure requirements to increase transparency for investors and consumers. In early March of this year, the SEC released and adopted these standards after two years, the first of their kind to require public companies in the US to disclose their climate risks (and plans to mitigate them), as well as the financial impact of risks such as severe weather events and even, in some cases, the greenhouse gas emissions caused by their activities. However, even prior to the final release of these rules, they faced backlash from twenty-five Republican state attorneys general (AGs) and energy services companies, among others, requesting a stay pending review (which was granted by the court) and a lawsuit. These arguments stem from the notion that the requirements are too burdensome and costly for companies, that some of the data points cannot be sufficiently reliable, and, furthermore, that the rules fundamentally overstep the SEC’s authority. The SEC, for its part, argues that the new requirements are “consistent with applicable law and within the Commission’s long-standing authority. ” Following the lawsuit from Republican AGs, a coalition of nineteen Democratic AGs have initiated a campaign to support the SEC rules, arguing that the disclosures provide investors with “standardised, comparable, and reliable data” to accurately evaluate the climate-related risks of their investments. Additionally, non-governmental organisations such as... - Published: 2024-03-21 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/combating-inflation/ - Categories: Other For some time now, all of Europe has been gripped by rampant inflation. Although it has begun to fall in some countries and continues to rise in others, there is one constant - prices are rising everywhere. This affects not only us as consumers, but also our business or employers. Therefore, it is now extremely important to manage your finances effectively. What steps should we take when controlling our receivables? It is fundamental to ensure the following: active and continuous monitoring of the customer portfolio, real-time tracking of customers' accounts by working with their ERP systems, high-quality technology and tools to help provide superior service, investment in a team of experienced employees. EFF, with our location in the heart of Europe and team of experienced specialists, keeps pace with the main competitors on the market, but the costs associated with our services are lower than those of companies from the UK or other Western European countries. Our experts in the receivables department operate with confidentiality clauses, making them an "invisible extension" of our clients' companies. It is worth betting on effective tools to fight inflation. - Published: 2024-03-13 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/epr-who-counts-as-a-producer-of-eee/ - Categories: Sustainability, World Are you wondering if you have obligations under Spanish Extended Producer Responsibility (EPR) regulation? EFF has recently opened a hub in Barcelona with EPR specialists ready to offer a personalized consultation on your requirements and guide your team through the process. Regulation on EPR The regulation on EPR has been strengthening in Europe and Spain in order to make the producer responsible for the entire life span of their products. One of the major industries under scrutiny is that of Electrical and Electronic Equipment (EEE). The amount of EEE produced worldwide has been rising with digitalization in previous years and particularly recently with the rise of artificial intelligence. Consequently, the Waste of Electronical and Electronic Equipment (WEEE) generated has been increasing exponentially every year in the world and it is estimated that the amount will continue to increase and double by 2050. Therefore, EPR regulation plays a fundamental role in this sector since it confers several obligations to those considered producers regardless of whether they are natural or legal persons. For companies established in Spain, the criteria to be considered as a producer of EEE in Spain is the following: Designing or manufacturing EEE and marketing them under the firm’s own name/brand in the Spanish market Reselling under its own name/brand or its own EEE-specific brand products manufactured by third parties, without being considered as a “producer” because the producer’s brand appears on the device (see Paragraph 1) Being professionally dedicated to the introduction of EEE from third countries or another EU member state into the Spanish market Additionally, entities which are established in another country or member state and which sell EEE via remote communication directly to private individuals or professional users in Spain are considered producers of EEE under... - Published: 2024-03-13 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/unlocking-sustainable-investments-understanding-esg-ratings-for-companies/ - Categories: Sustainability In today's rapidly changing world, investors are not just looking for financial returns; they also want to make a positive impact on the environment and society. This paradigm shift has given rise to the concept of Environmental, Social, and Governance (ESG) criteria, which play a crucial role in evaluating a company's sustainability performance. In this blog post, we will delve into the world of ESG ratings and understand why they matter for companies and investors alike. What is ESG? ESG stands for Environmental, Social, and Governance. These three factors provide a framework for assessing the sustainability and ethical impact of a company's operations. Environmental: This dimension focuses on a company's impact on the environment. It considers factors such as carbon emissions, waste management, water usage, and efforts to combat climate change. Social: The social aspect of ESG evaluates a company's treatment of its employees, community engagement, diversity and inclusion, and labor practices. Governance: Governance deals with a company's internal structure, transparency, and ethical leadership. It includes areas like executive compensation, board diversity, and adherence to legal and ethical standards. The rise of ESG ratings ESG ratings provide a standardized way of measuring a company's performance in these three categories. Various rating agencies assess companies based on a range of indicators, producing a quantifiable score that investors can use to compare companies' sustainability efforts. Why ESG ratings matter Risk Mitigation: Companies with strong ESG practices are often better equipped to manage risks. For instance, a company that actively addresses environmental issues is less likely to face legal or reputational problems related to pollution. Investor Confidence: ESG ratings are becoming a critical factor in investment decisions. Investors increasingly prefer companies that demonstrate a commitment to sustainability and responsible practices. Long-Term Viability: Addressing ESG factors contributes to a company's long-term success. Companies that prioritize environmental responsibility and ethical governance are better positioned to adapt to changing regulations and consumer preferences. Attracting Talent: Companies with high ESG ratings tend to... - Published: 2024-03-07 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/polands-new-plastic-tax-what-businesses-need-to-know/ - Categories: EU, Legal changes, VAT As of 2024, Poland has implemented a new plastic tax with a clear mission: to tackle the harmful effects of plastic on our environment. This tax is a step towards reducing the use of single-use plastic products and promoting eco-friendliness. New plastic tax With this new tax comes new responsibilities, especially for businesses across various sectors like shops, bars, and restaurants. These establishments are now required to charge for single-use plastic packaging. Additionally, from 2024 onward, entrepreneurs have more obligations regarding the recycling and recovery of plastic products. For businesses affected by this new regulation, customers can expect an additional charge of 0. 20 to 0. 25 Polish zlotys per cup or meal pack if they are disposable and made of plastic. What's intriguing is that this charge doesn't just apply to takeout items; even dishes served with disposable packaging within the premises fall under this rule. However, there's been some uncertainty regarding whether this charge includes value-added tax (VAT). The legislation hasn't directly addressed this, nor has it specified whether the charge should be listed on receipts alongside the purchased product or as a separate item. Despite the lack of official clarity, the Ministry of Finance has provided guidance. According to them, the collected charge should be considered as part of the meal or beverage's price, thus subject to VAT. The fee will be an element of payment for the goods supplied and will therefore increase the VAT taxable base. The taxpayer will calculate the VAT due from the amount of the taxable base. In summary, VAT will be included in the added charge. As businesses navigate these new regulations, understanding the implications of the plastic tax and VAT is crucial. It's not only about compliance; it's a move... - Published: 2024-02-29 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/the-2030-agenda-for-sustainable-development/ - Categories: Sustainability The 2030 Agenda for Sustainable Development is a global initiative adopted by United Nations in 2015. This ambitious action plan of integrating three dimensions - economic, social and environmental - aims to ensure the protection and prosperity of our planet and society. Sustainable development goals for Poland The program is based on 17 Sustainable Development Goals (SDGs), which identify and describe a wide range of challenges our world is facing today. From fighting poverty and famine through making quality education, clean drinking water and sanitation accessible for all, through battling climate change and protecting all life on earth, all the way to guarding peace and justice, the targets are nothing short of intimidating. However, through strengthening the bonds amongst its member state, the UN is determined to meet them. From a strictly organizational perspective, the implementation of Agenda 2030 requires universal involvement of governments or international organizations, the private sector, and civil society, as well as research and education centers. A large variety of institutions are encouraged to integrate the Sustainable Development Goals into their strategies, business models and operational activities. Key aspects of Agenda 2030 for organizations: Introduction of Sustainable Development Goals - Organizations should analyze how their operations contribute to the SDGs and identify areas where they can make the greatest difference, be it through minimizing the negative impact of their activity or maximizing its positive effects. Innovation and sustainability – Enterprises should introduce new solutions for products, services, business processes and business models, so that they may contribute to creating a sustainable future. Cooperation – As achieving the goals requires strong cooperation across all sectors, organizations should seek to work with governments, NGOs, academic institutions and other businesses to exchange experiences, resources, and knowledge. Transparency and reporting - Organizations... - Published: 2024-02-29 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/sustainability-ratings/ - Categories: Sustainability Sustainability can be defined as socio-economic progress achieved through unification of political, economic and social initiatives which aim to protect our environment as well as improve the quality of life of all communities for generations to come. Poland has committed to implementing the principles of this concept by participating in the United Nations Conference on Environment and Development and signing three declaratory documents: The Rio Declaration on Environment and Development, the Agenda 21 Action Program, the Declaration of Principles for the Sustainable Management of Forests, and two global agreements: The Convention on Climate Change and the Convention on Biological Diversity. Sustainability indicators - what are they? This system of ratings serves as an informational and diagnostic tool that helps direct social, economic, and environmental activity at various administrative levels, from local to national. Sustainability scoring aims to facilitate supervision of how local, regional, national, and EU authorities , as well as enterprises, implement provisions in various strategic documents, such as plans, programs, or policies. Types of sustainability indicators These metrics can be divided into several categories, according to the four main dimensions of the idea of sustainability: Social - focusing on improving the quality of life of citizens, ensuring social equality, and promoting cohesion. They consider public health, education, demographic change, public security, and social integration, among others. Economic - focusing on promoting sustainable economic growth that supports universal welfare while minimizing negative environmental impacts and ensuring equitable distribution of profits. Indicators in this category include gross domestic product (GDP) per capita, level of public debt, labor market indicators, innovation, and transportation, among others. Environmental - concerning the protection of natural ecosystems and the promotion of sustainable resource management practices. Indicators in this category regard greenhouse gas emissions, freshwater resources, land use, waste management or biodiversity conservation, among others. Institutional-political - these include global partnerships, cohesion and efficiency policies, openness and participation, and citizen engagement. One goal of Poland's Sustainable Development Strategy is to optimise the exploitation of raw materials, fuels and natural resources , ensure territorial security and environmental protection. Another of its objectives is to preserve national sovereignty,... - Published: 2024-02-29 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/esrs-delay/ - Categories: Sustainability The European Council and Parliament reached a compromise regarding the Corporate Sustainability Reporting Directive (CSRD) in February, delaying some of the sector standards and certain third-country firms’ reporting a few years. ESRS The cross-cutting standards, regardless of sector, were adopted in July 2023 with the sector and third-country standards set to follow less than a year later, in June 2024. However, since October of last year, the legislators have been debating delaying these requirements by a few years. With this most recent compromise, the new standards are expected by 30 June 2026, though the MEPs requested the publication of the standards as soon as they are ready, ideally long before the deadline. This is given to allow more time to develop these specific standards and focus on applying the universal requirements without overburdening companies with obligations. One way to achieve this objective is to reduce the administrative burden on companies. Today’s agreement limits reporting requirements to the minimum and gives companies time to implement the ESRS and prepare for the sectorial European Sustainability Reporting Standards. Vincent Van Peteghem, Belgian Deputy Prime Minister and Minister of Finance Despite this delay, the third-country companies operating in the EU will still be required to report in 2028, as established in the original CSRD. Other firms, including large EU listed and non-listed companies, will be reporting earlier than this, starting in January 2025 for 2024 data. This decision now needs to be officially adopted by both institutions. Sources: - Council of the EU, Press Release, 7 Feb 24- Mark Segal, ESG Today, 24 Jan 24 - Published: 2024-01-26 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/vat-rate-changes-in-europe-in-2024/ - Categories: EU, Legal changes, VAT VAT, or value added tax, is an indirect tax that is levied on most products and services sold in the European Union. VAT rates applied in the EU vary from country to country but are between 15 and 27%. VAT rate changes In this blog post, we will delve into the world of ESG ratings and understand why they matter for companies and investors alike. The beginning of a new year often brings changes to various tax laws and policies around the world, and 2024 will be no exception. Effective January 1, 2024, a number of countries will introduce changes to their Value Added Tax (VAT) or GST rates which you need to know to stay compliant. These changes are driven by a variety of factors, including the desire to simplify the VAT system, promote economic growth or support certain economic sectors. Czech Republic On November 22, 2023, the Czech Republic's President endorsed a budget law unifying the reduced rates of 15% and 10% into a singular reduced rate of 12%, effective January 1, 2024. Estonia The Estonian Parliament, on June 16, 2023, approved legislation raising the standard VAT rate from 20% to 22%, taking effect on January 1, 2024. Furthermore, commencing January 1, 2025, reduced VAT rates for both printed and electronic press publications will increase from 5% to 9%, while rates for accommodation services will elevate from 9% to 13%. Luxembourg The temporary 1% VAT rate deduction on standard and reduced rates, established by the Law of October 26, 2022, will expire at the year's end. From January 1, 2024, the rates will revert to 17%, 14%, and 8%, respectively. Switzerland and Liechtenstein Following a September 25, 2022, referendum, Switzerland decided to raise VAT rates from January... - Published: 2024-01-10 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/czech-republic-consolidation-of-reduced-vat-rates/ - Categories: EU, Legal changes, VAT The President of the Czech Republic signed the budget law that consolidates the reduced rates of 15% and 10% into a single reduced rate of 12%, effective January 1, 2024. Consolidation of reduced VAT rates Alongside this consolidation, the legislation entails the elimination of 22 tax exemptions, the imposition of restrictions on employee benefit deductions, and adjustments to excise taxes and taxes related to gambling activities. The standard VAT rate will remain steady at 21%. Supplies subject to the 21% standard rate include: Alcohol Draft beer Services like hairdressing Supplies moving to the new 12% VAT rate include: Essential foods Printed magazines and journals Newspapers Medicines Housing Books, currently taxed at 10%, will be exempt from VAT. - Published: 2023-12-11 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/updating-invoicing-guidelines-in-sweden/ - Categories: EU, Legal changes, VAT On the 10th of November, the Swedish Tax Authorities published a clarification to the invoicing guidelines. This will enable you to understand what a complete invoice is and what it should contain. Invoicing guideline The guideline update focuses on: Information on quantity and scope. By specifying the quantity of goods is understood that the invoice must contain information about the exact number of goods delivered. In terms of scope of services, it is required to report on how much of each service was performed by the seller. To enter this information, you can provide the total time that was required to complete a specific service (the number of hours). The nature of the goods or services. This requirement means that the invoice must contain a description with sufficient detail to identify the type of goods or services that were provided or delivered. This description does not have to be exhaustive, but it must be sufficiently detailed. Please find below some examples that will help you understand what a sufficient description means. In the case of goods, it must include a trade description or the name of the goods. In the case of services, the type of services provided should be sufficient, as long as the description does not cover a wide range of services. This applies, for example, to "legal services" or "consulting services. " In those cases, the services provided must be described in more detail. You can find more information in the official guidelines here. - Published: 2023-12-01 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/steuernummer-vs-vat-id-number-ust-idnr-whats-the-difference/ - Categories: VAT When it comes to taxation and business identification in Germany, two terms often surface: Steuernummer and VAT ID number (USt-IdNr). They play distinct roles in the realm of taxation and business operations. In this article, we will delve into the difference between these two numbers, their purposes, and their significance for businesses. Understanding Steuernummer The Steuernummer, often translated as a "tax number," is a unique identification number assigned by the local tax office (Finanzamt) to individuals and businesses for taxation purposes. This number helps tax authorities track and manage income tax, trade tax, and other local taxes. The Steuernummer is used primarily for domestic tax-related matters and is assigned by the local tax office where the individual or business is registered. Understanding VAT ID Number (USt-IdNr) The VAT ID number, known as "Umsatzsteuer-Identifikationsnummer" (USt-IdNr) in German, is distinct from the Steuernummer. It is a unique identifier assigned to businesses engaged in cross-border trade within the European Union (EU). The USt-IdNr is used for VAT-related transactions and interactions between businesses across EU member states. Key differences: Scope of use Steuernummer: Used for domestic tax purposes within Germany, including income tax and trade tax. USt-IdNr: Primarily used for cross-border transactions within the EU, enabling businesses to trade goods and services without charging VAT. Cross-Border Relevance Steuernummer: Generally not used in cross-border trade; it applies to national taxation matters. USt-IdNr: Essential for businesses engaged in cross-border trade within the EU to ensure proper VAT treatment. Issuing Authority Steuernummer: Issued by the local tax office where the individual or business is registered. USt-IdNr: Assigned by the Federal Central Tax Office (Bundeszentralamt für Steuern) in Germany. Purpose Steuernummer: Facilitates domestic tax assessment and liability determination. USt-IdNr: Enables businesses to engage in cross-border trade with VAT exemptions under the reverse charge mechanism. - Published: 2023-09-15 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/reverse-charge-in-different-eu-countries/ - Categories: EU, VAT Why do so many Polish entrepreneurs provide their services to clients from other EU countries? Border-free policy, universal access to the Internet, and free communication with contractors from the farthest corners of Europe are the answer to this question. However, this accessibility comes with additional obligations, an example being VAT. The law regulates both the invoicing processes and the details it must include, and the application of reverse charge when certain conditions are met. What is import of services from EU countries? Businesses working with customers abroad are required to include a reverse charge clause on the invoice. The reverse charge mechanism is nothing more than the transfer of VAT liability from the seller to the buyer. This means that the buyer, who is an active VAT taxpayer, charges tax on such transactions. This may later be deducted, as the customer receives an invoice documenting the import of services from the European Union. According to Article 2(9) of the VAT Act, import of services is defined as a transaction where: the buyer is a natural person engaged in business activity or a legal person who has a registered office or a permanent place of business in Poland, the taxpayer has a registered office or permanent place of business in Poland and purchases services from a taxpayer whose registered office or permanent place of business is located outside Poland, the services are supplied in the country where the buyer’s registered office is located (Article 28b. of the VAT Act), the service is not subject to separate regulations that would indicate tax obligations in the supplier's country. When does tax liability arise on import of services? At the time the service is performed. This means that the purchase of services from a taxpayer from another member state constitutes obligation to report import of services on the invoice received, and charging VAT in Poland, at the rate established for the service. Note that an invoice with a... - Published: 2023-01-04 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/portuguese-unique-document-code-atcud/ - Categories: Accounting, World Invoices and other pertinent tax papers must now include a two-dimensional bar code (QR code) and a unique document code ATCUD (Sequential Number Validation Code), according to the Portuguese tax authority (Autoridade Tributaria e Adueneira, or AT). Unique document code - ATCUD With this policy, the informal economy, fraud, and tax evasion are intended to be reduced and the communication of invoices and taxpayer transactions improved. All Portuguese companies (or companies registered for Portuguese VAT) producing electronic invoices will need to modify their systems to comply with the new legal standards. The document code ATCUD must be included on invoices and tax documents. Regardless of the method, including both electronic and printed invoices, in which they are provided to the customer, ATCUD codes must be readable. Only paper invoices and PDFs with signed signatures will display the QR code. The ATCUD code must appear on each page of documents that have multiple pages. Either the first or last page can have the QR code. If you need support in that matter, feel free to contact one of our experts. - Published: 2022-12-15 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/uks-new-vat-penalty-regime-as-of-january-2023/ - Categories: Legal changes, VAT, World A new system of penalties and VAT interests will be introduced by HMRC and will replace the previous Default Surcharge system. The change will apply to reporting periods which commence on January 1st, 2023. Contrary to the previous system, penalties will be divided into two types: one for late submission of VAT returns and the other one for making late payments. You will find a new scheme for calculating penalties for both types below. Penalty resulting from a late VAT return It will be applied in accordance with a new penalty points system. For each delay in submitting a VAT return, the taxpayer will receive 1 penalty point. If they exceed the thresholds listed below, HMRC will impose a £200 penalty. Each subsequent late declaration will result in receiving an equally high penalty (i. e. £200). Expiry of all points after the period of compliance*: with an annual submission frequency and a penalty threshold of 2 points, the period is 24 months; with a quarterly submission frequency and a penalty threshold of 4 points, the period is 12 months; with a monthly submission frequency and a penalty threshold of 5 points, the period is 6 months. *As long as all returns are submitted on time for the period of compliance and the tax payer makes sure that HMRC has received all outstanding returns from the preceding 24 months Penalty for late payment of VAT It will be applied based on the length of the period after which the taxpayer settled their VAT liability. within up to 15 days of the due date - HMRC will not impose a penalty (if VAT is paid in full within this time period or the taxpayer agrees on a repayment plan with the office); within 16 to 30 days of the due date - HMRC will impose a 2% penalty (calculated based on the amount of tax due); within 31 days and more of the due date -... - Published: 2022-08-19 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/ap-automation-tools-are-you-using-them-right/ - Categories: Accounting Nowadays accounts payable automation tools are becoming more and more popular and rightly so. After all they can increase efficiency of the AP process and in turn reduce time and money company has to spend on it. How to use AP automation tools? However as you probably already deduced from the heading of this article reality is not as simple as that everything changes with an introduction of a new software to your organization. At least not to an extent it could. That is why we would like to point to a few, worthwhile in our opinion, aspects of automation tools implementation. Don’t replicate You already had a simple solution for accounts payable before and now you decided to go with a more powerful tool as you want to improve your accounting process? It might seem natural to try to replicate some of the solutions you had in your previous system in the new one. However, try to avoid that. The implementation of new software is a chance to start fresh so it’s best not to artificially impose any restrictions on yourself. Sometimes the new solutions work on totally different set of rules so trying to duplicate something that worked in the old one either might not be possible at all or, if it is, you might have to create a complex set of exceptions and workarounds. Which in turn may make the processes not easier but even more troublesome than before. Creating new approach from scratch might seem like a taxing task but in the long run it will allow you to use the system and its functionalities better. Customize The standard cases are the best. Everything works as it should, the invoices are getting booked... - Published: 2022-03-31 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/the-biggest-sales-platforms-in-the-eu-overview-and-comparison/ - Categories: Other Do you want to sell online not only in Poland but also in Europe? Thus, you need an appropriate sales platform. Check which of them are currently the biggest and choose the one that will meet your needs. How to build your online store? It's true – you don’t need much to start selling online, but only if you decide to run your business using a sales platform. It gives you an access to many practical tools to run your online store. Which platforms are the biggest in Europe? Amazon Number one – the giant on the e-commerce market, namely the American company Amazon. It is the greatest global marketplace, which is available to vendors from all over the world. It also works in Europe, including Poland for some time. When looking at the offer, it is hard to believe the website initially existed as an online bookstore. It is currently possible to buy, above all, electronics, home appliances, furniture and many other products via the Amazon platform. Selling through this online platform is available only for registered users. Once you create an account, you need to select a specific sales plan. This determines the amount of commission that is charged for running the online store. It is also possible to take advantage of additional services, such as the most famous service Fulfilment by Amazon (shipping and returns service). The advantages are primarily a high sales rate, access to markets not only in Europe but also worldwide, as well as customer confidence and fairly low online advertising costs. Disadvantages? Really high competition and high commissions for selected services within sales packages. eBay The second largest e-commerce player after Amazon is the American eBay. In 2000 it caught on... - Published: 2022-03-07 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/future-online-sales/ - Categories: Other The e-commerce industry is developing at a dizzying pace - especially in Poland. For several years we have been observing increasing interest in online shopping. We no longer have to physically go to a store to fill up a shopping cart and pay for its contents. Expectations are growing as fast as new ideas for e-commerce development are coming up. What does the future of the industry look like? E-commerce today Today, all you need is an Internet connection and a sales platform; through the network, the customer views a product, selects it, pays for it, and orders it with delivery to the desired location. All of this happens in a few moments thanks to such solutions as mobile apps, advanced payment models, or well-developed delivery services. Another innovation that we are already dealing with is multichannel. It consists of a good combination of stationary and online sales. By moving between traditional and online trade, customers learn how to use both ways of shopping at the same time - without excluding either of them. Like any other industry, e-commerce doesn’t like stagnation and is always looking for new development opportunities. No wonder we hear a lot about solutions based on the latest technological achievements. Examples are the smart use of drones in order delivery or virtual and enhanced reality. What will online sales look like in the future? Digital world at your fingertips - AR and VR Companies working in the e-commerce industry will appreciate digital technology even more. They won’t create only mobile applications. The time for discovering potential hidden in AR (augmented reality) and VR (virtual reality) will come. Consumers today want not only to see a product but also to feel it - for example, to test its functionality. Special apps based on AR or VR technology will allow you to arrange your own room, try on clothes or put on make-up. This way the customer... - Published: 2022-03-07 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/the-future-of-e-commerce/ - Categories: Other It is neither surprising nor unusual to say that there is a lot of potential in e-commerce. It has been growing rapidly for years – the revenue from online sales is now calculated in billions, if not trillions. Predictions for the future show that there is potential for even more growth. Where does this success stem from, and what is the future of e-commerce? The growing value of e-commerce Anyone who runs their own business imust be aware of the consequences of the current economic situation in the world. The most valued business characteristic is flexibility understood as the ability to adjust to new situations and searching for alternative business models. In such a dynamic environment e-commerce simply blossoms. Online trade has become quite significant in recent years, and it doesn’t seem to slow down, as many entrepreneurs who previously conducted their business offline decided to switch to e-commerce. E-commerce in the near future According to analysts’ prognoses, e-commerce traders will become even more aware of their opportunities. They will appreciate the potential in conducting business online. Entrepreneurs will gain not only more financial liquidity but also a chance for development with the use of modern technologies: progressive apps, augmented reality, subscription automation, and voice search, to name the most important ones. Digital transformation is where e-commerce will evolve exceptionally. The e-commerce industry is always on a lookout for new trends in sales. Its main focus is product customization, eco-friendliness, multi-channel distribution, and diversification of delivery options. Customers’ impression plays a huge role here – on the basis of analysis of customers’ shopping habits and constantly changing needs online traders will have to adjust their offers to their clients’ expectations. They will take flexibility to the next level. Global expansion of e-commerce The number of online shops both worldwide and in Poland is growing. Consumers decide to shop online more and more often. Undoubtedly,... - Published: 2022-02-16 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/the-polish-deal-and-the-upcoming-changes-in-income-tax-pt-2/ - Categories: Legal changes, VAT In the first part of the article, we mentioned some crucial changes related to the introduction of the Polish Deal. Tax relief for the middle class or PIT 0 for 4+ families are only a fraction of what the government has prepared. Today we will take look at the subsequent changes – especially since some of them have already stirred up some controversy. The Polish Deal: changes as of 2022 The implementation of changes in taxes has raised many questions and doubts. The Polish Deal includes inaccuracies that have led, among other things, to a reduction in salaries. Currently, the government is trying to cut losses and bring the proposed laws to order. What amenities are most talked about? Universal tax relief The tax modifications enacted on January 1 have created confusion in the payroll area. Efforts are underway to compensate for the loss in income. The government is planning to expand the group of beneficiaries who will be able to profit from an additional tax preference – the so-called compensatory relief adequate to annual settlements in 2022. It will be available to employees earning up to 12,800 PLN gross per month. Advance payments for income tax Due to the above, with the beginning of 2022 the method of settlement of advance payments charged under income tax has changed. The amount of the advance payment cannot exceed the amount charged adequately until the end of December 2021. As a result, employees with a lower paycheck will receive an offset. Relief for single parents The new relief for single parents is a significant change. It is a fixed amount of 1500 PLN for every parent – no matter how high their income is. They will be able to benefit from it when completing the PIT form. Thus, joint settlement (with a child) will not be possible. Joint settlement with a spouse Married couples who... - Published: 2022-01-26 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/multiple-vat-registrations-in-various-countries-how-to-manage-your-accounts/ - Categories: VAT Does your company register to VAT in multiple countries? If so, here are the best practices offered by our accountants. These will help you run your business both in Poland and abroad. Good accounting practices Knowledge is everything. Knowing the principles of VAT settlement in other countries, both in the EU, and outside, provides more opportunities for planning your budget and finding the right market. Proficiency in foreign languages is also important, as without it accountants whose task is handling VAT registration abroad will not be able to read financial statements correctly or communicate with foreign tax authorities or clients. Understanding VAT regulations in each country is also crucial, as each state has their own methods of tax settlement on goods and services. All there is to know about e-commerce Modern day accountants know the kind of opportunities business who conduct online sales or provide services online have. However, the e-commerce sector, just like any other business, is subject to tax, which means that certain tax settlement requirements must be met. Accountants providing services for such businesses must be conscious of the ins-and-outs of legal acts. It is also a good practice to acquaint oneself with e. g. VAT rates for international transactions, VAT OSS tax settlement process, as well as other complicated processes which make up international trade, including VAT settlement processes in various countries. Stay up-to-date! E-commerce accounting is not an easy task which is why we offer experienced support which is detailed, effective, reliable, and transparent. It also covers a consistent implementation of good practices in company’s everyday activities. If you are interested in our offer – do not hesitate to contact us! - Published: 2022-01-17 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/vat-one-stop-shop-scheme-for-northern-ireland/ - Categories: Legal changes, VAT, World Changes in distance selling between EU member states and non-EU countries made a great impact on the existing methods of VAT tax settlement. In addition to modifications in tax law in Great Britain and Northern Ireland there are also new suggestions resulting from the introduction of VAT OSS which requires submitting tax declarations online. Changes in EU VAT regulations for non-EU countries The fact that the UK was no longer subject to the rules of intra-community trade raised a lot of questions. How has the situation of businesses with registered offices in Northern Ireland changed? What is the NI – EU trade relation like now? As it turns out, regulations concerning Northern Ireland and are being introduced at a different rate. As of January 1, 2021 regulations regarding VAT for e-commerce traders have changed. The most considerable modifications concern not only Great Britain but also Northern Ireland. However, Northern Ireland is subject to a unique set of regulations in this regard. According to a dedicated protocol, Northern Ireland is partially subject to EU VAT regulations and partially treated the same way as Great Britain is - as a non-EU country. The main difference lies in the type of exchange conducted: the former has to do with selling goods, whereas the latter with providing services. Entrepreneurs who sell their goods comply with the intra-community supply and acquisition transactions rules, as well as distance sales rules which are applicable in the EU. However, those who provide or receive services will have to settle VAT according to the same rules as businesses from outside the EU. These rules will apply for the next 4 years. The protocol offers a time extension for these rules, which means that these methods of VAT settlement may become the default VAT settlement method. Changes in transactions in Northern Ireland As of... - Published: 2022-01-04 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/the-polish-deal-relief-for-automation-and-robotization-of-production/ - Categories: Legal changes, VAT The new economic plan prepared by the government includes various tax reliefs. One of such reliefs is the tax relief for robotization which enables entrepreneurs to obtain a return on purchasing innovative technologies. Which companies can benefit from it? Supporting entrepreneurs focused on development and progress On 1st January 2022 various changes in tax law will be introduced in accordance with the Polish Deal initiative. The benefits of the relief will be particularly obtained by companies who plan on investing in industrial robots. The automation of manufacturing and processing is an expensive investment which is why the government provided support for entrepreneurs in a form of tax relief programme. The relief for robotization allows for a 50% deduction of costs of purchasing innovative industrial systems. All companies focused on development and restructuring of the current manufacturing and processing methods will benefit from the new initiative. Introducing new systems will become more accessible even for smaller companies which could not invest in industrial robots in the past due to high purchase costs. Additionally, the new programme supports other tax solutions such as the Research and Development tax relief (R&D). This relief allows for deduction of costs connected to the conducted research and developing activities. According to the new regulations the amount of cost deduction may be up to 200%. Automation – a tax relief for ambitious change-seeking entrepreneurs Both solutions offered as part of the Polish Deal are supposed to not only be financially beneficial but also open doors for automation of the manufacturing industry. A chance to buy more industrial robots should provide support also for businesses who lack employees with specialised knowledge. Some of the tasks can or even should be automated – and this is one of... - Published: 2021-12-16 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/the-polish-deal-and-the-upcoming-changes-in-income-tax-pt-1/ - Categories: Legal changes, VAT In November President of Poland Andrzej Duda signed the Polish Deal Act, which provides financial assistance for Polish citizens and entrepreneurs. Some of the new regulations have already been entered into the Journal of Laws, and will take effect in January 2022. What changes does the Act include? Financial assistance in the face of a crisis The main aim of the Polish Deal is to help eradicate problems connected with the COVID-19 crisis. It mostly focuses on changes in tax law, which are beneficial both for entrepreneurs, as well as ordinary households. The assistance includes tax reliefs and additional social benefits for families with children. Who will benefit from the upcoming changes in tax law? Polish Deal concerns not only entrepreneurs but also families and ordinary citizens coping with the aftermath of the pandemic. The new programme offers the following solutions... Tax relief for middle class citizens The Polish Deal includes special tax reliefs for middle class citizens. Both tax paying entrepreneurs, where general principles of taxation apply, and citizens with employment contracts can benefit from the aforementioned reliefs. Such a solution aims at reducing the cost of health insurance contribution for persons with income between 5 701 PLN and 11 141 PLN per month. Middle class citizens will be able to calculate the amount of the relief per year from now on. The employers are obligated to include the relief in tax settlement process as of next January. 0% PIT for 4+ families Large families are also supported by the Polish Deal. The new changes include a new 0% personal income tax (PIT-0) for income which does not exceed 85 528 PLN. This means that families with four children or more will be exempt from PIT. This solution is aimed at all parents, both those who run... - Published: 2021-12-09 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/autumn-2021-changes-in-the-aml-act/ - Categories: Legal changes The next stage of the amendment process for regulations concerning counteracting money laundering and the financing of terrorism, which began on March 30th, 2021, has come. On October 31st, 2021 an amended Act of 1st March 2018 has been introduced under the 5th AML Directive. The amendment adds more obligations for Polish enterprises and accounting offices. What new challenges will accountants face and what should they focus on? Accounting offices and changes in AML The amendment to the Act on Counteracting Money Laundering and the Financing of Terrorism means more work for accountants, including even more restrictive financial security measures, more scrupulous supervision of beneficiaries, and more workshops for employees. The amendment includes inter alia an extension of the list of business entities entered into the Central Register of Beneficial Owners (CRBO). In addition to general and limited partnerships, professional partnerships, European companies, foundations, co-operatives entered into the National Court Register, and European Economic Interest Groupings were added. Furthermore, more frequent verifications of CRBO are now required. Accounting offices and new AML-related obligations Consequently, accounting offices face more responsibilities and obligations. Accountants are obligated to assess financial risk connected to possible money laundering or terrorism financing, and implement specific solutions under the Act. This will allow reporting on any infringements become more effective and prevent dishonest activities which could compromise company’s financial security. Accounting offices will need to provide workshops for employees, accurately verify beneficial owners’ identity, and archive all documentation confirming conducted transactions. An inspection of internal procedures in accordance with the amendment will also be necessary. - Published: 2021-10-23 - Modified: 2025-03-07 - URL: https://effglobal.com/blog/benefits-of-payroll-outsourcing/ - Categories: Payroll Professional payroll outsourcing services are an invaluable aid for all entrepreneurs who think of improving the internal processes in their companies. Payroll outsourcing focuses on the preparation of remuneration-related documents in an appropriate and professional manner, as well as on salary calculation. Payroll outsourcing is also responsible for the accuracy of reports and ensures data confidentiality. What are the benefits of payroll outsourcing? Outsourcing provides entrepreneurs with more than just precise calculation of remuneration. Effective budgeting in relation to hiring new employees, optimization of payroll processes and HR costs are only a few examples of many benefits of payroll outsourcing. Another advantage is flexibility – an outsourced accounting company should be able to adjust their services to a changing market and business. It also prepares detailed employee documentation and is legally liable for its own work. That way, it is the outsourced company which is financially liable for any potential mistakes, and not your enterprise. Moreover, payroll outsourcing ensures continuity of service which, in turn, results in the reduction of costs made by your enterprise. Specialists provide support in any situation, for instance, when many employees take a sick leave at the same time or when an intensive recruitment process is planned. Under such circumstances, outsourced accounting team takes over payroll processes, and relieves the enterprise from any financial liability or additional costs resulting from maintaining an in-house HR department. Why us? Entrepreneurs who think of using payroll outsourcing services can rest assured that all necessary HR processes will be managed accurately and in accordance with existing regulations. We provide our services in a complex, transparent and convenient manner, with timeliness, accuracy and compliance with all legal requirements in mind. Our approach allows your enterprise to economise on costs, organize HR department’s responsibilities better, and optimize all business processes. Shifting the financial liability, having full control... - Published: 2021-10-21 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/ioss-or-oss-which-option-to-choose-for-businesses-from-uk/ - Categories: VAT, World Brexit has led to many vital economic changes including those in the e-commerce sector.When the UK decided to leave the EU, it became an external trading partner for the remaining Member States. For this reason, the form of taxation for goods imported and exported via the UK to be later sold online had to change. What does e-commerce look like in the UK today? Entrepreneurs from EU Member States who conduct intra-Community online trade can use a simplified OSS method. But is this option also available to online shops whose owners sell goods form the UK? OSS offers two options: the EU scheme available to businesses with their registered offices inside the EU and the non-EU scheme available to businesses with their registered offices outside the EU. The non-EU OSS scheme concerns settling VAT on services provided for EU customers in only one Member State (the country of identification, which is also an EU Member State). There is no need for registering or settling VAT in other Member States where the service is provided (consumer Member States). Additionally, the non-EU OSS scheme enables a simpler VAT settlement method for external entities providing services to VAT payers (consumers) from outside the EU. What about IOSS? Until the end of 2020 business transactions between the UK and EU Member States were based on the intra-Community rules of purchase and delivery of goods and services. Since January 1, 2021, they have been replaced by import and export. British entrepreneurs conducting distance sales to EU citizens must also keep in mind the new e-commerce and EU regulations. Since July 1, 2021, the exemption from VAT on the import of goods which do not exceed in value 22 EUR has been revoked in all EU countries (in Poland the exemption did not apply to e-commerce). This means that the import... - Published: 2021-10-13 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/ioss-vs-oss-similarities-and-differences/ - Categories: VAT VAT OSS (One Stop Shop) is a replacement VAT settlement method for VAT MOSS (Mini One Stop Shop). Since July 2021 online shops owners can settle VAT easier with the help of VAT OSS or VAT IOSS. One of the options available is OSS – a tax settlement method which allows European companies operating in e-commerce to settle VAT via one declaration while applying VAT rates of the country of the consumer – without the need to register their business in each country separately. Another VAT settlement method is IOSS. What are the differences between the two, and which option is more beneficial to entrepreneurs? IOSS vs. OSS – similarities and differences The main difference between OSS and IOSS lies in the rules of international trade. OSS is a list of services dedicated to businesses conducting intra-community distance sales who exceeded sales threshold of EUR 10,000 per year. The threshold includes all sales to all EU countries except for the country of incorporation, contrary to previous rules, according to which, each Member State had their own thresholds for e-commerce trade. In other words, businesses now operate as a part of the EU and sell their goods to clients inside the EU. For entrepreneurs conducting business outside the EU, IOSS scheme has been created. According to the current definition, it applies to sales of goods imported from third countries or territories, which do not exceed the net value of EUR 150. This solution is to facilitate entrepreneurs obtaining goods from abroad cheaper for later sales inside the country of incorporation. The entire IOSS procedure has been standardized and simplified as with OSS. Now, one can register online in one of Member States and submit your tax declaration in a single service point. For VAT OSS, it must be the country of incorporation, whereas for VAT IOSS, the seller chooses the country in which they want to report on their sales to EU consumers. VAT IOSS or VAT OSS – which one should you choose? Registering for VAT OSS is entirely voluntary, and it is up to the seller to make this decision. It is worth mentioning... - Published: 2021-09-13 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/how-to-choose-the-right-statutory-auditor/ - Categories: Accounting Is it time for your company to conduct a thorough financial audit? Many entrepreneurs wrongly associate financial audits with something particularly unpleasant. In fact, examining the financial capacity of your company is a great chance to learn about your company’s strengths, plan next steps, and limit unnecessary expenses which may impede business growth. An accurate and thorough audit which can work for the benefit of the company requires hiring an experienced statutory auditor. What should you know to find the right auditor and what should the recruitment process look like? The job of a statutory auditor A person with the power to conduct financial audits for a company is called a statutory auditor or simply an auditor. Their main task is to oversee financial statements prepared by accountants. They are mainly responsible for making internal evaluations which can clearly and precisely determine the transparency of various financial activities conducted by the company. Auditing assesses whether all activities are conducted in accordance with the law. How to choose a statutory auditor? A specialist responsible for conducting financial audits must be a trustworthy person. A statutory auditor is bound by confidentiality. Neither company-related information nor company financial documentation may be shared with third parties (there are exceptions to this rule by law, for instance if the information constitutes crucial evidence in a court case). A statutory auditor must be chosen early enough to be able to prepare for the tasks assigned to them and conduct all necessary analyses without time pressure. A statutory auditor must conduct a preliminary examination in order to plan their work. For this reason, audits should not be put off. Pricing also matters – it should be relevant to the scope of services provided by the auditor. If the pricing is too low for the amount of work required or if they are willing to spend very little time on the audit – maybe you should reconsider hiring this particular auditor. Remember that you always have the right to ask about the scope of services provided by an... - Published: 2021-08-24 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/accounting-automation-will-humans-be-replaced-by-ai/ - Categories: Accounting Automation is a word both intriguing and unnerving. Yet, no matter what feelings it evokes, one thing is clear – introducing new technologies in business provides promising opportunities. Such state-of-the-art solutions are no longer introduced solely in the manufacturing sector but also in the service sector, as well as accounting. Will the automation of accountants tasks lead to their positions becoming obsolete? Can automation and human input work together? Financial processes automation The most recent predictions regarding the automation of accounting processes suggest that in the future all tasks regarding bookkeeping may be taken over by systems specifically designed for it. These systems have been tested by many companies for years, and they are constantly being perfected and updated, so that in the future highly trained employees could be replaced first partially and then entirely by modern technologies. Accounting in the modern world The automation of accounting processes should be of interest to entrepreneurs who run big and medium-sized businesses and think of optimizing the working time of accounting departments, whilst maintaining a dynamic company growth. New technologies facilitate data entrance, invoicing, NIP and VAT number verification, preparation of accounting contracts, or submission of tax declarations. Thanks to automation all processes are completed much faster and more accurately. How not to be replaced by AI? Although such predictions may not seem too optimistic for the employees, it does not mean that all accountants will lose their jobs. In the era of technological development it is important to focus on personal development and discovering new competences which are compatible with our profession. Finance automation is an opportunity for those who are not comfortable with carrying out tedious tasks which require precision. Instead, such employees will be able to focus on more interesting areas of their work, for example crisis management, tax optimization, or accounting management in order to help with company growth. - Published: 2021-07-30 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/tax-settlement-during-a-pandemic/ - Categories: VAT In order to help entrepreneurs carry on business activity during a global crisis a variety of alternative support solutions emerged. The new changes concerned, for example, the methods of maintaining financial liquidity or partial cancellation of financial obligations. The latter solution has been quickly implemented, as under the Anti-Crisis Shield programme, business owners were able to benefit from tax exemption or the idle time pay. However, these were only temporary solutions. Many entrepreneurs ask themselves: how will they settle taxes when the global crisis is over? Financial support during the pandemic In a time of economic crisis caused by COVID-19, many businesses have been challenged by having to implement unprecedented solutions that would enable maintaining financial liquidity, pay remuneration to the employees, and maintain stable company growth. Many of these solutions enabled entrepreneurs to stay in business. Government support provided as a part of the Anti-Crisis Sheild programme also proved to be helpful. Although the proposed support ideas are still available to entrepreneurs, protecting businesses from the consequences of the pandemic should be a more extensive and strategic process. Tax settlement during a global crisis The current situation along with all financial assistance solutions should be a driving force for calculated crisis management in small, medium-sized and large companies. Experienced entrepreneurs, aware that similar situations may occur in the future, know that matters such as timely submission of declarations, planning future expenses, maintaining financial liquidity, providing precise accounting reports, finding additional sources of revenue in case of another economic crisis, adjusting to the Labour Law, and setting realistic business goals must not be neglected. Tax settlement in the post-pandemic era Economists predict that, similarly to other global crises, the COVID-19 pandemic will also result in economic growth. This means more changes e. g. in tax law which has been under scrutiny in the face of the pandemic. It is possible that many of the proposed or already existing solutions will be implemented for good, whereas others will be replaced by more thought out, hence more long-term... - Published: 2021-07-23 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/changes-in-the-zus-forms-after-may-16-2021/ - Categories: Legal changes An important change to the process of ZUS ZUA and ZUS ZZA forms filing was introduced mid-May. As of now, entrepreneurs are obliged to provide information on the type of their employees’ or mandataries’ occupation. For this purpose, each profession has a special code assigned. So what is the purpose of this modification and what type of information should be included in the declaration? Occupation codes in ZUS forms In line with changes introduced along with the Anti-Crisis Shield 3. 0 programme (Art. 10 of the Act of 14 May 2020) templates of ZUS ZUA and ZUS ZZA forms were updated. A space for a 6-digit code for new employee’s occupation was added to the template. When applying for social insurance, employers will now be obligated to indicate the profession of an employee or a mandatary. Formal requirements – how to complete the forms? When filling in ZUS forms the employer is obligated to include an occupation code. This modification concerns people employed after 16 May 2021. Filling in the occupation code is not necessary in the case of employees that had been employed before that date. Where should the occupation codes be included? ZUS ZUA –fill in the code in box 01, section X ZUS ZZA –fill in the code in box 02, section V Occupation codes are available in the classification of professions and specializations (Regulation of the Minister of Labour and Social Policy of 7th August 2014) as well as on the Statistics Poland’s (GUS) website. It’s worth to keep in mind that as of 16 May 2021 it is obligatory to provide such a code. Should the code change, it must be indicated on the ZUS ZUA or ZUS ZZA form in accordance with existing regulations concerning reporting changes to ZUS. What is the purpose of occupation codes on ZUS forms? Adding occupation codes to the social insurance documentation aims... - Published: 2021-07-02 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/changes-in-distance-selling-to-german-consumers-after-july-1st-2021/ - Categories: EU, Legal changes At the beginning of July 2021 new regulations concerning e-commerce trade to Germany and all other countries of the EU were introduced. The changes stem from the so-called e-commerce package which will revolutionize the current approach to international trade powered by e.g. online shops. For this reason, the Polish tax law must be adjusted to the EU requirements. The e-commerce package: main objectives The new package aims at gaining more control over e-commerce trade. Its main objective is to facilitate VAT settlement processes regarding goods sold and services provided to customers from different European countries, and therefore, standardising existing tax laws (which differ depending on the country of destination). The e-commerce package will also help with company competitiveness of businesses active in the EU against businesses outside the EU, as well as limit untaxed goods. What changed after July 1, 2021? E-commerce traders will no longer use the term mail order sales. Instead, a new term which encompasses all e-commerce-related processes will be introduced – intra-Community distance sales. But the biggest change to come is the introduction of VAT OSS (One Stop Shop), and the necessary adjustment of internal processes to the new requirements regarding e. g. taxes and invoicing. The introduction of the eCommerce package means: the end of VAT exemption on the import of small parcels, tax payers’ obligation to settle VAT via a designated interface, a new template for VAT-R registration application, a simplified VAT-OSS procedure for suppliers who sell goods across the EU without having a registered office in the country of destination which will enable them to settle intra-Community distance sales via a single declaration, the end of existing national tax rate thresholds for distance sales which, if exceeded, oblige the tax payer to register VAT in the country of destination. These thresholds will be replaced by a single, unified distance sale threshold... - Published: 2021-06-09 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/remote-work-and-the-upcoming-amendment-to-the-labour-code/ - Categories: Legal changes, Payroll In the face of a pandemic, remote work model has become the best temporary solution for many employers. Temporarily, employees carried out their duties at home rather than at the office, working full time or part time. To many employees it was a very convenient solution, as there was no more need for commuting to work, and the work hours were often much more flexible. Along with the gradual easing of COVID-19 restrictions came the idea of codifying the rules of remote work. Whether the pandemic soon comes to an end or not, it is necessary to make amendments to the Labour Code regarding remote work. A mutually beneficial remote work model The term “remote work” has been used for over a year, ever since businesses had to adapt to the restrictions imposed by the government which limited social and professional contact. Employers happily used this opportunity to maintain financial liquidity and reduce mass layoffs. With time, remote work proved to be even more beneficial, as it helped reconcile the private life with the professional one, save up on the costs of maintaining rented office space, decreased the probability of taking sick leaves and the costs connected to commuting. Due to the new economic environment, changes to the Labour Code, which would enable utilizing the remote work model even after the COVID-19 pandemic is over, have been proposed. Remote work and the proposed changes The Ministry of Economic Development, Labour and Technology began work on amending the Labour Code in March 2021 and is now in the process of perfecting the amendments in question. The Council of Ministers will receive the draft no sooner than in July this year. The proposed changes will affect both the employees and the employers, and provide a more precise definition of remote work. According to the definition, remote work is a type of work carried out full time or part time at home or in a different location indicated by the employee. This means that employees and employers can choose between a remote or hybrid work model. The type of model must be agreed on by both parties. For this... - Published: 2021-05-10 - Modified: 2025-03-11 - URL: https://effglobal.com/blog/esl-ecsl-declarations-what-are-they-and-when-to-submit-them/ - Categories: EU, VAT Are you engaged in international or eCommerce trade and shipping products to other EU countries? If so, then you are obligated to submit additional tax declarations on the products sold and services provided across EU borders. VAT declarations must be submitted in the form of an EC Sales List (also: ESL or ECSL). What exactly is this document, and what should it include? Find out when a sales report should be submitted, and what it entails to avoid any problems in the future. ESL (ECSL) – what is it? Each entrepreneur who sells products or provides services must submit tax declarations presenting their revenue on a monthly or quarterly basis. This obligation concerns not only those who sell products or provide services in the country but also those who conduct trade internationally. In this case, however, tax settlement looks differently. Additional declarations, such as an EC Sales List (ESL) or its digital format ECSL (so much easier to fill in in the Internet era) are required. What is the purpose of ESL? The EC Sales List serves the purpose of reporting VAT on the sale of goods or provision of services across EU borders. Each intra-Community trade should be registered on the list for the convenience of tax authorities. Submitting this declaration is essential in the process of verification whether both parties confirm their tax rates in accordance with EU regulations. In other words, it is possible to check whether tax rates are declared correctly, and taxes are paid in full by both parties of the transaction. What should ESL include? The EC Sales List should include information required for verification of a transaction between sellers and customers inside the EU. In addition to such basic information as customer’s details, the list must also include customer’s VAT number, their country code, and the value of sales. More importantly, the VAT numbers must appear in VIES – VAT information exchange system. Only then can the ECSL declaration be submitted. When should you submit ESL... - Published: 2021-04-27 - Modified: 2025-03-10 - URL: https://effglobal.com/blog/the-vat-21-form-and-the-taxation-of-distance-selling-from-poland/ - Categories: VAT When conducting business based on distance selling you should keep in mind the available methods of VAT settlement. If all requirements are met, the seller may choose the country of taxation. Why is it worth doing? Choosing the right country of taxation may help you save money. As currently the VAT rate in Poland is one of the highest in the EU, choosing a different country of taxation may result in paying lower tax rates. Distance selling from Poland and the selling thresholds Distance selling, to put it simply, is the sale of goods from their country of origin by a VAT payer to a consumer located in another intra-Community country. However, not all goods are regulated by the rules of distance selling. In accordance with the VAT Act, such goods include: new means of transport goods which must be installed or assembled, with or without a test run, by the vendor or an entity acting on their behalf second-hand goods, art, collector’s items and antiques The country of taxation for goods not mentioned above is determined on the basis of distance selling thresholds specified by each country of the EU individually. You can read about distance selling thresholds here. If the annual distance selling thresholds for goods shipped from Poland to other countries of the EU have not been exceeded, the country of taxation is Poland, i. e. the country of shipment. The seller may choose the place of destination as the country of taxation, regardless of the turnover obtained from the delivery of goods to that country. However, the decision must be made before the distance selling thresholds are exceeded. Note that the new place of taxation must be the country where the goods are being delivered – it cannot be any country of the EU. The VAT-21 form and other formalities Note that the head of tax office in Poland must be informed about choosing another country of taxation for distance selling.... - Published: 2021-04-07 - Modified: 2025-03-07 - URL: https://effglobal.com/blog/when-is-obligatory-to-register-as-a-vat-payer/ - Categories: VAT Are you planning on conducting business activity and wonder if you should register as a VAT payer? Before taking the next step, find out in which situations you will be subject to VAT exemptions. Are you a VAT payer? In line with the Polish regulations, all entrepreneurs selling goods and services, exporting and importing goods in Poland and inside the EU are subject to VAT. They can be divided into active and exempt taxpayers. An active taxpayer must register as a VAT payer, submit declarations, keep records of goods and services, issue VAT invoices, and pay taxes. An exempt taxpayer is an entrepreneur who can be exempt from VAT either on the account of sales volumes or on the account of specific products and services. However, there are certain requirements which they must meet, such as keeping simplified sales records and issuing invoices upon request. VAT exemptions A taxpayer is exempt from VAT when their annual sales do not exceed PLN 200,000. The exemption is then based on sales volumes. Entrepreneurs can benefit from it as soon as their business is set up. As long as they do not exceed their annual turnover threshold, they do not have to register as a VAT payer. The exemption can also be based on the specific products and services sold. Entrepreneurs can benefit from the latter if the economic activity they conduct is stipulated by Article 43 (1) of the Polish Tax on Goods and Services Act. More importantly, entrepreneurs entitled to this exemption cannot waive it. However, they are obliged to issue VAT invoices with an information on tax exemption. When is it necessary to register as a VAT payer? As stipulated by the VAT Act,... - Published: 2021-03-30 - Modified: 2025-03-07 - URL: https://effglobal.com/blog/the-new-vat-oss-scheme/ - Categories: EU, VAT In 2021, changes regarding the methods of settling VAT in the EU will be introduced. The package of regulations will be aimed at entrepreneurs in the e-commerce sector, who focus on selling goods and providing services online. The Polish government is already working on the implementation of the package. So what will the new VAT settlement package for e-commerce bring? The e-Commerce package for online traders According to the EU directive, entrepreneurs conducting trade online should expect some changes in VAT settlement methods in the second half of 2021. The alterations include the standardisation of VAT declarations in the form of VAT-OSS. The e-commerce package aims at facilitating international trade and providing entrepreneurs with equal opportunities on the European market. The most significant objective of the proposed modifications is creating a single digital market for all member countries. The cause of these modernisations is the rapid growth of the e-commerce sector. The existing tax regulations require adjustment to the new economic conditions. The e-commerce package, on the other hand, completes the series of changes in the VAT regulations introduced by the EU in recent years. The eCommerce package – proposed changes The main objectives of the EU directive include the standardisation of the VAT settlement processes, including the turnover threshold (EUR 10,000). Having exceeded this limit, preparing a VAT declaration for online trade conducted on the territory of the delivery country will be required. The EU e-commerce package will enable entrepreneurs to settle VAT with only one declaration in the form of VAT-OSS (One Stop Shop). This way, entrepreneurs selling goods or providing services within EU will not have to register their business in each country individually. They can do it by submitting a single document in the country of identification, i. e. the address of the registered office or the place where the business is registered. VAT will be... - Published: 2021-03-24 - Modified: 2025-03-07 - URL: https://effglobal.com/blog/does-your-business-require-an-eori-number/ - Categories: EU, VAT Promisingly, the more popular international trade becomes, the more entrepreneurs decide to expand their businesses. However, before you decide to trade with countries outside the EU, consider these requirements which ensure legal and procedural compliance of such transactions – one of them being the EORI number. What is EORI and what is it used for? The Economic Operator’s Registration and Identification number is a number assigned to economic entities enabling their identification for customs regulatory purposes in terms of trade between the countries of the EU and third countries. EORI number is mandatory for all entities registered in the EU which export goods to third countries, as well as entities registered outside the EU which plan on importing goods to the EU. The EORI number is an integral part of the e-Customs programme implemented in 2009 which aims at improving and digitalizing intracommunity trade-related activities, as well as speeding up customs duty processes. The number is assigned to economic entities which take part in any customs-related activities inside the EU, e. g. when they import goods from outside the EU, or export goods to the countries of the EU as entities registered outside the EU. In such cases, having the EORI number is obligatory. It is crucial to apply for the EORI number before conducting any import/export transactions between the EU and third countries, as it must be confirmed at the very first customs control operation. EORI number is unique and assigned only once. Each number is valid on the entire territory of the EU. It facilitates all formalities and excludes the need for any paper documentation. All EORI numbers can be verified online at https://ec. europa. eu/taxation_customs/dds2/eos/eori_validation. jsp? Lang=en. The format of the number differs from one country to another. In Poland, it includes a... - Published: 2021-03-05 - Modified: 2025-03-07 - URL: https://effglobal.com/blog/the-amazon-platform-launches-in-poland/ - Categories: EU, Other, VAT The e-commerce market in Poland used to be dominated by a local brand – Allegro. However, a few months ago, the third biggest American investor in Poland – Amazon – announced the opening of a Polish version of their platform. It was launched on March 2nd, 2021 – this time without any default redirections to the German version of the site. What does the Polish Amazon site have to offer? Let us have a closer look. What does the launch of Amazon. pl mean for sellers and customers? Sellers and customers who are used to the Polish brand and conducting trade in Poland won’t have to change their habits. However, they still might want to look for better solutions. In addition to goods from abroad, Amazon also offers goods from Polish sellers. With the development of new technologies, international trade proves to be a promising business model. The current pandemic situation also shows how easy and convenient online shopping can be. Easy access to online selling platforms enabled many people to shop safely in a time when stationary shops were closed and people were staying home due to the lockdown restrictions. The diversification of the Polish e-commerce market can be beneficial both for customers who will now have easier access to large quantities of goods, especially goods imported from abroad, and for sellers who can expand their businesses. The Polish version of the Amazon website exposes Polish sellers to the international market, and vice versa. Expanding to the European market is facilitated by various tools which enable the offers posted on the Polish Amazon website to be found also on Amazon sites in 8 other European countries. This, in turn, allows for a wider range of offers and upscaling of sales. Introducing new competition for Allegro may also influence the commission fees on sales and listings. For now, this margin does not exceed 15% of the price of goods sold. Amazon offers two more selling plans... - Published: 2021-03-01 - Modified: 2025-03-07 - URL: https://effglobal.com/blog/tax-relief-and-additional-funding-programmes-where-and-how-to-find-support-for-your-business-during-the-pandemic/ - Categories: VAT Although it has been a year since the pandemic outbreak was officially declared in Poland, entrepreneurs are still struggling with a difficult economic situation, trying to keep their businesses afloat despite the existing restrictions. In order to support them, the government offers a wide range of additional funding and tax relief programmes. As the situation changes rapidly, you should make sure to stay up-to-date with the existing assistance programmes. Find out which elements of the Anti-Crisis Shield programme are available to your business and where to find support. The Anti-Crisis Shield programme – the support for Polish entrepreneurs Assistance programmes are meant to help Polish entrepreneurs meet their businesses’ essential needs. The governmental assistance is directed both at sole traders and big companies looking for a way to endure this difficult situation. Depending on the type of business and their individual needs, the methods of assistance will differ. Entrepreneurs may choose to benefit from the tax relief, gain additional funds for their employees, reduce operating costs, receive a specific amount of funding to keep their business afloat, extend the date of payment or benefit from a variety of other aids available within the Anti-Crisis Shield programme. But which methods of assistance are used most often? A 3-month exemption from social insurance contributions The assistance programmes include a partial or full exemption from paying social insurance contributions to the Social Insurance Institution (ZUS). An entrepreneur is entitled to a three month period (indicated by the entrepreneur) of exemption from paying contributions to ZUS. However, there are certain conditions stipulated in Article 31zo-31zx of the Covid-19 Act, which must be met in order to be eligible for the exemption. The idle time pay for entrepreneurs conducting business activity Entrepreneurs can also apply for an idle time pay, which includes financial support as means of compensation for the lost income. If the financial situation of a company remains unchanged, an entrepreneur can apply for another type of a benefit. This kind of assistance is available only for certain types of businesses,... - Published: 2021-02-26 - Modified: 2025-03-07 - URL: https://effglobal.com/blog/how-to-correctly-issue-german-invoices/ - Categories: Accounting, World Because of numerous queries received concerning what a German invoice should look like and what it should include, we decided to draw up a set of guidelines on how to issue such documents correctly. Accounting in Germany When issuing German invoices, you must remember that there are two types of VAT numbers in Germany: Steuernummer (St. -Nr. ), intended for domestic transactions – requires a German tax rate Umsatzsteuer-Identifikationsnummer (USt. -IdNr. ), intended for German taxpayers conducting intra-Community transactions The former number must be included on the invoice as soon as it is assigned. The moment the latter number is assigned, both of them must appear on the invoice. This refers to the sales of goods/services to the private German consumers (not companies). Another important aspect is the fact that a German invoice requires a German tax rate which at the moment is 19% and 7% (reduced to 16% and 5% until the end of 2020 due to the pandemic). You should also pay attention to the delivery date. If it differs from the sell date it should be indicated on the invoice. Below you will find a template of a correctly issued invoice with comments. We hope that these guidelines will help you remember what to include on a German invoice. In case of any questions or queries, we encourage you to contact one of our experts. - Published: 2021-02-25 - Modified: 2025-03-07 - URL: https://effglobal.com/blog/interview-with-krister-gullstrom-general-manager-at-eff/ - Categories: Other The interview began at 11 a.m. on a June morning. It was scheduled for one hour but – to the pleasant surprise of both parties – it took two hours. There wasn’t any script or any pre-prepared questions. The aim of the interview was to get to know the person who has been the manager at Duni EFF – European Finance Center for almost ten years. Interview with Krister Gullström The idea originated during Krister’s hospital stay. It turned out that the worldwide isolation caused by the pandemic has affected the day-to-day operations of hospitals, staff, and patients considerably. Krister agreed to talk to me immediately. I encourage you to read the interview below. Anna Jankowska: In a way, COVID-19 was one of the reasons for this interview... That’s why I wanted to ask you about your view on the post-Covid reality... Krister Gullström: We need a flexible work model. Up to a certain point the current office size is right just as it is. However, if we want to expand and need to adhere to regulations concerning social distancing, there might be a problem with sufficient office space. I think that the hybrid work model is a good solution. Working from home is a great facilitation for those who don’t live in Poznań. I’m not sure if I’d like to work solely from home. Staying at home all the time might become boring. Moments of spontaneous conversation when you can come up with different ideas are very important. Remote work model limits the opportunity for interaction. Even team leaders’ meetings held on Teams. Formely, the discussions were much longer. Now, the meetings are much shorter. Online meetings are not conducive to long conversations. For new employees remote work model is not perfect either – it is difficult to get to know your co-workers and the culture of the company from home. I have a feeling... ## Business sectors ## Case studies ## Countries ## FAQ - Published: 2025-09-02 - Modified: 2025-09-02 - URL: https://effglobal.com/faq/how-do-you-communicate-with-clients/ - Kategoria FAQ: General The method of communication is agreed upon individually with each client, tailored to their preferences. We understand the diverse nature of the businesses we work with, which is why we work together with clients to find the most effective means of communication. We also follow the EFF Communication Standards, which emphasise the importance of clear and regular information exchange. We know that effective communication is the key to a successful partnership, which is why we place great emphasis on training our employees in this area. This allows us to deliver high-quality services and build lasting, trust-based relationships. - Published: 2025-09-02 - Modified: 2025-09-02 - URL: https://effglobal.com/faq/what-sets-you-apart-from-other-companies-in-the-industry/ - Kategoria FAQ: General Our Swedish organisational culture — thanks to our parent company and our CEO — means that we are not just another corporation focused solely on profit. For us, building relationships, both among employees and with our clients, is essential. This fosters not only effective communication — which we believe is the foundation of successful cooperation — but also an atmosphere of trust and respect. We create a friendly working environment, which translates into employee satisfaction, the high quality of our services, and, most importantly, client satisfaction. We also focus on Human Intelligence instead of Artificial Intelligence. - Published: 2025-09-02 - Modified: 2025-09-02 - URL: https://effglobal.com/faq/how-does-the-company-ensure-the-security-of-clients-financial-data/ - Kategoria FAQ: General Our contracts include a confidentiality clause in which we commit not to disclose confidential information to third parties without the client’s written consent. We also clearly define what constitutes confidential information. We follow clients’ instructions regarding confidential data and regularly train our employees in this area. In addition, one of the annexes to the contract is a Personal Data Processing Agreement, which sets out in detail all matters related to GDPR compliance and data security. - Published: 2025-09-02 - Modified: 2025-09-02 - URL: https://effglobal.com/faq/which-tasks-am-i-responsible-for-and-which-are-handled-by-eff/ - Kategoria FAQ: General The division of responsibilities between EFF and our clients is clearly outlined in the Service Level Agreement (SLA) and agreed upon individually before the contract is signed. We conduct regular SLA reviews to ensure they reflect any changes in our clients’ operations. - Published: 2025-09-02 - Modified: 2025-09-02 - URL: https://effglobal.com/faq/what-experience-do-you-have-do-you-have-client-references/ - Kategoria FAQ: General EFF has been providing accounting services for 20 years. During this time, we have not only increased the number of our clients but also expanded the range of services we offer. We work with companies of all sizes, across various industries, spanning the globe. This has given us extensive knowledge and experience, enabling us to help clients optimise their accounting processes. Client references can be found on our homepage, and we also encourage you to visit the “Case Studies” section, where you will find detailed descriptions of our projects. - Published: 2025-09-02 - Modified: 2025-09-02 - URL: https://effglobal.com/faq/what-principles-guide-your-cooperation-with-clients/ - Kategoria FAQ: General First and foremost, we prioritise effective communication. Each client is assigned a dedicated contact person, eliminating anonymity and facilitating contact. We strive to respond to clients’ questions and needs as quickly as possible, recognising that time is an invaluable resource in business. Drawing on our many years of experience, we propose optimal solutions and potential improvements - though the final decision always rests with the client. We take a proactive approach and assume responsibility for the tasks entrusted to us, acting with courtesy and professionalism in every situation. - Published: 2025-02-26 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/how-the-esg-strategy-differs-from-the-climate-strategy/ - Kategoria FAQ: Sustainability ESG Strategy is a roadmap for companies to integrate environmental, social and corporate governance aspects into their management processes. It is a comprehensive approach that minimizes risks, maximizes stakeholder value and manages resources responsibly. A key element of ESG Strategy is the integration of these three factors into a company's daily operations. Companies that implement an ESG Strategy gain a competitive advantage, better access to capital and greater social acceptance. This type of strategy helps companies avoid regulatory and climate change risks, and fosters long-term relationships with stakeholders. A Climate Strategy, on the other hand, focuses exclusively on measures to reduce the negative impact of a company's operations on the climate and adapt to climate change. More and more companies are recognizing the need to develop a Climate Strategy in the face of global warming and increasing climate regulation. This type of strategy includes, among other things: Greenhouse gas emission reduction measures, Investments in low-carbon technologies, improving energy efficiency, sustainable resource management, Optimization of the production process, Circular economy (CE) principles and waste reduction. - Published: 2025-02-26 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/is-an-esg-report-and-a-non-financial-report-the-same-thing/ - Kategoria FAQ: Sustainability ESG report and non-financial report are not the same, although they often overlap. In the context of the obligations imposed by the CSRD (Corporate Sustainability Reporting Directive), the ESG report has become more detailed and formal. Under the directive, large companies must report on their environmental, social responsibility and corporate governance activities. The ESG report, in this view, includes specific indicators, targets and strategies that a company uses to meet sustainability requirements. A non-financial report, on the other hand, is a broader concept that can cover a variety of information about a company's operations, including its environmental, social or ethical impact, but not necessarily in as much detail as required by the CSRD. Companies that opt for voluntary non-financial reporting can include various aspects of their operations in their documents, and are not limited to ESG indicators. - Published: 2025-02-26 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/what-regulations-apply-to-the-companys-esg-activities/ - Kategoria FAQ: Sustainability ESG regulation refers to laws that require companies to comply with environmental, social responsibility and governance standards. As global awareness of sustainability increases, more and more countries are introducing regulations requiring companies to report on ESG Activities and manage the risks associated with them. These regulations are aimed at making companies more accountable for their impact on the environment, and compliance is key to avoiding sanctions and improving a company's image. In Europe, one of the key documents is the Corporate Sustainability Reporting Directive (CSRD), which from 2024 requires companies to report ESG data in detail, including an external audit. Other regulations include rules on the protection of human rights, due diligence on sustainable supply chains and decarbonization, in line with European climate goals. - Published: 2025-02-26 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/why-is-a-risk-assessment-conducted-in-an-esg-report/ - Kategoria FAQ: Sustainability ESG Risk Assessment is the process of identifying and analyzing risks related to environmental, social and corporate governance aspects. The purpose of this analysis is to understand what risks may arise from a company's operations and how these factors may affect financial performance, reputation and stakeholder relations. Conducting an ESG Risk Assessment helps companies prepare for the challenges posed by dynamic market, regulatory and climate changes. Through such analysis, companies can better manage risks, minimize potential losses and build long-term, stable relationships with business partners. ESG risk assessment includes not only internal analysis, but also monitoring of the entire supply chain and the activities of business partners, allowing companies to comprehensively manage potential risks. - Published: 2025-02-26 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/what-are-the-three-characteristics-of-a-sustainable-enterprise/ - Kategoria FAQ: Sustainability A Sustainable Enterprise is not only a company that cares about the environment, but also about people and transparency of operations. One of the key elements is inclusiveness, which means equality of opportunity and access for all, regardless of background, gender, sexual orientation, age or economic status. Companies that create an inclusive environment build a space where every employee feels accepted and has the opportunity to realize his or her full potential. This approach not only improves the work atmosphere, but also increases the organization's innovation and efficiency, contributing to its long-term success. Another feature of a Sustainable Enterprise is diversity, both in terms of demographics and the skills, views and experiences of employees. Promoting diversity allows companies to be more flexible and creative in the face of market challenges. Diverse teams have greater potential to generate innovative solutions, which translates into better financial performance and increased competitiveness in the market. The third pillar is transparency, which in the context of ESG reporting means clear, reliable and easily accessible information about a company's activities. Transparency allows stakeholders - whether investors, customers or regulators - to assess how a company is affecting the environment and what actions it is taking to minimize the negative impacts of its activities. Transparent reporting strengthens trust and builds a company's reputation for responsibility and sustainability. - Published: 2025-02-26 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/what-is-greenwashing/ - Kategoria FAQ: Sustainability Greenwashing is a practice in which companies attempt to create a false image of sustainability by promoting products or services as environmentally friendly, while their actual environmental impact is minimal or negative. It's a type of marketing that can mislead consumers who want to support environmentally friendly initiatives. As environmental awareness grows, more companies are choosing to emphasize their sustainability efforts, but the reality does not always match the declarations. Greenwashing can lead to a loss of customer trust and undermine a company's reputation. Corporate responsibility requires transparency and a real commitment to sustainability, not just apparent activity. To avoid greenwashing, companies should base their communications on concrete actions, confirmed by real numbers in independent audits and reports. - Published: 2025-02-26 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/what-does-esg-stand-for/ - Kategoria FAQ: Sustainability ESG is a concept that addresses three key areas of companies' operations: environment (E), society (S) and corporate governance (G). Companies that integrate ESG into their strategies aim to minimize negative environmental impacts, support responsible social practices and ensure transparent governance. The environmental area focuses on conservation and sustainability issues. The social area deals with labor rights, equality, and relations with local communities. Corporate governance, on the other hand, is a system of policies, procedures and structures that govern a company's management, ensuring transparency and accountability in decision-making. Effective corporate governance ensures that the interests of various stakeholder groups, including shareholders, employees and customers, are adequately represented and protected. - Published: 2025-02-26 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/what-does-an-esg-report-audit-consist-of/ - Kategoria FAQ: Sustainability An ESG Report Audit is a process that enables companies to assess their operations against environmental, social and corporate governance criteria. Through this audit, companies can better understand which aspects of their operations have the greatest impact on these three key areas. During an ESG audit, independent experts check, for example, whether a company takes care to minimize its environmental impact, how it treats its employees and whether it is fair to customers and investors. The audit can include a review of documents, interviews with employees and analysis of company reports and strategies. This allows companies to, for example, better manage risks or gain the trust of stakeholders An audit also helps investors and consumers make informed decisions about doing business with a company. In 2024, large listed and unlisted companies that meet at least two of three criteria: employment of more than 250 employees, revenues of more than €40 million or assets of more than €20 million are subject to an external audit obligation for ESG reports in Poland. The obligation also applies to financial institutions such as banks and insurance companies. In addition, the audit will cover companies considered to be entities of public importance, such as energy companies. The requirements stem from the EU's Corporate Sustainability Reporting Directive (CSRD), which makes ESG reporting and auditing mandatory. - Published: 2025-02-26 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/why-conduct-a-data-gap-analysis/ - Kategoria FAQ: Sustainability Data Gap Analysis is a tool that allows companies to identify gaps between their current performance and stakeholder expectations, market or regulatory requirements. It involves comparing a company's operations with industry best practices and standards, as well as with regulatory requirements - for example, in terms of CO2 or social responsibility. Conducting such an analysis gives companies the opportunity to identify areas where they are out of compliance or can make improvements. This allows companies to plan corrective actions that will help them comply with current standards and regulations, as well as meet stakeholder expectations. Data Gap Analysis helps companies prepare for increasing regulatory requirements for sustainability while enhancing their competitiveness and reputation. Our company offers comprehensive support in the implementation of Data Gap Analysis, allowing companies to develop effective ESG strategies that comply with modern standards and contribute to long-term success. - Published: 2025-02-26 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/what-is-a-dual-materiality-analysis/ - Kategoria FAQ: Sustainability Dual materiality analysis is a key process that allows companies to fully understand their impact on the environment and the impact of external factors on the business. It includes two main aspects: Company's impact on the environment and society The impact of environmental, social and economic factors on the enterprise. This tool is extremely helpful in identifying key areas of sustainability that should be included in both corporate strategy and Environmental, Social, and Governance (ESG) reports. Dual materiality analysis not only identifies key areas of risk and opportunity. This allows the company to better respond to changing market needs and regulations, but also minimizes its negative impact on the environment through a more responsible and sustainable business model. - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/how-to-fill-in-the-vat-r-form/ - Kategoria FAQ: VAT compliance The VAT-R form is a registration declaration for VAT purposes. When filling it in, it is necessary to provide company identification data, information on the type of business and indicate whether the company will be a buyer or seller of goods and services. It is important to specify the exact start and end date of the VATable activity. The form also includes space for additional information, such as the company's bank account and method of correspondence with the tax office. - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/what-is-vat-oss-and-who-does-it-apply-to/ - Kategoria FAQ: VAT compliance VAT OSS (One Stop Shop) is a simplified VAT settlement system for services provided remotely (e. g. electronic, telecommunications) within the European Union. This system allows businesses to account for the VAT due for such services in one Member State, regardless of which EU countries they are supplied in. This is particularly beneficial for companies operating internationally as it simplifies tax and administrative procedures. - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/who-is-an-active-vat-payer/ - Kategoria FAQ: VAT compliance An active VAT taxpayer is a company or sole trader that is registered for VAT. This means that this company accounts for VAT, issues VAT invoices and is entitled to deduct input VAT on its purchases. - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/what-is-the-white-list-of-vat-payers/ - Kategoria FAQ: VAT compliance List of VAT taxable persons -> List of entities registered as VAT taxable persons, unregistered as well as deleted and reinstated in the VAT register. It allows you to verify your contractors. The white list allows you to: check whether a counterparty is an active VAT taxpayer confirm the contractor's bank account number (if it is correct) - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/how-do-i-check-my-eu-vat-number/ - Kategoria FAQ: VAT compliance You can check your EU VAT number using the VIES (VAT Information Exchange System) run by the European Commission. All you have to do is go to the VIES website and enter your company's VAT number. This system allows you to verify the VAT numbers of companies throughout the European Union, which is particularly useful for international trade. - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/how-much-is-vat-in-poland/ - Kategoria FAQ: VAT compliance In Poland, the standard VAT rate is 23%. However, there are reduced VAT rates: 8% and 5%, which apply to certain goods and services, such as foodstuffs, books or hotel services. In addition, some products and services may be exempt from VAT. (Status as of July 2024) - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/when-was-vat-introduced-in-poland/ - Kategoria FAQ: VAT compliance In Poland, it was introduced by the Value Added Tax and Excise Duty Act of 8 January 1993. - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/how-do-i-check-if-a-company-is-a-vat-payer/ - Kategoria FAQ: VAT compliance To check whether a company is a VAT payer, you can use the VAT taxpayer database provided by the Ministry of Finance or the tax offices. Simply enter a company's VAT number in the search engine to obtain information on its VAT status. This is a quick and efficient way to confirm the tax status of a contractor. - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/by-when-do-we-pay-vat/ - Kategoria FAQ: VAT compliance The deadline for submitting the VAT return and paying the tax to the Tax Office depends on the frequency of submission. Monthly settlement - by the 25th day of the following month, for example, for September - by 25 October Quarterly settlement - by the 25th day of the month following each quarter, for example for the 1st quarter - by 25 April It is worth remembering that in the event that the day of filing the VAT return falls on a Saturday, Sunday or holiday, the deadline for filing the VAT return is postponed to the nearest working day. - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/what-am-i-obliged-to-do-and-what-documents-do-i-need-to-file-after-registering-for-vat/ - Kategoria FAQ: VAT compliance Statutory declarations which are subject to tax are all transactions that took place and have to be reported for VAT tax payment or refund. It is important to remember, that if you are a business owner registered for VAT, you are obliged to file periodic VAT declarations. Every EU country has their own deadlines and frequency of filing VAT declarations; usually monthly or quarterly. Take advantage of our expert knowledge and entrust us with filing your VAT declarations, EC Sales Lists (ECSL) – in case you are involved in movement of goods within EU (B2B transactions), Intrastat reports, and Standard Audit File for Tax. - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/do-i-have-to-be-a-taxpayer-to-sell-online/ - Kategoria FAQ: VAT compliance Not every business owner selling online has to be registered for VAT. Entrepreneurs may be exempted from registering for VAT based on sales threshold or sales character. An annual income not exceeding a certain rate does not call for VAT registration either. However, it is important to remember, that exceeding any of those thresholds automatically call for VAT registration. Thresholds differ from country to country, hence it is essential to become familiar with local regulations in order to avoid penalties. When sales character is concerned, every country has their goods and services catalog, which details items that can be sold tax free regardless sales threshold. - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/what-is-vat/ - Kategoria FAQ: VAT compliance Value-added tax (VAT) - an indirect tax, the value of which is added to the net value of purchase and sale transactions. The entrepreneur, when settling the tax, pays the amount depending on the net value of the sale (output VAT). The entrepreneur is also entitled to deduct VAT, provided that the expense to which the tax is related is connected with taxable activity (input VAT). - Published: 2025-01-23 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/vat-7-what-is-it/ - Kategoria FAQ: VAT compliance A form that is used to settle VAT. It applies to entrepreneurs who settle on a monthly basis. Quarterly settlements should be included in the VAT-7K return. - Published: 2024-11-20 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/how-can-my-business-benefit-from-outsourced-payroll-services/ - Kategoria FAQ: Payroll We are a competent service provider with many years of experience on the market under our belt. Our team comprised of 70 specialists is a guarantee of an utmost quality of services. Upon/after an extensive analysis we tailor our business offer to unique needs of our client. - Published: 2024-11-20 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/we-would-like-to-optimize-our-accounts-payable-process/ - Kategoria FAQ: Accounts payable The most essential initial phase of working with a new client is an analysis of their situation with ways to improve the accounting process in mind. It may come in a form of process automation of matching invoices with orders or opting for automatic payments instead of manual ones. There are number of ways to improve accounts payable field, which is why we encourage contacting us directly. - Published: 2024-11-17 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/why-should-we-outsource-accounts-payable-procedures/ - Kategoria FAQ: Accounts payable Outsourced accounts payable increase effectiveness and generate substantial savings. The experience we gained through working with vast number of clients broadens our perspective on different processes and enables us to pick the best solutions to a given problem. Aside from that, we can swiftly increase or decrease workflow when need be, which translates into more flexible development of accounting processes. - Published: 2024-11-04 - Modified: 2025-03-05 - URL: https://effglobal.com/faq/how-do-you-calculate-the-vat-value-of-each-transaction/ - Kategoria FAQ: VAT compliance The amount of VAT depends on the net value of the sale. VAT can be calculated using the formula: VAT = net price * VAT rate for a given sale/transaction. ## Landingi ## Partners - Published: 2025-10-14 - Modified: 2025-11-13 - URL: https://effglobal.com/partners/ispnext/ - Kategoria partners: Accounts payable Nethansa to największa w Polsce firma, zajmująca się zarządzaniem sprzedażą na Amazon. Nethansa to największa w Polsce firma, zajmująca się zarządzaniem sprzedażą na Amazon. Nethansa to największa w Polsce firma, zajmująca się zarządzaniem sprzedażą na Amazon. ## Services