23 October 2026
AskColm Weekly Digest - 23 October 2026
Here is the week in tax.
IRELAND
Revenue published its updated VAT Modernisation paper on eInvoicing this week, and the interesting part is who it catches first.
The headline phasing is about 2,400 large corporates from 1 November 2028, with wider domestic and intra-EU trade from November 2029. ViDA's cross-border requirements follow on 1 July 2030. But the date that will surprise people is also 1 November 2028: every business in Ireland must be able to receive an eInvoice, with no opt-out. That includes public bodies, and the paper defines business broadly enough to take in charities and landlords. You may not be in the first wave of issuers, but you may well be in the first wave of recipients.
Other design choices stand out:
- Only suppliers report, and customers have no domestic reporting duty.
- It is not pre-clearance. Data goes to Revenue through Peppol at the point of issue, and invoices do not need approval.
- Reverse charge transactions are in scope.
- Scope is set by whether Revenue's Large Corporates Division administers you, not by turnover.
- Revenue becomes Ireland's Peppol Authority from 2027.
Much of the detail is still to come, so don't finalise any system build yet. Regulations and technical specifications are still to be published, and the Finance Bill provisions are subject to the legislative process.
A FEW I ENJOYED
- Colorado is about to tax SaaS, and the local layer is the hard part.
- A look at Australia's push to raise GST to 15% and tax all food.
- Wealth taxes were on the ballot in the US midterms, and there is a good read on the NPV of the California Billionaire Tax Act.
- Italy's matching of POS and cash register data is reported to have added €13.5bn to reported VAT taxable sales.
- The Italian Supreme Court has backed treaty relief for foreign dividend taxation.
- Transfer pricing analyses may apply to tariff refund claims, which will catch a few people out.
ON THE BLOG
My newest post is "I know tax, but do I know how to do tax?" Most of us can tell you the rule. Far fewer can show the steps that get a return filed or an invoice issued, who does each one, and where the data comes from. If you want to automate anything, document everything first. The good news is that there are now tools that take most of the pain out of that job.
https://askcolm.com/blog/i-know-tax-but-do-i-know-how-to-do-tax
By the way, the events page now lists free webinars and briefings.
https://askcolm.com/events
Colm
Selected articles
Bloomberg: Basketball Player in Japan Says He Deserves Foreign Credits
Professional basketball player sued the IRS in US Tax Court contesting rejection of over $1.28 million in foreign tax credits claimed on 2020 and 2021 federal returns.
Australia urged to raise GST to 15% and tax all food
Grattan Institute recommends increasing Australia's GST rate from 10% to 15% to generate approximately A$76 billion in annual revenue, and expanding the GST base to include all food, eliminating current exemptions.
VAT Modernisation
Finance Bill (No. 2) 2026 published on 19 October containing legislative provisions for VAT Modernisation in Ireland.
Digital Services Tax vs VAT on Digital Services: What’s the Difference
Article comparing Digital Services Tax and VAT on digital services, explaining how these two separate tax obligations differ in calculation and application for businesses selling digital services across borders.
Big Four probed on offshore tax shelter consulting
Senate Finance Committee Democrats are investigating Big Four accounting firms' consulting work on offshore tax shelters, seeking details on their advisory roles in such structures.
MarketWatch: It’s Not Just California’s Billionaire Tax. Wealth Is on the Ballot in the Midterm Elections
Multiple states have ballot measures in midterm and future elections addressing wealth taxation and taxes on the rich, reflecting broader policy momentum.
Colorado Is About to Tax SaaS. Here Is Why the Local Layer Is the Hard Part.
Colorado Governor Jared Polis signed House Bill 26-1223 into law on 4 June 2026. From 1 January 2027, Colorado state sales and use tax will apply to computer software delivered in any form, including SaaS subscriptions and downloaded software. The article discusses complexities of implementing local-level taxation.
India extends e-invoicing to reverse charge self-invoices
India's GSTN introduced two new supply types for e-invoicing on October 16, 2026: RCMDOM for reverse charge domestic supplies from unregistered persons, and RCMIMP for imported services. These extend e-invoicing coverage to recipient-generated self-invoices under the reverse charge mechanism.
When tariffs, AI, and compliance collide: Building resilience in global trade
Article discusses how tariffs and AI technologies impact global trade compliance operations and strategies for building resilience in trade compliance functions.
The Net Present Value of the California Billionaire Tax Act -- by Benjamin Jaros, Joshua Rauh
Analysis of California's 2026 Billionaire Tax Act, a one-time 5% tax on worldwide net worth exceeding $1 billion. Study estimates behavioral response, migration impact, and revenue loss using Forbes billionaire data and residential real estate holdings.
New York Times: Corporate Tax Revenue Falls Even as Profits Soar Under Trump
Corporate tax revenue declined by approximately $70 billion despite rising profits, driven by AI investment write-offs and prior tax cuts.
EU VAT SME Scheme vs OSS vs IOSS: Key Differences in 2026
Comparison of EU VAT compliance schemes for 2026: SME Scheme, OSS, and IOSS. Covers eligibility criteria, applicable thresholds of EUR 10,000, EUR 100,000, and EUR 150,000, scheme compatibility options, and changes to import procedures.
Subpart F vs GILTI vs NCTI – The 2027 Version
Under the One Big Beautiful Bill Act (OBBBA), the GILTI rules are being replaced by a new Net CFC Tested Income (NCTI) system effective 2026, marking a significant shift in how international tax professionals approach Subpart F and controlled foreign corporation taxation.
The Great American Property Tax Freak Out
Discussion of property tax trends and policy developments affecting local government finance in the United States.
Italy POS-cash register matching adds €13.5bn to reported VAT taxable sales
Italy's matching of point-of-sale and cash register data has increased reported VAT taxable sales by €13.5 billion, reflecting enhanced tax compliance through improved data reconciliation measures.
After E-Invoicing comes VAT reconciliation
Following e-invoicing implementation, VAT reconciliation emerges as the next compliance challenge. The article addresses how businesses must reconcile VAT positions after transitioning to e-invoicing systems.
How to Apply for IRS Tax Amnesty
The IRS Streamlined Filing Compliance Procedures allow taxpayers to resolve past-due tax obligations, file required informational returns, and avoid accuracy, failure-to-file, and foreign bank account penalties.
Italian Supreme Court reinforces treaty relief for foreign dividend taxation
Italian Supreme Court decisions clarify treaty relief eligibility for foreign dividend taxation, potentially enabling taxpayers to obtain relief from double taxation and pursue historical refund claims.
Transfer Pricing Analyses May Apply To Tariff Refunds Claims
Transfer pricing analyses may provide relevant evidence in tariff refund class actions by establishing how tariff costs were distributed across the supply chain, determining whether tariffs were borne by U.S. importers or consumers versus absorbed upstream.
Using Making Tax Digital for Income Tax for the first time
Guidance on Making Tax Digital for Income Tax implementation, including timetable for first-year users.
Summaries are AI generated and may contain errors. Check the original article before relying on them. Nothing here is tax advice.