Regulatory Analysis
The State Taxation Administration (STA) in China recently decided to officially promote the optional adoption of digital electronic invoices throughout the country. The announcement, effective from 1 December 2024, confirms that digital invoices will have the same legal effect as paper invoices and will have the following categories: VAT special invoices. Ordinary invoices. Air transport […]
Starting January 1, 2025, new regulations will mandate electronic invoicing for electricity and natural gas supplies to non-private individuals. This obligation is outlined in Government Decree no. 273/2007. The framework does not require e-invoices to be issued in any specific format, nor does it require a specific method for the exchange of the electronic invoice. […]
The Hungarian Government issued a new government decree (no 356/2024) on 21st November 2024, which amends the extra profit tax regulations including the rules for insurance premium tax (EPTIPT). The new decree extends the extra profit tax on insurance premiums for another year. The updated termination date is 31st December 2025. Not only the applicable rates, […]
Singapore has concluded negotiations for a Digital Trade Agreement with the European Union in July 2024. The aim is to streamline digital trade by fostering cross-border data flows and regulatory cooperation. Therefore, there is a focus on e-invoicing, and both parties are committed to supporting cross-border interoperability of e-invoicing standards. This aim is already aligned with the use of Peppol […]
Starting November 1, e-transport documents and invoices from taxpayers involved in forestry activities must include information about the production, transport, sale, storage, deposit, maintenance, or collection of logs or wood from non-native species on private lands or forests. Other information includes: Goods origin and destination data Authorization number for the development of the activity Unit […]
Through Decree 953/2024, the ARCA is created, which is an autarchic entity within the structure of the Ministry of Economy and is composed of the General Directorate of Taxation (DGI) and the General Directorate of Customs (DGA). ARCA is the legal successor of the AFIP and is in charge of tax collection, control of foreign […]
The Greek Independent Authority for Public Revenue (AADE) has published updated myDATA technical specifications. The new version 1.0.10 is now available in the myDATA Test Environment. The main changes of the updated version are the following: Fuel Invoices submission via ERP: transmission of fuel invoices (liquid fuel sales invoice) is now supported through the ERP […]
On November 5, 2024, the Indian Goods and Services Tax Network announced a lower threshold for invoices to be sent to the Invoice Registration Portal (IRP) within the 30 days of the invoice date. As of 1 April 2025, taxpayers with an annual turnover of at least Rs 10 Crores (app. EUR 110 000) must […]
Maryland recently released the 2024 Maryland Employer Reporting of W-2 Instructions and Specifications. There are substantial changes. A new portal, Maryland Tax Connect, has replaced BFile and SFTP for W-2 filing. Maryland Tax Connect has three options for filing W-2s. Maryland Tax Connect also supports electronic corrections for W-2C and MW508. Payroll providers and third […]
Canada Revenue Agency (CRA) recently released the 2024 T4A (Statement of Pension, Retirement, Annuity, and Other Income). The description for Box 134 has been updated. Box 134 will now be used to report First Home Savings Account payments to qualified donees, in addition to Tax-Free Savings Account (TFSA) payments. Previously, Box 134 only reported TFSA […]
Indiana recently released its 2024 W-2 and 1099 electronic filing specifications. The 1099 specifications have several notable changes. Form 1042-S will no longer be accepted via SFTP in a modified Publication 1220 format. A field for reporting state code has been added to the B Record for form W-2G. A new Appendix E (Country Codes) […]
Ohio recently released its 2024 W-2 Upload Specifications. Most notably, filers should be prepared to navigate a new and improved interface when filing 2024 information returns. Beginning December 9, 2024, ‘OH Tax eServices’ will become active on Ohio Business Gateway to be used for all employer withholding taxes. Taxpayers can log into their existing Ohio […]
Revenu Québec recently released the RL-1 (Employment and Other Income) for tax year 2024. Beginning January 1, 2024, employers must withhold a second Quebec Pension Plan (QPP) contribution from an employee’s pensionable salary or wages. There are several changes to the RL-1 to reflect this change. Box B (QPP Contribution) has been retitled Box B.A. A new field titled […]
The Ministry of Energy and Mines of Ecuador issued an Agreement declaring an emergency in the national electricity sector. On October 30, the tax authority issued Resolution NAC-DGERCGC24-00000035, which establishes regulations that allow compliance with the formal duties of issuance of sales receipts. The first paragraph of Article 7 of the Resolution No. NACDGERCGC18- 00000233 […]
On October 10, the Decree that establishes the Regulation of the Electronic Invoicing Law was enacted. Among the most relevant points contemplated by the Regulation are: Definitions of the elements that integrate the billing system. The deferred sending of electronic tax receipts, the contingency process. The Requirements to be an electronic issuer. Online validation establishing […]
As previously announced, the Polish Ministry of Finance (MoF) has initiated the final consultation process for its National e-Invoicing System (KSeF). This involves collecting the public’s comments on the new KSeF Draft Act and the updated logical structures FA(3) and FA_RR(1) that have also been published. The objective of the proposed legislation and updated schemas […]
The Saudi Arabian Tax and Customs Authority (ZATCA) announced the 17th wave of Phase 2 of the e-invoicing initiative. The 17th wave includes taxpayers with a revenue of at least SAR 2.5million (approximately USD 660.000) that were subject to VAT during 2022 or 2023. Taxpayers within this group are expected to integrate with the system as of July 31st, 2025. […]
The Latvian parliament approved amendments to the Accounting Law, mandating the use of structured electronic invoices for transactions involving goods and services. The implementation timeline is as follows: 1 January 2025: obligation to issue structured e-invoices in B2G transactions (to the budget institutions) 1 January 2026: obligation to issue structured e-invoices in B2B transactions The MoF announced […]