Regulatory Analysis
The Inland Revenue Board of Malaysia (IRBM) has issued a guideline today regarding the implementation details of the upcoming e-invoicing mandate. According to the guideline, Malaysia will adopt a CTC clearance model, set to begin in June 2024, involving around 4000 companies that meet the specified threshold. Under the new e-invoicing model, known as MyInvois, […]
The SAT published on its official website the First Advance Version of the Sixth Resolution of Modifications to the Miscellaneous Tax Resolution 2023. It extends the term until December 31, 2023, for those taxpayers who issue the CFDI with Carta Porte supplement to comply with all the requirements contained in the “Instructions for filling out […]
On 14 June 2023, the government bill Tax Amendment Act 2023 – AbgÄG 2023 was approved amending The Insurance Tax Act 1953. The amendment enables third country domiciled insurance companies to register and settle Insurance Premium Tax (IPT) liabilities directly with the Austrian tax authority. Previously it was the responsibility of the policyholder or an […]
The German Federal Ministry of Finance has made draft amendments to Value Added Tax Law (Umsatzsteuergesetz, “UStG”) in order to implement mandatory e-invoicing. In April 2023, The German Federal Ministry of Finance sent a discussion proposal for the introduction of mandatory B2B e-invoicing to significant German business associations, asking for input. In June 2023, the […]
Costa Rica: As of July 1 Costa Rica’s tourist services charge the general rate of 13% of the Value Added Tax (VAT). The Law of Attention to the Tourism Sector on the occasion of the Covid-19 Emergency, provided for a differentiated treatment in the collection of VAT to the economic activities of tourism due to […]
Portugal has officially postponed the mandatory B2G electronic invoicing obligation for small, medium and microenterprises, once again. Although B2G e-invoicing became mandatory for SMEs on 1 January 2023, the Law Decree no. 54/2023 postpones the obligation granting taxpayers a new deadline for compliance. The postponement was announced during the Press conference of the Council of […]
7/13/2023 Maine Governor signed the fiscal year 2024-2025 budget bill, LD 258, into law on July 11, 2023. This legislation amends the Service Provider Tax. Beginning January 1, 2025, services related to certain community support, home support, and private nonmedical institutions are no longer subject to the Service Provider Tax. Further information concerning the legislation […]
7/10/2023 Ohio’s Governor signed fiscal year 2024-2025 budget bill, HB 33, into law on July 3, 2023. The legislation provided for numerous changes to Ohio law including new sales & use tax exemptions. Beginning October 1, 2023, certain baby products such as children’s diapers, cribs, strollers, and child therapeutic creams or wipes will be exempt […]
7/7/2023 Pursuant to Presidential Decree No. 7346, published in the Official Gazette on July 7, 2023, the standard VAT rate in Türkiye will increase from 18% to 20% and the reduced VAT rate on certain products will increase from 8% to 10% effective July 10, 2023. The Official Gazette may be found here (in Turkish).
The project teams within the Ministry of Finance working on the development of the Fiscalization 2.0 system in Croatia, have been in touch with the Italian and French e-invoicing experts to hear their experiences from the implementation of these two countries’ CTC systems. The Ministry could be inspired by one or a combination of the […]
From July 1, 2023 non-resident sellers of goods will have to collect 5% GST on sales of goods to customers located in the Bailiwick of Jersey. Retailers who make or expect to make annual sales of goods to non-business consumers of £300,000 or more are required to register for GST. Note that governmental guidance, available […]
The Slovakian administration once again postponed the implementation of the mandatory submission of e-invoices to the IS EFA platform for B2G (business to government) and G2G (government to government) transactions. The implementation of the B2G and G2G mandate for the government and public administration institutions as well as for their suppliers is expected to start […]
On June 29, the Ministry of Finance (MoF) published updated schema FA(2) on the ePUAP platform in the Central Repository of Electronic Document Templates (CRWDE), template number (2023/06/29/12648). Important information about timelines: July 2023– the MoF will provide the test environment for the schema FA(2). July to August 2023– both schema versions will apply in […]
New regulations were recently adopted concerning the contributions to be paid to the Romanian Guarantee Fund (Fondul de Garantare a Asiguraților). Prior to this, contributions to the Romanian NGF (now known as the NGF contribution) were only payable by domestic insurers that were authorized by the Romanian Financial Supervisory Authority (ASF), including the activity of […]
The Tax Authority (SUNAT) will not apply sanctions in case the taxpayer obliged to issue “Guias de Remision” electronically, does so physically, until December 31st, 2023. It is important to keep in mind that it is not that the start of the obligation is postponed, which is still on July 1st, however, if the taxpayer […]
6/29/2023 The Louisiana legislature has recently enacted several changes to the state’s sales tax laws. Act 171 modifies the state’s economic nexus rules. Previously remote sellers and marketplace facilitators were liable to collect Louisiana sales tax if their annual gross sales into the state exceeded $100,000 or if they made 200 separate transactions in the […]
The temporary zero VAT rate that applied to supplies of protective face masks in Austria expires on June 30, 2023. The law, pursuant to Section 28(54) of the VAT Act, can be found here.
On June 30, 2023, the Vietnamese government issued Decree 44/2023/ND-CP on the 2% VAT rate reduction from 10% to 8% lasting from July 1, 2023, until December 31, 2023. The 2% VAT reduction does not apply to various goods and services from the following sectors: telecommunications, financial activities, banking, insurance, real estate trading, metals and […]