Regulatory Analysis
Saudi Arabian Tax and Customs Authority, ZATCA, extended the “Cancellation of Fines and Exemption of Penalties Initiative” until December 31, 2023. This initiative covers fines regarding late registration in all tax systems, late payment, late filing of returns fines in all tax systems, and fines to correct VAT returns, as well as fines for violations […]
Cyprus published The Value Added Tax (Amendment) (No. 3) Law of 2023 in the Gazette on July 21, 2023. Effective immediately, the Amendment introduces a 3% reduced VAT rate on several items previously subject to a reduced rate of 5%, including print publications, orthopedic devices, and street cleaning services. The published Amendment can be found […]
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 […]
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 […]
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 […]
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 […]
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 […]
Pursuant to Royal Decree-Law 5/2023 of June 28, 2023, the temporary zero VAT rate on basic food items such as bread, flour, milk, cheese, eggs, fruits, vegetables, legumes, tubers, and cereals has been extended until December 31, 2023. Please note that the temporary 4% reduced rate applied to the supply of face masks has not […]
As announced by the Polish Ministry of Finance on June 27, 2023, through an article on their news website, the zero VAT rate that temporarily applies to supplies of certain food and drinks has been extended until December 31, 2023. The article can be found here.
The Ministry of Finance in Serbia has recently published and updated: The Rulebook on electronic invoicing: Rulebook on electronic invoicing (efaktura.gov.rs) Internal Technical Manual (16.06.23): Updated internal technical manual (16.06.2023.) (efaktura.gov.rs) Instructions for using XML files: Instructions for using XML files (05.06.2023.) (efaktura.gov.rs) Main changes introduced in the Rulebook: Replaces three regulations that were applying […]
As published in the official gazette on May 5, 2023, basic food and consumer items such as bread, milk, eggs, baby foods, baby and adult diapers, and female hygiene products will temporarily apply the zero VAT rate in Cyprus. The temporary zero VAT rate will apply from May 5, 2023 until October 31, 2023. The […]
Effective 22 June 2023, electronic distribution platforms (EDP), such as a website, internet portal, online store, or online marketplace, are required to charge and collect VAT on the sale of remote services and electronic services made to Egyptian consumers through their platforms. Remote services are services that at the time of the performance there is […]
In a recent Press Conference held by the Council of Ministers of the Portuguese government it was announced that a new law-decree for the execution of the state budget for 2023 was approved. One of the many changes announced is another extension of the mandatory B2G e-invoicing deadline for micro, small and medium-sized companies allowing […]
On 18 January 2023, the Botswana Ministry of Finance (MOF) issued a public notice that the temporary reduced standard VAT rate of 12% will expire on 31 March 2023. The MOF confirmed in the 2023 Budget Speech on 6 February 2023 that the VAT rate will increase back to 14% on 1 April 2023. The […]
The Ghana Revenue Authority (GRA) introduced the e-VAT invoicing system in October 2022 with the first group consisted of 50 taxpayers as a pilot group. GRA announced the second group of taxpayers, and their implementations will start after the completion of the first phase and be completed by the end of 2023. With the e-VAT […]
On February 7th, 2023, the Belgium Parliament published a bill aimed at improving the processing of periodic VAT returns and payments. Among the proposed measures, the bill provides for use of a substitute VAT return by the tax authorities when the taxpayer has failed to submit their VAT return within 3 months of the legal […]