Regulatory Analysis
As the Cypriot Tax Department announced on September 20, 2023, the temporary zero VAT rate that applies to basic food and consumer items such as bread, milk, eggs, baby foods, baby and adult diapers, and female hygiene products has been extended by six months. The temporary zero VAT rate, previously set to expire on October […]
The Council of Ministers, which is the highest executive authority at a federal level, approved today a preliminary draft law that introduces mandatory B2B e-invoicing in the country. The draft introduces changes to the Value Added Tax Code to introduce a requirement for the issuance of structured electronic invoices between taxpayers. The requirement will cover […]
On September 25, 2023, the tax authority in Mexico (SAT) published Version 3.0 of the Carta Porte Supplement on its portal with some adjustments. With Version 3.0, among other adjustments, we can see as the most relevant the incorporation of 7 catalogs: RegimenAduanero, RegistroISTMO, SectorCOFEPRIS, FormaFarmaceutica, CondicionesEspeciales, TipoMateria and DocumentoAduanero. For foreign trade operations, fields […]
The Romanian Ministry of Finance published draft legislation proposing new budgetary measures among which is the implementation of the highly anticipated electronic invoicing mandate. Even though the draft legislation maintains the January 2024 roll-out date previously approved by the EU Council, it proposes an invoice reporting system to operate in the first 6 months, with […]
Greece’s Ministry of Finance announced in a press release (“Specification of the economic initiatives presented by the Prime Minister at the Thessaloniki International Fair”) on September 19, 2023, that the Ministry and the Greek tax authority, AADE, have started a dialogue with the European Commission to discuss the conditions required for Greece to implement a […]
As of October 1, 2023, Laos will impose VAT registration requirements on foreign providers of digital goods, digital services, and digital platform services. According to the most recent guidelines from the Ministry of Finance, both business-to-business (B2B) and business-to-consumer (B2C) transactions are within the scope of these requirements. “Digital platform services” refer to e-commerce transactions […]
The Indian Goods and Services Network (GSTN) has announced an updated enforcement date for the time limit to send e-invoices to the IRP. As of November 1, 2023, taxpayers with an annual turnover of at least Rs 100 Crores will not be able to send e-invoices older than 30 days to the IRP. All document […]
France is in the process of implementing a Continuous Transaction Controls (CTC) system which introduces mandatory e-invoicing for domestic B2B transactions and e-reporting obligations. In a recent meeting of the Communauté des Relais, the tax authority announced more details surrounding the previously communicated postponement of the B2B e-invoicing mandate in France. While the formal dates […]
The Bizkaia Tax Authority has published information regarding a possible postponement of the Batuz obligation for small and medium-sized companies, micro-enterprises, self-employed workers, small-sized cooperatives, or non-profit entities. A draft law is under discussion for this purpose. As it is still a draft, it needs to be officially published in order to become effective. The […]
As announced in Fiji’s National Budget for 2023-2024 by the Fiji Revenue and Customs Service, the standard VAT rate increased from 9% to 15% for all non-zero-rated items beginning on August 1, 2023. The budget announcement can be found here.
ANAF updated the return D300 in response to the enactment of Law 88 from April, 2023. This legislative amendment introduced VAT exemptions with right of the deduction to construction services supplied to hospitals, as well as certain supplies of medical equipment and orthopedic products. To align with the new amendment, the revised D300 requires taxpayers […]
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 […]