Regulatory Analysis
On January 1, 2024, Estonia’s standard rate of VAT will increase from 20% to 22%. In addition, from January 1, 2025, Estonia plans to increase the rate of VAT on press publications from 5% to 9%, reversing a recent change.
The long anticipated adoption of the tax bill was published in the official gazette on December 11, 2023. Law 5073/2023 (FEK A’ 204) on “Measures for the limitation of tax evasion and other urgent provisions” regulates, among other things, a number of aspects related to myDATA and e-invoicing, namely: The e-invoicing incentives provide to businesses […]
The Ministry of Finance has released technical specifications for the KSeF interface in the test environment. This documentation outlines details about QR codes and their associated verification links, it also clarifies information derived from the draft regulation on the use of KSeF that was published in November. The QR codes serve as visual representations of […]
Following the recent developments in China regarding the Pilot Program for e-Invoicing, whereby the program has been expanded to new provinces and cities in November 2023, the last province of Tibet has now been added to the Pilot Program for issuing fully digitalized electronic invoices (e-fapiao) among selected taxpayers. Therefore, from December 1, 2023, the […]
The Spanish government is pursuing various routes for digitizing tax controls, including introducing software requirements on the billing system. Back in February 2022, a Draft Royal Decree was published establishing invoicing and billing software requirements to secure Spanish antifraud regulations. This ensures that billing software meet the legal requirements of integrity, conservation, accessibility, legibility, traceability […]
India is considering the expansion of its mandatory e-invoicing system to encompass B2C transactions. Currently, B2B transactions are subject to this mandatory e-invoicing, requiring clearance through platforms accredited by the tax authority. Taxpayers exceeding a specific revenue threshold must issue their invoices in compliance with this system. This Continuous Transaction Control (CTC) system is anticipated […]
On December 5, 2023, the Ninth Resolution of Amendments to the RMF 2023 was published in the Official Gazette, entering into force on the day following its publication. The resolution modifies and adds some rules related to the requirements for the application of fiscal incentives established in various Decrees. The most relevant points in terms […]
The Portuguese parliament has granted approval for a proposal aimed at delaying the implementation of the qualified electronic signature requirement as a method to establish the presumption of integrity and authenticity for e-invoices. Initially expected to be enforced on January 1, 2024, this requirement is dealt with again in the 2024 State Budget (Draft-law no. […]
Pursuant to the Nigerian Federal Inland Revenue Service (FIRS) Circular No. 2021/19, foreign suppliers and marketplaces providing goods in Nigeria to taxable and non-taxable persons must collect and remit VAT on their sales from January 1, 2024. The circular can be found here.
The Bundesrat, the upper house of the German Federal Parliament, has declined to approve the Growth Opportunities Act, which includes amendments to VAT law concerning e-invoicing, along with other tax measures. Germany is in the process of introducing a mandatory e-invoicing regime for domestic B2B transactions. The implementation timeline has been recently revised following approval […]
The National Bureau for Revenue (NBR) released an updated edition of the Value Added Tax (VAT) General Guide in November 2023. A VAT-registered individual or entity is now authorized to issue, retain, and manage VAT invoices, along with credit and debit notes, in an electronic format without NBR’s prior approval. Previously, the NBR had announced […]
Pursuant to Goods and Services Tax (Amendment) Bill No. 30/2022, the standard GST rate in Singapore is increasing to 9% effective January 1, 2024. The Bill can be found here.
The Ghana Revenue Authority (GRA) launched its mandatory electronic invoicing system, known as e-VAT, in October 2022. The pilot group included 50 large taxpayers. According to the 2024 Budget, the second phase will expand the e-VAT system to include an additional 600 large taxpayers, as well as more than 2000 small and medium-sized taxpayers throughout […]
The Kenya Revenue Authority (KRA) announced on November 17, 2023, that business expenditures not supported by tax invoices generated through the Electronic Tax Invoice Management System (eTIMS) will not be eligible for tax deductions starting from January 1, 2024. All entities conducting business in Kenya, irrespective of their VAT registration status, are mandated to accept […]
SAT publishes the Instructions for filling out the Carta Porte supplement 3.0. On November 24, the SAT published the Instructions for filling out the Carta Porte Supplement 3.0 for maritime, air, rail and motor transport. http://omawww.sat.gob.mx/tramitesyservicios/Paginas/documentos/Instructivo_ComplementoCartaPorte_Maritimo_ver3.pdf http://omawww.sat.gob.mx/tramitesyservicios/Paginas/documentos/Instructivo_ComplementoCartaPorte_Aereo_ver3.pdf http://omawww.sat.gob.mx/tramitesyservicios/Paginas/documentos/Instructivo_Complemento_CartaPorte_Ferroviario_ver3.pdf http://omawww.sat.gob.mx/tramitesyservicios/Paginas/documentos/Instructivo_ComplementoCartaPorte_Autotransporte_ver3.pdf
The Bundestag, the lower house of the German Federal Parliament, passed the Growth Opportunities Act introducing mandatory e-invoicing for domestic B2B transactions. The general transition period (voluntary phase) has been extended by one year compared to the federal government draft. This means paper invoices will be accepted until the end of 2026. Additionally, smaller businesses […]
The Saudi Arabian Tax and Customs Authority, ZATCA, announced the ninth wave of Phase 2 of e-invoicing. The ninth wave covers taxpayers with at least SAR 30 million (app. USD 8 million) revenue subject to VAT for 2021 or 2022. Taxpayers within this group are expected to integrate as of 1 June 2024. Phase 2 […]
The tax authority issues the Guide to Accept the Proposal from the SIRE (Integrated System of Electronic Records). SISTEMA INTEGRADO DE REGISTROS ELECTRONICOS – SIRE | Comprobantes de Pago Electrónicos (sunat.gob.pe)