Regulatory Analysis
On April 3rd, the Polish Ministry of Finance (MoF) presented proposed changes to the VAT legislation affecting KSeF, along with draft interface specification v. 1.9 introducing new functionalities. These include the ability to issue invoices in offline modes and integrate PEF with KSeF. The public consultation about both drafts is now open until April 19th. […]
The schemas for the Norwegian Financial SAF-T have been updated to version 1.30 and are accessible here. Effective January 2025, compliance with the new schema version will be mandatory. Until then, entities are permitted to continue using the previous version, 1.2. Since 2020, Norwegian tax regulations mandate that Financial SAF-T files must be readily available […]
Following speculation on a possible expansion of the grace period of the Romanian e-invoicing mandate, the Romanian Ministry of Finance published today, 22nd March 2024, a Draft Government Emergency Order confirming their intention to defer the grace period. The Emergency Order proposes that the deadline for the application of penalties for non-compliance with electronic reporting […]
The German parliament passed The Growth Opportunities Act (Wachstumschancengesetz – the Act) today, concerning various tax matters, including a nationwide B2B electronic invoicing mandate. Originally the Act was set for a vote at the end of 2023 with January 2024 as enforcement date. However, the lack of consensus by the parliament in various provisions of […]
On March 18th, 2024, the Polish Ministry of Finance published a second draft act regarding JPK_KR, that requires additional data to be reported on the accounting records. The draft act impacts the content of JPK_KR (aka JPK_CIT), and is aimed to enter into force from 1 January 2025. The Ministry decided to split JPK_KR into two […]
Pursuant to Executive Decree No. 198 as issued by the President on March 15, 2024, the standard VAT rate in Ecuador is increased to 15% effective April 1, 2024. A copy of Executive Decree No. 198 can be found here (in Spanish).
Namibia is preparing to implement a VAT electronic invoicing system, aligning with global trends. As part of the 2024-2025 budget statement, the Ministry of Finance and Public Enterprises, in collaboration with the Namibian Revenue Agency (NamRA), announced plans to explore a VAT e-invoicing system that will connect business cash registers with the Integrated Tax Administration […]
The Polish Ministry of Finance announced on March 12, 2024 that the temporary zero VAT rate on basic food will not be extended after March 31, 2024. The previous 5% VAT rate will apply to basic food products such as milk, eggs, vegetables, cereals, meat, and fish products from April 1, 2024. The Ministry of […]
Bulgaria is expected to implement an obligation for taxpayers to submit Standard Audit File for Tax (SAF-T) files periodically to the country’s tax authorities. The exact timeline for implementation remains undefined, as the project is still under development and the legislation hasn’t been adopted yet. It is anticipated that the SAF-T obligation will be introduced […]
Pursuant to Explanatory Note No. 03949 published on October 9, 2023, non-resident suppliers providing digital services to taxable persons in Cote d’Ivoire must collect and remit VAT. This change expands the prior B2C cross-border e-services VAT collection obligations enacted in January 2022 to include both B2C and B2B customers. Online marketplaces are also required to […]
Pursuant to the Service Tax (Rate of Tax) (Amendment) Order 2024, effective 1 March 2024, the service tax rate is increased from 6% to 8% on all taxable services except for food and beverage preparation, telecommunications, parking provision services, and logistics, which will remain at the 6% rate. The order can be found here (in […]
Alongside the developments of the CTC e-invoice reporting mandate in Malaysia, the Malaysia Digital Economy Corporation (MDEC) has become the Peppol Authority in the country. MDEC is implementing the Peppol framework in Malaysia and it will be available for the exchange of e-invoices, complementing the e-invoice reporting mandate, which will not handle the delivery of […]
On 26 February 2024, Israeli Tax Authority (ITA) announced an additional extension until May 5, 2024, for the implementation of Israel’s invoice clearance model. The new Israeli invoicing model envisages a clearance system for invoices, under which businesses engaged in B2B transactions that exceed a specific threshold will be required to obtain an allocation number. […]
As we previously reported, the mandatory submission of income and expenses became effective from 1.1.2024 since the data reported to the myDATA platform and the data declared in the VAT returns must match and, ultimately, no modifications in the pre-filled VAT amounts will be permitted by taxpayers. Consequently, the pre-filling of VAT returns with the […]
On Friday, February 16th, the Polish Ministry of Finance (MoF) conducted its first two meetings as part of a series of consultations with businesses regarding KSeF, in which Sovos has actively participated. The sessions addressed topics related to the security and performance of the KSeF system, as well as the impact of B2C transactions within […]
The General Directorate of Public Finances (DGFiP) has shared new details on the upcoming French Continuous Transaction Controls (CTC) mandate from the Communauté des Relais meeting on 16 February 2024. The implementation of the French CTC mandate is scheduled for September 2026. From this date, all businesses must be able to receive electronic invoices. Concurrently, […]
Pursuant to the Ministerial Decree published in Official Gazette No. 30 on February 6, 2024, the local consumption tax rates for Campione d’Italia (imposta locale sul consumo di Campione d’Italia, ILCCI) are increasing in conjunction with Swiss VAT rate increases for January 1, 2024. The standard ILCCI rate increases to 8.1% (previously 7.7%), and the […]
The Royal Decree of December 17th, 2023, postponing the starting date for the amendments to the Belgian VAT chain was recently published. This postponement follows the enactment of the Law aiming to improve the Belgian VAT compliance chain, of March 12, 2023, which introduced measures concerning the processing of periodic VAT returns and payments. Originally […]