Regulatory Analysis
The Royal Malaysian Customs Department announced that cross-border sales of goods valued at MYR500 or less are subject to 10% sales tax when sold to businesses and consumers in Malaysia effective January 1, 2024. The low value goods regulations can be found here.
Pursuant to Decree 94/2023/ND-CP as published on December 28, 2023, supplies of goods and services subject to the standard 10% VAT rate will continue to apply the temporary 8% standard VAT rate until June 30, 2024. The 2% VAT rate reduction, which was previously set to expire on December 31, 2023, has been extended by […]
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 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 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 Pilot Program for issuing fully digitized electronic invoices (e-fapiao) has been expanded to the new provinces and cities: Anhui, Beijing, Guizhou, Hunan, Ningxia, Qinghai and Shandong. According to the announcements published by the tax authorities in October 2023, selected taxpayers in these provinces and cities, will be able to issue fully digitized e-fapiao. In […]
In the Forum of Tax Administration held in October 2023 in Singapore, the government confirmed they will adopt InvoiceNow, the national e-invoicing framework based on the Peppol network as the mandatory framework for B2G transactions in the country. Recently, testing of a 5-corner instead of the existing 4-corner model as the InvoiceNow Peppol exchange model […]
Israel is implementing a Continuous Transaction Controls (CTC) regime which was initially scheduled to roll out on January 1, 2024. On October 23, 2023, the Israeli Tax Authority (ITA) announced that the timeline has been extended to offer businesses more time to complete their technological development. According to the announcement, the ITA will allow deduction […]
The Malaysian 2024 Budget, which is currently pending parliamentary approval, introduces changes to the implementation timeline of mandatory e-invoicing in the country. According to the new budget law, implementation will be delayed, and will follow the below schedule: For taxpayers with an annual turnover of revenue of more than RM100 million (appx. 20 million euros) […]
Sultanate of Oman Tax Authority has announced the launch of a VAT e-invoicing system within 2024. The e-invoicing system will be rolled out voluntarily in April 2024 and is scheduled to become mandatory for large entities operating within the country starting in October 2024. While official communication detailing the features of the e-invoicing system is […]
The Malaysia Inland Revenue Board has published updated e-invoicing guidelines, which are now on version 2.0. The update includes details on new topics, namely transactions with buyers, disbursement and reimbursement, API overview, cybersecurity, currency exchange rate, cross-border transactions, self-billing, and others. Additional documentation was also published, namely an e-invoicing Data Catalogue, which provides for the […]
September 13, 2023 The Thailand Department of Revenue recently published P.C.S 32.2023. The memo provides the Thailand Cabinet passed a resolution on September 13, 2023, approving an extension of the reduced 7% VAT rate until September 30, 2024. Further information may be found here.
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 Saudi Arabian Tax and Customs Authority, ZATCA, announced the eighth wave of Phase 2 of e-invoicing. The eighth wave covers taxpayers with at least SAR 40 million (app. USD 10 million) revenue subject to VAT for 2021 or 2022. Taxpayers within this group are expected to integrate as of March 1, 2024. Phase 2 […]
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.
The Saudi Arabian Tax and Customs Authority, ZATCA, announced the seventh wave of Phase 2 of e-invoicing. The seventh wave covers taxpayers with at least SAR 50 million (app. USD 13 million) revenue subject to VAT for 2021 or 2022. Taxpayers within this group are expected to integrate as of February 1, 2024. Phase 2 […]
On July 11, 2023, the Ministry of Finance of the United Arab Emirates (UAE) announced five major strategic transformational projects which aim to advance the country in the field of digital government. One of the announced projects is the “E-Billing System”, a system that will automate and thus facilitate the procedures for filing tax returns […]