Regulatory Analysis
The Hungarian Government recently announced a new Government Decree (No. 52/2024), which alters the existing IPT regulations. The rules outlined in this decree have not been integrated into the IPT law (No. 102/2012), and apply from the April 2024 period which is due to be settled by 20th May 2024. According to the new rules, […]
On March 21st, the Polish Minister of Finance (MoF) held an in-person meeting to summarize the results of the public consultation that took place between February and March. The MoF has announced the following updates: Timeline: While a new timeline has not yet been defined, the MoF clarified that all taxpayers, regardless of VAT status, […]
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 […]
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 […]
The Austrian Tax Office recently released a new report form (Form6) for settlement of Insurance Premium Tax (IPT). This new template complies with both changes in the IPT regulation of last July and the Decree of the Ministry of Finance issued in December 2023. In summary, the modification to Section 7 of the IPT law […]
The Kenya Revenue Authority (KRA) announced that non-VAT registered taxpayers have a grace period to onboard to the authority’s platform for e-invoicing until March 31, 2024. This extension is designed to facilitate necessary adjustments in systems and business operations. During the grace period no penalties will be imposed on businesses for not issuing electronic invoices. […]
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 […]
The Zambian Revenue Authority (ZRA) announced that as of July 1, 2024, all VAT registered taxpayers are mandated to issue e-invoices through the Smart Invoice software solution implemented by ZRA. This announcement follows Zambia’s initiation of e-invoicing plans in 2023. Taxpayers will only be eligible to claim input VAT or deductions based on invoices generated […]
The scope of Insurance Premium Tax (“IPT”) has been extended to brokers and intermediaries by the Act from 28 December 2023. As a result, beginning in 2024, income, such as commissions, received by an intermediary in connection with the provision of insurance services, will be liable for IPT when provided under a contract separate to […]
The recent Order from 30 January 2024 has amended the rate and the calculation basis for the insurer’s part of the contribution that is payable to the National Guarantee Fund. More specifically, it has changed the contribution payable by the insurers on premium amounts covering civil liability risks resulting from accidents caused by motorised land […]
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 20th February the law introducing mandatory B2B e-invoicing in Belgium was published in the Official Gazette, available here. This means that starting from 1 January 2026, VAT-registered taxpayers established in Belgium will be required to issue and receive structured e-invoices, while non-established foreign taxpayers with a VAT-registration in Belgium will be required to receive […]
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 […]