Regulatory Analysis
On 23 September 2024, the head of His Majesty’s Treasury announced a package of reforms aimed at improving the United Kingdom’s tax system, which includes launching a public consultation on electronic invoicing. The consultation will be conducted by His Majesty’s Revenue and Customs (HMRC). While no specific framework has been provided, the authorities aim to […]
In August 2024, the Polish Ministry of Finance (MoF) adopted a Regulation adding new elements to the JPK_CIT (SAF-T obligation for corporate income taxpayers) and making it a periodic obligation, with a phased roll-out starting 1 Jan 2025, among other provisions. However, on 10 September, the Polish government published a draft regulation to authorize the […]
The Greek authorities have published the awaited legislation (A. 1122 and 1123 of 2024) requiring taxpayers to submit domestic and cross-border transport document data to the myDATA platform in real-time and to obtain tax authority approval before the start of transportation. Transmission of transport document data has been possible via myDATA, but timelines have now […]
The Saudi Arabian Tax and Customs Authority (ZATCA) announced the 15th wave of Phase 2 of the e-invoicing initiative. The 15th wave includes taxpayers with a revenue of at least SAR 4 million (approximately USD 1.06 million) that were subject to VAT during 2022 or 2023. Taxpayers within this group are expected to integrate with the system as of […]
The Polish Ministry of Finance (MoF) has updated its FAQs regarding the KSeF e-invoicing system. The main changes are: The new schema FA(3) will be published for public consultation in Autumn 2024; earlier plans indicated September 2024. Changes in the new schema cover the presentation of the payment deadline, adding a new role as an […]
On August 16, 2024, the Polish Ministry of Finance (MoF) adopted the final version of the Regulation amending JPK_CIT, which introduces additional data to be reported on the accounting records. The updated JPK_CIT will consist of two schemas: JPK_KR_PD and JPK_ST_KR. The Act is currently awaiting publication in the official journal and is set to […]
Pursuant to bill HE 61/2024, the standard VAT rate in Finland increases from 24% to 25.5% effective from September 1, 2024.
On 29 June 2024, the Danish Guarantee Fund (DGF) issued an order on its website for Greenland about contributions to the Guarantee Fund for non-life insurance companies. The order applies to certain life insurance companies as well, however does not apply to non-life insurance companies that only underwrite motor liability insurance in Greenland on a […]
The Zambian Revenue Authority (ZRA) granted taxpayers a three-month grace period to comply with the e-invoicing obligation through the Smart Invoice System (SIS). Taxpayers were previously required to comply as of July 1, 2024; however, now taxpayers have time until September 30, 2024. The Smart Invoicing System leverages technology to monitor real-time transactions, aiming to […]
The Saudi Arabian Tax and Customs Authority, ZATCA, announced the 14th wave of Phase 2 of e-invoicing. The 14th wave covers taxpayers with at least SAR 5 million (app. USD 1.3 million) revenue subject to VAT for 2022 or 2023. Taxpayers within this group are expected to integrate as of 1 February 2025. Phase 2 of e-invoicing introduces additional requirements for […]
The Sultanate of Oman Tax Authority announced the launch of a a VAT e-invoicing system in 2023. The plan to introduce mandatory B2B e-invoicing has been postponed to sometime in 2025. Initially, the plan was to roll out the system voluntarily in April 2024, with a mandatory schedule for large entities operating within the country starting in October […]
The Inland Revenue Board of Malaysia (IRBM) released a press note and updated documentation introducing a set of measures for the flexibilization of the upcoming e-invoicing obligation, as listed below. Please note, however, that there has been no postponement of the mandatory go-live date, which remains as 1 August 2024. Issuance of consolidated e-invoice for all transactions: […]
The Israeli Tax Authority (ITA) has released a new version of its documentation on invoicing services. The updated document introduces enhanced services and explains alternative methods to follow in case of a delay after the submission of invoice data. Israel implemented its Continuous Transaction Control (CTC) clearance mandate in May 2024. Under this new system, […]
Slovenia has released a draft proposal for the Act on the Exchange of Electronic Invoices and Other Electronic Documents, aiming to implement mandatory Continuous Transaction Controls (CTC) e-invoicing in the B2B sector. Initially, the proposal doesn’t cover B2C transactions, where consumers could choose between e-invoices and paper invoices. In either case, e-invoices will be reported […]
Yesterday, 18 July 2024, the Polish Ministry of Finance (MoF) held a pre-consultation with businesses and other stakeholders regarding potential changes to the upcoming e-invoicing system, KSeF. The main consultations are going to take place from September 2024. The discussions covered 3 topic areas: 1) B2C e-invoices 2) additional postponements and sanctions 3) issuance of […]
The Belgian Federal Public Service Finance has published the official guidelines for mandatory B2B e-invoicing, which will take effect on January 1, 2026. Here are some of the key points covered in the guidelines: Format of E-Invoices: The guidelines explain what constitutes a structured invoice and how alternative formats can comply with the EN standard. […]
The Greek Tax Authority’s (AADE) has published an updated version of the Greek technical specifications for the myDATA e-accounting system. This is version 1.0.9 of July 2024 and contains the following changes: New fields, operational error codes, VAT Category values, and classification codes have been added, as follows: Added field POS tid Code under payment […]
The Saudi Arabian Tax and Customs Authority, ZATCA, announced the 13th wave of Phase 2 of e-invoicing. The 13th wave covers taxpayers with at least SAR 7 million (app. USD 1.8 million) revenue subject to VAT for 2022 or 2023. Taxpayers within this group are expected to integrate as of 1 January 2025. Phase 2 of e-invoicing introduces additional requirements for […]