Regulatory Analysis
Following the recent enactment of the law implementing the B2B e-reporting and e-invoicing mandate in Romania, a draft amendment has been published by the Ministry of Finance, on December 13, 2023, introducing some new requirements to the existing mandate. Among other measures and clarifications, the draft law aims to implement the following obligations: A new […]
On December 8, 2023, at the second reading, The Council of Ministers in Belgium approved a draft law regarding the introduction of mandatory B2B structured electronic invoicing. This means that the legislative process is moving forward with January 1, 2026, as the intended go-live date of the mandate. The preliminary draft law is awaiting the […]
The Institute for Insurance Supervision (IVASS) in Italy has published the management charge rate for the year 2024. The rate has been increased from 4.26% to 4.37%. The management charge reduces the taxable basis applied to the Road Accident Victims Fund (RAVF) and Hunting Accident Victims Fund (HAVF) and is published annually in November.
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 […]
On November 26, the Ministry of Finance published two long-awaited draft acts regarding mandatory e-invoicing via KSeF. Draft Regulation on the use KSeF, covering: verification codes (i.e. QR codes): included on the invoices sent to the buyer outside of KSeF and in the event of system or taxpayer failure to connect with KSeF (offline modes). […]
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 […]
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 Ministry of Finance plans to develop a platform for sending, receiving, managing, and storing e-waybills. The e-Waybill system is planned to be integrated with the E-Invoicing system (SEF). The e-waybills will be validated, stored, and delivered to the recipient through the Central Registry of e-Waybills (SCR). There will be two types of e-waybills: External: […]
Ireland has now fixed the rate of MIICF contributions to be paid to the Motor Insurers’ Bureau of Ireland (“MIBI”) for 2024. The rate was reduced from 2% to 1%, as outlined in the Insurance Act 1964 (Adjustment of Percentage Rate) Order 2023 (S.I. No. 507/2023).
The Bulgarian Tax Authority National Revenue Agency (NRA) has implemented a mandatory regime for the preliminary declaration of data on the transportation of high fiscal risk goods on the territory of the Republic of Bulgaria, in line with Ordinance No H-5 of September 29, 2023. Scope: the mandatory reporting of data applies to: From October […]
Montenegro plans to implement a mandatory B2B and B2G e-invoicing system in cooperation with Serbia. On October 27, 2023, the Serbian Ministry of Finance and the Minister of Finance of Montenegro signed an agreement on the transfer of a software license for the use of a centralized platform for sending, receiving, managing, and storing e-invoices […]
On November 3, 2023, the Danish Guarantee Fund announced on its website the contribution fixed rates for 2024. The rates remained unaltered, implying that in 2024 the Guarantee Fund must continue to collect DKK 30 per insured under occupational accident insurance and DKK 40 per policy for the following insurances: Family insurance policies Homeowners insurance […]
A joint decision of the Ministry of Finance and the tax authority, AADE, published on October 31, 2023, introduced certain amendments to the myDATA framework: The reporting of historical data that took place in 2022, has been extended as follows: Expenses and self-billing income must be reported until Dec. 31, 2023 (previously Oct. 31, 2023) […]
The amendments to the Law on Electronic Invoicing via SEF were adopted by the National Assembly of the Republic of Serbia and published in the “Official Gazette of the Republic of Serbia” No. 92/23 on October 27, 2023. The main changes are the following: the obligation of electronic registration of preliminary tax and correction of […]
The Motor Insurers’ Bureau of Ireland (“MIBI”) published a new notification on its website on October 11, 2023. According to this notification, the Minister announced that the annual percentage rate of the contributions to the Motor Insurers Insolvency Compensation Fund (MIICF) will be reduced from 2% to 1%. The revised rate will be effective from […]