Regulatory Analysis
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 […]
On July 21, 2024, the Peruvian Official Gazette published Superintendence Resolution No. 000145-2024. This resolution postpones the requirement for certain subjects to maintain the Sales and Income Registry and the Purchase Registry through the Integrated Electronic Records System (SIRE) from August 2024 to January 2025.
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, […]
California’s Employment Development Department (EDD) has announced available extensions for filing state payroll records and depositing state payroll taxes for counties affected by disasters. Following Gov. Newsom’s proclamation ending several states of emergency, the EDD has announced those in affected counties may request two-month extensions for filing and payment. The affected counties include Butte, Los […]
The Social Security Administration (SSA) recently released the 2024 versions of the EFW2 (Specifications for Filing Forms W-2 Electronically) and EFW2C (Specifications for Filing Forms W-2c Electronically). Most notably, both specifications include new fields for reporting Medicaid waiver payments that are excluded from gross income. These payments are reported in Box 12 under Code II […]
South Carolina recently updated publication WH-405, its specifications for the state’s batch filing program for quarterly tax returns. This is the first update to the publication since August of 2021. While the specifications themselves remain unchanged, the document contains added information about how to file using the MyDORWAY system rather than the GoAnywhere system which […]
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 […]
Oklahoma recently passed HB 1955 and SB 1283, exempting the state level sales tax on food and food ingredients. While this exemption applies to state level tax, there is no change to local level taxes (i.e., county, city and district level taxes). This change is to take effect on August 29, 2024. For the purpose […]
The Spanish Authorities submitted to the EU Commission a draft Order developing the technical, functional, and content specifications to be adopted by computer or electronic systems and software supporting the invoicing processes of economic operators and professionals, and the standardization of invoicing record formats. This draft Order develops the standards for systems known as SIF […]
Resolution No. NAC-DGERCGC24-00000022, published on June 10, 2024 in the Official Register Supplement No. 575, establishes the possibility of imposing penalties from $460 to $13,800 USD for the non-delivery of sales receipts and the non-transmission of electronic sales receipts to the Internal Revenue Service (SRI). This resolution enters into force from the day of its […]
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 […]
On June 28, 2024, the Romanian government issued a new Government Emergency Order postponing the grace period for the e-transport mandate for international transport of goods until January 2025. The extended grace period, during which no penalties will be imposed, applies only to entities with Authorized Economic Operators status under Article 38 of Regulation (EU) […]
On 28 June 2024, the Finnish Parliament approved the amendments to the Insurance Premium Tax (IPT) according to the government proposal (HE 61/2024). With the change (article 3) in the law, the IPT will rise from 24 percent to 25.5 percent. This change is in line with the Value Added Tax (VAT) rate change. The […]