Regulatory Analysis

Posted December 1, 2023 by Dilara İnal
Bahrain: E-invoicing without prior approval from tax authority

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 […]

Read more
Posted November 29, 2023 by Robert Pelletier
Singapore: Standard GST Rate Increase to 9% from January 1, 2024

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.

Read more
Posted November 29, 2023 by Dilara İnal
Turkey: Extension granted for e-ledger submission deadline

The Turkish Revenue Authority (TRA) issued a circular on November 29, 2023, announcing that the deadline for the creation and signing of e-ledgers and submission of e-ledgers to TRA system has been extended to provide taxpayers additional time to fulfill these obligations. Originally due on 30 November 2023, the deadline has now been updated as […]

Read more
Posted November 28, 2023 by Marta Sowińska
Poland: Draft Act regarding QR code and offline modes published

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). […]

Read more
Posted November 27, 2023 by Maria del Carmen
PERU: The tax authority will not sanction those taxpayers who have not observed the forms and conditions related to the SIRE until April 30, 2024.

Through Resolution No. 000039-2023-SUNAT/700000, the authority grants a grace period for the non-application of penalties for infractions related to books and records related to tax matters kept electronically. The tax authority will not sanction those taxpayers who have not observed the forms and conditions related to the SIRE as well as the closure of their […]

Read more
Posted November 27, 2023 by Carolina Silva
Bizkaia: Postponement of Batuz obligations for SMEs Approved

Bizkaia: Postponement of Batuz obligations for SMEs Approved New legislation postponing the Batuz obligation for small and medium-sized companies, micro-enterprises, self-employed workers, small-sized cooperatives or non-profit entities has been approved on November 22, 2023 (Normal Foral 8/2023). The implementation timeline for Batuz obligations affecting large companies hasn’t changed, and such companies are still expected to […]

Read more
Posted November 27, 2023 by Dilara İnal
Ghana: Expansion of Taxpayers for Electronic Invoicing System “e-VAT”

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 […]

Read more
Posted November 27, 2023 by Dilara İnal
Kenya: Update on invoice generation supported by the eTIMS

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 […]

Read more
Posted November 27, 2023 by Maria del Carmen
MEXICO: SAT publishes the Instructions for filling out the Carta Porte supplement.

SAT publishes the Instructions for filling out the Carta Porte supplement 3.0. On November 24, the SAT published the Instructions for filling out the Carta Porte Supplement 3.0 for maritime, air, rail and motor transport. http://omawww.sat.gob.mx/tramitesyservicios/Paginas/documentos/Instructivo_ComplementoCartaPorte_Maritimo_ver3.pdf  http://omawww.sat.gob.mx/tramitesyservicios/Paginas/documentos/Instructivo_ComplementoCartaPorte_Aereo_ver3.pdf http://omawww.sat.gob.mx/tramitesyservicios/Paginas/documentos/Instructivo_Complemento_CartaPorte_Ferroviario_ver3.pdf http://omawww.sat.gob.mx/tramitesyservicios/Paginas/documentos/Instructivo_ComplementoCartaPorte_Autotransporte_ver3.pdf

Read more
Posted November 27, 2023 by Maria del Carmen
COLOMBIA: The tax authority released the Official Gazette dated November 2, which contains the long-awaited Resolution 000165 which establishes various provisions on electronic invoicing.

Among the main changes and regulations established by the resolution are: Technical Annex 1.9 of the electronic sales invoice • It incorporates new fields and validations for generation and transmission, as well as for registration as a security in the RADIAN. • It establishes that the subjects obliged to invoice must adopt this version within […]

Read more
Posted November 24, 2023 by Dilara İnal
Germany: Extended transition to e-invoicing passes Bundestag

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 […]

Read more
Posted November 21, 2023 by Paul Ogawa
IRS Delays 1099-K Reporting Threshold Change for 2023, Announces $5,000 Phase-In Threshold for 2024

Today, the IRS announced in Notice 2023-74 that it will again delay the implementation of the $600 1099-K reporting threshold for third party settlement organizations. For tax year 2023 transactions reported in 2024, the old threshold of $20,000 and 200 transactions will apply. The IRS also announced that tax year 2024 will be a ‘phase […]

Read more
Posted November 21, 2023 by Bradley Feimer
Lone Tree, Colorado Sales & Use Tax Rate Decrease

11/20/2023 The City of Lone Tree, Colorado sales and use tax rate will decrease from 2.8125% to 2.5% on December 1, 2023. Further information may be found here.

Read more
Posted November 20, 2023 by Freda Pepper
Oregon House Bill was enacted on 7/13/23

This is to advise that the Oregon House Bill was enacted on 7/13/23. The new law becomes effective on 1/1/24. This law focuses on due diligence, securities, and abandonment presumptions and provides detailed updates to the current legislation. This law enacts changes in the following areas: Definitions: A new definition of Security A new definition […]

Read more
Posted November 20, 2023 by Dilara İnal
Saudi Arabia: New taxpayer group in scope of Phase 2 of e-invoicing announced

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 […]

Read more
Posted November 17, 2023 by Maria del Carmen
COLOMBIA: The Tax Authority released the Resolution 000165 which the invoicing system is developed, new versions of the technical annexs of electronic sales invoice and Electronic Equivalent Document are issued and other provisions.

On November 1st, the Tax Authority issued the Resolution 000165 which the invoicing system is developed, the technology providers, version 1.9 of the technical annex of electronic sales invoice is adopted, technical annex 1.0 of the Electronic Equivalent Document is issued and other provisions are issued regarding the invoicing system. It is important to note […]

Read more
Posted November 16, 2023 by Jesse Rooney
Missouri Releases 2023 W-2 Electronic Reporting Direction

Missouri has released “Missouri Employer Reporting of W-2s Instructions and Specifications Handbook.”  The document provides direction on how to prepare and file electronic W-2 records with the state. The document has change significantly in presentation, however the electronic specifications for filing W-2s with the state has not changed.  Missouri generally follows the federal standard but […]

Read more
Posted November 14, 2023 by Maria del Carmen
PERU: The tax authority issues the Guide to Accept Proposal from the SIRE.

The tax authority issues the Guide to Accept the Proposal from the SIRE (Integrated System of Electronic Records). SISTEMA INTEGRADO DE REGISTROS ELECTRONICOS – SIRE | Comprobantes de Pago Electrónicos (sunat.gob.pe) 

Read more