Regulatory Analysis
Estonia is planning changes to its Accounting Act to implement a customer-imposed B2B e-invoice mandate in accordance with the European e-invoicing standard. The intended changes are: To remove the reference to the Estonian e-invoice standard To give all accounting entities registered as receivers in the commercial register the right to demand an e-invoice that complies […]
Pursuant to Decree Law 4/2023, the zero-rate VAT rate that temporarily applied to supplies of face masks and gloves expired on September 30, 2023. The decree can be found here (in Spanish).
The Malaysian 2024 Budget, which is currently pending parliamentary approval, introduces changes to the implementation timeline of mandatory e-invoicing in the country. According to the new budget law, implementation will be delayed, and will follow the below schedule: For taxpayers with an annual turnover of revenue of more than RM100 million (appx. 20 million euros) […]
The Federal Ministry of Finance (MoF) has recently shared additional information on electronic invoicing which is among the proposed tax measures included in the Growth Opportunities Act. In July 2023, The MoF published its proposal to amend VAT law to introduce mandatory e-invoicing for domestic B2B transactions. The federal government approved this proposal in August […]
Zambia’s 2024 budget introduces amendments to the VAT law, paving the way for the implementation of an electronic invoicing system. The aim is to leverage technology to monitor transactions in real-time, with the goal of reducing the amount of fictitious invoices in circulation and reducing the VAT gap. Zambia already has a Tax Invoice Management […]
South Carolina imposes an additional tax on certain vehicles, including cars, aircraft, and boats, called the “Max Tax”. The Max Tax rate is 5% of the total purchase price, not to exceed a maximum of $500. As a result of a decision from the South Carolina Court of Appeals, the South Carolina Department of Revenue […]
Effective November 1, 2023, Tennessee will impose a permanent exemption on “firearm safes” and “firearm safety devices.” In previous years, Tennessee provided sales tax holidays on such items. As the definitions of eligible items under the permanent exemption are the same as those under the sales tax holiday, the sales tax holiday eligible items will […]
10/12/2023 Effective November 1, 2023, Baltimore County, Maryland will impose a $0.05 carryout bag fee for certain paper and reusable bags sold to a customer of qualifying retail establishments. The official language of Act may be found here.
The Turkish Revenue Administration continues to make arrangements in line with different sectoral needs. A significant update in this regard is the issuance of General Communique No. 550 on Tax Procedural Law (TPL) which amends General Communique No.509 on TPL concerning documents to be generated in electronic form. This communique was published in the Official […]
E-invoicing for B2B transactions is permitted but not yet mandatory in Canada. However, in the last years the Canadian government has been promoting e-invoicing and has introduced certain requirements. In 2018, it introduced a requirement for all federal suppliers to accept e-invoices and exchange e-invoices in public procurement through the PEPPOL network. Also, it has […]
On October 3, 2023, the Goods and Services Tax Network (GSTN) issued an advisory introducing a new feature on the GST e-Invoice Portal. In India, it is mandatory for taxpayers exceeding a certain threshold to generate electronic invoices for B2B and B2G transactions. With this recent update, both suppliers and buyers now have the capability […]
The IRS recently released the 2023 Publication 1220, which contains electronic filing specifications for forms 1099 and other information returns. There are no changes to the specifications themselves, but filers should be aware of several important additions to the publication. First, information about the new IRIS filing system has been added. To use IRIS, filers […]
The IRS has released Publication 1187, “Specifications for Electronic Filing of Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding.” The document provides electronic filing specifications and directions for Form 1042-S. The publication has the following the changes to electronic filing direction: The IRS now states that the unique form identifier for a record […]
North Carolina has released its electronic filing specifications for forms NC, NCX, W-2, W-2C, 1042-S and 1099. North Carolina generally follows the federal format for the federal forms with some minor modifications. There are no changes to the modifications for the 2023 tax years for these forms. To review the electronic specifications, follow this link.
Kentucky has released “Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2023,” which provides electronic filing specifications for W-2 records filed with the state. Other than updates to specific dates to reflect the 2023 tax year, the specifications have not change. Kentucky continues to utilize federal […]
The tax authority through Notice 08-23, establishes the implementation schedule of electronic invoicing for large national taxpayers in the following terms: “To ensure the implementation in a smooth and orderly manner during the period stipulated in the Law, the Large National Taxpayers have been segmented according to the following schedule:” It is important to mention […]
Sultanate of Oman Tax Authority has announced the launch of a VAT e-invoicing system within 2024. The e-invoicing system will be rolled out voluntarily in April 2024 and is scheduled to become mandatory for large entities operating within the country starting in October 2024. While official communication detailing the features of the e-invoicing system is […]
Greece’s Ministry of Finance announced in a press release (“Specification of the economic initiatives presented by the Prime Minister at the Thessaloniki International Fair”) on September 19, 2023, that transport documents used to monitor the movement of goods must be issued electronically and reported to the myDATA platform starting from January 2024. The mandate will […]