Regulatory Analysis
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 […]
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
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 […]
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 […]
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 […]
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.
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 […]
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 […]
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 […]
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 […]
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)
The Pilot Program for issuing fully digitized electronic invoices (e-fapiao) has been expanded to the new provinces and cities: Anhui, Beijing, Guizhou, Hunan, Ningxia, Qinghai and Shandong. According to the announcements published by the tax authorities in October 2023, selected taxpayers in these provinces and cities, will be able to issue fully digitized e-fapiao. In […]
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 […]