Regulatory Analysis

Posted October 5, 2023 by Edit Buliczka
Denmark: Danish Guarantee Fund suspends contributions to motor insurance policies in 2024

The Danish Guarantee Fund (“DGF”) published a new notice on its website on October 2, 2023. The new guidance informs non-life insurance companies, including foreign insurance companies with branches in Denmark and those writing business in Denmark on a Freedom of Services (FoS) basis, that the Danish Financial Supervisory Authority has announced that it will […]

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Posted October 3, 2023 by Bradley Feimer
Skagway, Alaska Approves 2023 Local Sales Tax Holiday

9/29/2023 The Municipality of Skagway passed a resolution declaring the period of October 1, 2023, through March 31, 2024, as a sales tax holiday for local purchases. The sales tax holiday applies to all retail sales that physically occur within the local and is not applicable to remote sellers. The resolution may be found here.

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Posted October 2, 2023 by Carolina Silva
Malaysia: Updated and new documentation are published

The Malaysia Inland Revenue Board has published updated e-invoicing guidelines, which are now on version 2.0. The update includes details on new topics, namely transactions with buyers, disbursement and reimbursement, API overview, cybersecurity, currency exchange rate, cross-border transactions, self-billing, and others. Additional documentation was also published, namely an e-invoicing Data Catalogue, which provides for the […]

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Posted October 2, 2023 by Bradley Feimer
Thailand Approves Extension of 7% VAT Rate to 2024

September 13, 2023 The Thailand Department of Revenue recently published P.C.S 32.2023. The memo provides the Thailand Cabinet passed a resolution on September 13, 2023, approving an extension of the reduced 7% VAT rate until September 30, 2024. Further information may be found here.

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Posted October 2, 2023 by Robert Pelletier
Cyprus: Temporary Zero Rate on Basic Items Extended until April 30, 2024

As the Cypriot Tax Department announced on September 20, 2023, the temporary zero VAT rate that applies to basic food and consumer items such as bread, milk, eggs, baby foods, baby and adult diapers, and female hygiene products has been extended by six months. The temporary zero VAT rate, previously set to expire on October […]

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Posted September 29, 2023 by Joanna Hysi
Belgium: Preliminary draft legislation introducing B2B e-invoicing mandate is approved

The Council of Ministers, which is the highest executive authority at a federal level, approved today a preliminary draft law that introduces mandatory B2B e-invoicing in the country. The draft introduces changes to the Value Added Tax Code to introduce a requirement for the issuance of structured electronic invoices between taxpayers. The requirement will cover […]

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Posted September 28, 2023 by Bradley Feimer
Sitka Alaska Approves 2023 Sales Tax Free Days

9/28/2023 The City and Borough of Sitka Assembly has approved a resolution providing November 24 and November 25, 2023, as sales tax-free days. This holiday applies to all sales made within the City and Borough, except any sale of fuel, alcoholic beverages, tobacco products, marijuana, and any sale that is part of a continuing obligation […]

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Posted September 28, 2023 by Maria del Carmen
MEXICO: RELEASE VERSION 3.0 CARTA PORTE

On September 25, 2023, the tax authority in Mexico (SAT) published Version 3.0 of the Carta Porte Supplement on its portal with some adjustments. With Version 3.0, among other adjustments, we can see as the most relevant the incorporation of 7 catalogs: RegimenAduanero, RegistroISTMO, SectorCOFEPRIS, FormaFarmaceutica, CondicionesEspeciales, TipoMateria and DocumentoAduanero. For foreign trade operations, fields […]

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Posted September 26, 2023 by Edit Buliczka
Bulgaria: New bank accounts at the National Revenue Agency

The Bulgarian Tax Office (“National Revenue Agency” or “NRA”) announced on its website, on September 20, 2023, that payments to the NRA should be paid to new bank accounts. The new bank accounts will be implemented for payments beginning in October 2023. There will be five bank accounts where taxes, social security and health payments, […]

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Posted September 20, 2023 by Inês Carvalho
Romania: Draft legislation on B2B e-invoicing mandate is published

The Romanian Ministry of Finance published draft legislation proposing new budgetary measures among which is the implementation of the highly anticipated electronic invoicing mandate. Even though the draft legislation maintains the January 2024 roll-out date previously approved by the EU Council, it proposes an invoice reporting system to operate in the first 6 months, with […]

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Posted September 20, 2023 by Joanna Hysi
Greece – Plans for e-invoicing mandate are underway

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 the Ministry and the Greek tax authority, AADE, have started a dialogue with the European Commission to discuss the conditions required for Greece to implement a […]

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Posted September 20, 2023 by James Brown
Contribution to the FGTI: New Declarations

Following the previously announced delay to the mandatory online submission and direct debit settlement of IPT in France until 2025 at the latest, the General Directorate of Public Finances has now confirmed that this transition will take place with effect from January 1, 2024. This means that IPT liabilities incurred in the January 2024 period […]

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Posted September 15, 2023 by Charles Riordan
Laos: E-service Registration Requirements from October 1, 2023

As of October 1, 2023, Laos will impose VAT registration requirements on foreign providers of digital goods, digital services, and digital platform services. According to the most recent guidelines from the Ministry of Finance, both business-to-business (B2B) and business-to-consumer (B2C) transactions are within the scope of these requirements. “Digital platform services” refer to e-commerce transactions […]

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Posted September 15, 2023 by Bradley Feimer
Virginia October 2023 Sales Tax Holiday

Virginia’s Governor recently signed budget bill HB 6001 for fiscal years 2023-2025. The legislation provides for a combined sales tax holiday to occur October 20-22, 2023, and extends recurring August annual sales tax holiday provisions until 2025. Further information may be found here.

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Posted September 15, 2023 by Andrew Decker
Livingston Parish creates “Pink Tax Exemption”

Livingston Parish, Louisiana has adopted a new ordinance creating a “Pink Tax Exemption” from its local sales tax that takes effect on October 1, 2023, and lasts through June 30, 2025. The new exemption applies to non-commercial sales of feminine hygiene products and diapers, the same products as those already exempt from the state’s sales […]

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Posted September 15, 2023 by Dilara İnal
India: E-invoices must be reported within 30 days from November 2023

The Indian Goods and Services Network (GSTN) has announced an updated enforcement date for the time limit to send e-invoices to the IRP. As of November 1, 2023, taxpayers with an annual turnover of at least Rs 100 Crores will not be able to send e-invoices older than 30 days to the IRP. All document […]

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Posted September 15, 2023 by Dilara İnal
France: Updates on Postponement of CTC reform

France is in the process of implementing a Continuous Transaction Controls (CTC) system which introduces mandatory e-invoicing for domestic B2B transactions and e-reporting obligations. In a recent meeting of the Communauté des Relais, the tax authority announced more details surrounding the previously communicated postponement of the B2B e-invoicing mandate in France. While the formal dates […]

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Posted September 12, 2023 by Paul Ogawa
IRS Releases Updated Publication 1586

The IRS recently released an updated Publication 1586. The guidance on missing taxpayer identification numbers (TINs) and incorrect TINs has been updated to reflect final Treasury Regulations related to forms 1095-B and 1095-C that were published earlier this year. Additionally, a note has been added to clarify the de minimis rule. Publication 1586 can be […]

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