Regulatory Analysis

Posted July 22, 2024 by Marta Sowińska
Slovenia: Proposal to Introduce Mandatory B2B e-Invoicing Published

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 […]

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Posted July 19, 2024 by Marta Sowińska
Poland: News on KSeF from MoF Pre-Consultation

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 […]

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Posted July 17, 2024 by Radhika Akhil
Oklahoma to Exempt Food Items from State Sales Tax

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 […]

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Posted July 17, 2024 by Victor Duarte
Spain: Draft Regulation Submitted to EU Commission

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 […]

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Posted July 16, 2024 by Mariadelc Aguilar
Ecuador: Tax Authority Will Apply Fines Up To $13,800 USD for Non-Delivery of Sales Receipts

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 […]

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Posted July 15, 2024 by Marta Sowińska
Belgium: Guidelines Issued for Mandatory B2B e-Invoicing Starting 1 January 2026

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. […]

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Posted July 15, 2024 by Kelly Muniz
Greece: myDATA Technical Specifications Update v.1.0.9

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 […]

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Posted July 15, 2024 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 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 […]

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Posted July 3, 2024 by Inês Carvalho
Romania: E-transport Extended Grace Period for Authorized Economic Operators

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) […]

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Posted July 2, 2024 by Edit Buliczka
Finland: Insurance Premium Tax Rate Change

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 […]

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Posted July 2, 2024 by Erik Wallin
New Jersey Phases Out Exemption for Zero Emission Vehicles

New Jersey has approved Assembly Bill 4702 which eliminates the sales and use tax exemption for zero emission vehicles in two phases. Specifically, a special reduced rate of 3.3125% applies from October 2024 through June 2025 and starting on July 1, 2025, tax applies at the standard rate of 6.625%. For more information click here.

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Posted July 2, 2024 by Erik Wallin
New Jersey Cancels Annual Sales Tax Holiday

In a surprise move, New Jersey has approved Assembly Bill 4702, which repeals the annual sales tax holiday established by P.L.2022, c.21. This means that the tax holiday which was slated to take place from August 24 to September 2 which would have enabled a temporary tax exemption for computers, school computer supplies, school supplies, […]

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Posted July 1, 2024 by Robert Pelletier
Cyprus: Temporary Zero Rate on Basic Items Extended Until September 30, 2024

Pursuant to the Council of Ministers Decree KDP 231/2024, the zero VAT rate that temporarily applies to basic food and consumer items such as bread, milk, eggs, baby foods, baby and adult diapers, female hygiene products, coffee, and sugar has been extended until September 30, 2024. The Decree can be found here (in Greek).

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Posted June 28, 2024 by Dan Barros
Wyoming Removes 200 Transaction Threshold for Establishing Economic Nexus

Starting July 1, 2024, Wyoming will remove the 200 or more separate transactions threshold for establishing economic nexus. Going forward, the sole criterion to establish economic nexus will be whether sellers receive gross revenue from sales of more than $100,000 into Wyoming for the calendar year or the immediately preceding calendar year. More information can […]

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Posted June 28, 2024 by Robert Pelletier
Spain: Temporary Zero VAT Rate on Basic Foods Extended Until September 30, 2024

Pursuant to Royal Decree-Law 4/2024 of June 26, 2024, the temporary zero VAT rate on basic food items such as bread, flour, milk, cheese, eggs, fruits, vegetables, legumes, tubers, and cereals is extended until September 30, 2024. Olive oil will also be added to the list of basic items subject to the zero VAT rate […]

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Posted June 28, 2024 by Robert Pelletier
Greece: Reduced VAT Rates on Various Goods and Services Made Permanent

Pursuant to the Greek Ministry of Finance announcement on June 20, 2024, the temporary 13% reduced VAT rate in Greece that applied to the supply of coffee, cocoa, tea, chamomile, and similar beverages has been made permanent for such supplies provided as take away or delivery effective from July 1, 2024. The same supplies of […]

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Posted June 27, 2024 by Inês Carvalho
Romania: Clarifications Regarding the e-Transport Mandate

On June 27th, a new Joint Order from ANAF and AVR, on the Romanian e-transport system, was published. The new Order clarifies previously unregulated aspects of the broader mandate, applicable to the international transport of goods, as well some features of the domestic high fiscal risk mandate. Key amendments resulting from the new Order are: […]

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Posted June 24, 2024 by Mariadelc Aguilar
Peru: SUNAT Expands Discretionary Power in Penalty Application for Electronic Tax Records Infractions

The tax authority issued the RESOLUTION OF THE DEPUTY NATIONAL SUPERINTENDENCE OF INTERNAL TAXES No. 000017-2024-SUNAT/700000, which establishes that those who, being obliged to keep their records in the SIRE, have done so without observing the forms and conditions or have not done so for the periods of April, May, June and July 2024, will not […]

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