Regulatory Analysis
The Indian Goods and Services Tax Network (GSTN) has announced that new Invoice Reporting Portals (IRP) have been onboarded. IRPs act as a bridge between the taxpayer (or their Accredited Service) Providers and the tax authority backend platform called the GST Portal for the purposes of e-invoice issuance. Until the new 4 were IRPs announced, […]
On February 24th, the Senior Minister of State, Mr. Chee Hong Tat, announced that within the next few years, InvoiceNow will become the default e-invoice submission channel for all Government vendors. InvoiceNow is a nationwide E-invoicing method operating on the Peppol network that facilitates the direct delivery of invoices in a structured digital format. Singapore has been implementing […]
China is expanding its fully digitalized e-invoicing (e-fapiao) pilot program, currently as of 1 January 2023 in scope to issue a fully digitalized e-fapiao are Shanghai, Guangdong, Inner Mongolia, Sichuan, Xiamen, Chongqing, Qingdao, Tianjin, Dalian, and Shaanxi provinces. Additionally, taxpayers nationwide are able to accept e-fapiao issued by the selected taxpayers in the above provinces. […]
New Zealand is implementing changes to its GST invoicing and record keeping requirements, which are set to enter into force from April 1, 2023. These changes include: The use of tax invoices will be replaced by a more general requirement to provide and keep certain records known as taxable supply information. Terminology: […]
The Shanghai Taxation Bureau released a notice to inform that from June 25, 2022, the Xuhui District is included in the pilot program for the fully digitized e-invoice. This pilot program keeps expanding its scope of jurisdictions across China. However, for the time being, only selected taxpayers in Shanghai, Inner Mongolia, and Guangdong are able […]
In South Korea, e-invoicing has been mandatory for all corporate businesses since 2011. From 2012, individual businesses (entrepreneurs) have also been required to comply with e-invoicing obligations if they meet the threshold limits which have been updated a couple of times over the years. Currently, an individual business whose aggregate supply value (including transactions that […]
The Chinese e-invoicing pilot program, which has gradually been expanded in its new form since January 2021, has now welcomed a new batch of cities into the program. The updated version of the Chinese CTC e-invoicing pilot program, which is intended to allow businesses to issue e-invoices as well as to receive and verify them […]
A new timeline for the go-live of the Philippine e-invoicing system (EIS) was announced at the webinar held by BIR today on the 12th October. The launch of the pilot program for e-invoicing (which targets the country’s 100 largest taxpayers) has been postponed with six months, from 1 January to 1 July 2022. As part […]
Ever since the introduction of mandatory e-invoicing in India, B2C transactions have been excluded from the scope of mandatory e-invoicing. For these transactions specifically, there is a separate requirement: taxpayers with an annual threshold of 500 Cr. rupees or more must include a self-generated dynamic QR code on B2C invoices. Even though this requirement was […]
Russia is introducing a new system for traceability of certain goods that will come into effect on 1 July 2021. Federal Law No. 371-FZ will amend the Russian Tax Code to introduce the new procedure for the traceability system, which will bring with it the introduction of mandatory e-invoicing for taxpayers dealing with traceable goods. […]
The Indian authorities have recently announced two significant changes related to its e-invoicing framework: While invoices relating to B2C transactions are not within the scope of mandatory e-invoicing in India, it is mandatory to include a self-generated QR code on B2C invoices. The Central Board of Indirect Taxes and Customs (CBIC) has now extended the […]
Several months after a draft Decree on invoicing was published, the Vietnamese Government approved on 19 October 2020 the Decree 123/2020/ND-CP regulating invoices and documents. This Decree postpones the e-invoicing mandate until July 1, 2022. The new deadline is in line with the date of implementation of the rules concerning the e-invoicing system envisaged in […]
India’s e-invoicing mandate is live as of yesterday with a last minute 30 day grace period granted for taxpayers in scope to obtain invoice reference numbers. The grace period ends in November and as of November the requirement to include the IRN and the QR code on the invoices will be enforced, meaning that invoices […]
There have been regulatory changes related to the Indian e-invoicing system. The Central Board of Indirect Taxes and Customs (CBIC) issued two new Notifications on 30 July 2020: One of the Notifications is related to the technical aspect of the reform, and the second is related to the taxpayer scope of the mandate. After this […]
A new JSON e-Invoice schema (v1.02) has been released by the Indian Tax Authority. The update includes only minor changes and no new fields. While version 1.02 is now available for testing, version 1.01 will continue as is for some time prior to being phased out.