Regulatory Analysis
As we previously reported, the mandatory submission of income and expenses became effective from 1.1.2024 since the data reported to the myDATA platform and the data declared in the VAT returns must match and, ultimately, no modifications in the pre-filled VAT amounts will be permitted by taxpayers. Consequently, the pre-filling of VAT returns with the […]
On Friday, February 16th, the Polish Ministry of Finance (MoF) conducted its first two meetings as part of a series of consultations with businesses regarding KSeF, in which Sovos has actively participated. The sessions addressed topics related to the security and performance of the KSeF system, as well as the impact of B2C transactions within […]
The General Directorate of Public Finances (DGFiP) has shared new details on the upcoming French Continuous Transaction Controls (CTC) mandate from the Communauté des Relais meeting on 16 February 2024. The implementation of the French CTC mandate is scheduled for September 2026. From this date, all businesses must be able to receive electronic invoices. Concurrently, […]
Pursuant to the Ministerial Decree published in Official Gazette No. 30 on February 6, 2024, the local consumption tax rates for Campione d’Italia (imposta locale sul consumo di Campione d’Italia, ILCCI) are increasing in conjunction with Swiss VAT rate increases for January 1, 2024. The standard ILCCI rate increases to 8.1% (previously 7.7%), and the […]
The Royal Decree of December 17th, 2023, postponing the starting date for the amendments to the Belgian VAT chain was recently published. This postponement follows the enactment of the Law aiming to improve the Belgian VAT compliance chain, of March 12, 2023, which introduced measures concerning the processing of periodic VAT returns and payments. Originally […]
Pursuant to a notice issued by the Nigerian Federal Inland Revenue Service (FIRS) on January 15, 2024, the implementation of the Guidelines on Simplified Compliance Regime on VAT for non-resident suppliers of goods to Nigeria through digital platforms, scheduled to commence from January 1, 2024, has been postponed. The postponement is to allow FIRS to […]
The Royal Malaysian Customs Department announced that cross-border sales of goods valued at MYR500 or less are subject to 10% sales tax when sold to businesses and consumers in Malaysia effective January 1, 2024. The low value goods regulations can be found here.
Pursuant to Decree 94/2023/ND-CP as published on December 28, 2023, supplies of goods and services subject to the standard 10% VAT rate will continue to apply the temporary 8% standard VAT rate until June 30, 2024. The 2% VAT rate reduction, which was previously set to expire on December 31, 2023, has been extended by […]
Government Bill 488, now published in the Official Gazette of the Czech Republic, makes several changes to the country’s VAT Act, the most significant of which are as follows: The country’s two reduced rates of 15% and 10% are replaced by a single reduced rate of 12%; Books, including electronically supplied books, are exempt with […]
On January 1, 2024, Luxembourg’s temporary 1% decrease in several of its VAT rates will expire. Luxembourg’s VAT rates will return to what they had been prior to January 1, 2023, as follows: 17% standard rate (was 16% for calendar year 2023) 14% reduced rate (was 13% for calendar year 2023) 8% (was 7% for […]
Pursuant to Federal Gazette No. 39/2022 published on October 29, 2022, the temporary 7% reduced VAT rate applied to restaurant and catering services, excluding the sale of beverages, in Germany expired on December 31, 2023. These services have been subject to the standard 19% tax rate since January 1, 2024. The law can be found […]
Pursuant to Law 5073/2023 as published in the Official Gazette on December 11, 2023, the temporary 13% reduced VAT rate in Greece that applied the provision of services in cafes, restaurants, and pastry shops, as well as the 6% rate on protective face masks and gloves due to Covid-19, has expired. Since January 1, 2024 […]
As announced by the Spanish Ministry of Finance on December 27, 2023, the temporary zero VAT rate on basic food items such as bread, flour, milk, cheese, eggs, fruits, vegetables, legumes, tubers, and cereals has been extended until June 30, 2024. These measures seek to continue making consumer shopping baskets cheaper through the first half […]
Italy officially published the Budget Law for 2024 in the Official Gazette No. 303 of December 30, 2023. The VAT rates applied to supplies of feminine hygiene products and childcare products, such as baby diapers, will increase from 5% to the 10% reduced VAT rate from January 1, 2024. Law No. 213 containing these measures […]
The tax authority, through the Miscellaneous Tax Resolution for 2024, in its transitory provisions, established that taxpayers obliged to issue CFDIs to which the Carta Porte supplement is incorporated, may continue to issue them in its version 2.0, published on February 24, 2023 on the SAT Portal, until March 31, 2024.
On December 24, SUNAT resolution 000042/2023 was published, extending the grace period for the non-application of penalties for infractions related to Electronic Transportation Guide (GRE) The resolution indicates that the subjects required to issue the GRE as of 1 January 2024 require an adaptation period and it is advisable to extend the deadline for compliance. […]
The regulation amending the scope of data included in the JPK_VAT with a declaration (VAT return) in Poland, has now been passed to the Minister of Finance for formal signature. The final version of the regulation from 29 December 2023 has been further changed compared to the initial draft, and its final form does not […]
The draft legislation on 28 December 2023 introducing mandatory B2B e-invoicing in Belgium has been made publicly available and is now awaiting the Belgian Parliament’s approval. After its approval, the e-invoicing mandate is planned to enter into force from 1 January 2026 and impact all VAT-registered taxpayers established in Belgium. The taxable persons who are […]