Regulatory Analysis
The amendments to the Law on Electronic Invoicing via SEF were adopted by the National Assembly of the Republic of Serbia and published in the “Official Gazette of the Republic of Serbia” No. 92/23 on October 27, 2023. The main changes are the following: the obligation of electronic registration of preliminary tax and correction of […]
The Motor Insurers’ Bureau of Ireland (“MIBI”) published a new notification on its website on October 11, 2023. According to this notification, the Minister announced that the annual percentage rate of the contributions to the Motor Insurers Insolvency Compensation Fund (MIICF) will be reduced from 2% to 1%. The revised rate will be effective from […]
The upper house of the German Federal Parliament (Bundesrat) recently weighed in on the Growth Opportunities Act, which includes provisions related to mandatory e-invoicing, during its session on October 20. Currently, in Germany, issuing an electronic invoice requires the buyer’s consent. However, the new act aims to introduce mandatory e-invoicing for domestic B2B transactions with […]
On October 24, 2023, the Ministry of Finance in Poland published draft legislation amending the regulation on the scope of data included in the country’s VAT return (JPK_VAT) and opened a public consultation in relation to the draft law. The proposed amendments aim to adapt the VAT return to the mandatory e-invoicing via KSeF, and […]
Following a decision from the Romanian Constitutional Court, the Romanian President has signed into law the bill implementing mandatory e-reporting and e-invoicing from 2024. The now-enacted law maintains the January 2024 roll-out date for the e-reporting obligation as well as the July 2024 date for the implementation of e-invoicing. Furthermore, the 3-month grace period – […]
Mauritius is now among the countries that have embraced mandatory e-invoicing, bringing forth robust technical standards for taxpayers. This transformation was initiated through the Finance Act of 2022, which introduced significant amendments to the VAT Act. As the latest update, in September 2023, the Minister of Finance issued the VAT E-invoicing Regulations which came into […]
Croatia has established and maintains a fiscalization system for cash transactions, and in February 2023. the Croatian Tax Authority announced its plans for the introduction of “Fiscalization 2.0” aimed at enhancing the existing system. Fiscalization 2.0 is set to introduce a decentralized e-invoicing model coupled with a continuous transaction control (CTC) reporting system for invoice […]
The updated timeline for the implementation of the French e-invoicing and e-reporting mandate has been shared. The timeline was previously postponed in July 2023, and no official new schedule was provided at that time. According to the amendment concerning the draft on Finance Law for 2024 filed on October 17, 2023, the new dates are […]
Estonia is planning changes to its Accounting Act to implement a customer-imposed B2B e-invoice mandate in accordance with the European e-invoicing standard. The intended changes are: To remove the reference to the Estonian e-invoice standard To give all accounting entities registered as receivers in the commercial register the right to demand an e-invoice that complies […]
The Federal Ministry of Finance (MoF) has recently shared additional information on electronic invoicing which is among the proposed tax measures included in the Growth Opportunities Act. In July 2023, The MoF published its proposal to amend VAT law to introduce mandatory e-invoicing for domestic B2B transactions. The federal government approved this proposal in August […]
Zambia’s 2024 budget introduces amendments to the VAT law, paving the way for the implementation of an electronic invoicing system. The aim is to leverage technology to monitor transactions in real-time, with the goal of reducing the amount of fictitious invoices in circulation and reducing the VAT gap. Zambia already has a Tax Invoice Management […]
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 transport documents used to monitor the movement of goods must be issued electronically and reported to the myDATA platform starting from January 2024. The mandate will […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]