Regulatory Analysis
Pursuant to the Nigerian Federal Inland Revenue Service (FIRS) Circular No. 2021/19, foreign suppliers and marketplaces providing goods in Nigeria to taxable and non-taxable persons must collect and remit VAT on their sales from January 1, 2024. The circular can be found here.
The Bundesrat, the upper house of the German Federal Parliament, has declined to approve the Growth Opportunities Act, which includes amendments to VAT law concerning e-invoicing, along with other tax measures. Germany is in the process of introducing a mandatory e-invoicing regime for domestic B2B transactions. The implementation timeline has been recently revised following approval […]
The Ghana Revenue Authority (GRA) launched its mandatory electronic invoicing system, known as e-VAT, in October 2022. The pilot group included 50 large taxpayers. According to the 2024 Budget, the second phase will expand the e-VAT system to include an additional 600 large taxpayers, as well as more than 2000 small and medium-sized taxpayers throughout […]
The Kenya Revenue Authority (KRA) announced on November 17, 2023, that business expenditures not supported by tax invoices generated through the Electronic Tax Invoice Management System (eTIMS) will not be eligible for tax deductions starting from January 1, 2024. All entities conducting business in Kenya, irrespective of their VAT registration status, are mandated to accept […]
The Bundestag, the lower house of the German Federal Parliament, passed the Growth Opportunities Act introducing mandatory e-invoicing for domestic B2B transactions. The general transition period (voluntary phase) has been extended by one year compared to the federal government draft. This means paper invoices will be accepted until the end of 2026. Additionally, smaller businesses […]
The Bulgarian Tax Authority National Revenue Agency (NRA) has implemented a mandatory regime for the preliminary declaration of data on the transportation of high fiscal risk goods on the territory of the Republic of Bulgaria, in line with Ordinance No H-5 of September 29, 2023. Scope: the mandatory reporting of data applies to: From October […]
A joint decision of the Ministry of Finance and the tax authority, AADE, published on October 31, 2023, introduced certain amendments to the myDATA framework: The reporting of historical data that took place in 2022, has been extended as follows: Expenses and self-billing income must be reported until Dec. 31, 2023 (previously Oct. 31, 2023) […]
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 […]
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 […]
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 […]
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 […]
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 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 […]