Regulatory Analysis

Posted March 15, 2024 by Dilara İnal
Namibia: Budget Statement Paves the Way for e-Invoicing Implementation

Namibia is preparing to implement a VAT electronic invoicing system, aligning with global trends. As part of the 2024-2025 budget statement, the Ministry of Finance and Public Enterprises, in collaboration with the Namibian Revenue Agency (NamRA), announced plans to explore a VAT e-invoicing system that will connect business cash registers with the Integrated Tax Administration […]

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Posted March 15, 2024 by Robert Pelletier
Poland: 5% VAT Rate on Basic Food Products from April 1, 2024

The Polish Ministry of Finance announced on March 12, 2024 that the temporary zero VAT rate on basic food will not be extended after March 31, 2024. The previous 5% VAT rate will apply to basic food products such as milk, eggs, vegetables, cereals, meat, and fish products from April 1, 2024. The Ministry of […]

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Posted March 11, 2024 by Edit Buliczka
Austria: New IPT Settlement Form Published

The Austrian Tax Office recently released a new report form (Form6) for settlement of Insurance Premium Tax (IPT). This new template complies with both changes in the IPT regulation of last July and the Decree of the Ministry of Finance issued in December 2023. In summary, the modification to Section 7 of the IPT law […]

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Posted March 11, 2024 by Dilara İnal
Kenya: E-invoicing Grace Period Provided for Non-VAT Registered Taxpayers

The Kenya Revenue Authority (KRA) announced that non-VAT registered taxpayers have a grace period to onboard to the authority’s platform for e-invoicing until March 31, 2024. This extension is designed to facilitate necessary adjustments in systems and business operations. During the grace period no penalties will be imposed on businesses for not issuing electronic invoices. […]

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Posted March 11, 2024 by Marta Sowińska
Bulgaria: SAF-T implementation

Bulgaria is expected to implement an obligation for taxpayers to submit Standard Audit File for Tax (SAF-T) files periodically to the country’s tax authorities. The exact timeline for implementation remains undefined, as the project is still under development and the legislation hasn’t been adopted yet. It is anticipated that the SAF-T obligation will be introduced […]

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Posted March 7, 2024 by Robert Pelletier
Cote d’Ivoire (Ivory Coast): Expansion of Non-resident E-service Provider VAT Obligations

Pursuant to Explanatory Note No. 03949 published on October 9, 2023, non-resident suppliers providing digital services to taxable persons in Cote d’Ivoire must collect and remit VAT. This change expands the prior B2C cross-border e-services VAT collection obligations enacted in January 2022 to include both B2C and B2B customers. Online marketplaces are also required to […]

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Posted March 4, 2024 by Dilara İnal
Zambia: E-Invoicing Obligation Commences July 1, 2024

The Zambian Revenue Authority (ZRA) announced that as of July 1, 2024, all VAT registered taxpayers are mandated to issue e-invoices through the Smart Invoice software solution implemented by ZRA. This announcement follows Zambia’s initiation of e-invoicing plans in 2023. Taxpayers will only be eligible to claim input VAT or deductions based on invoices generated […]

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Posted March 4, 2024 by Edit Buliczka
Belgium: Deadline to declare IPT on Broker Fees Set for June 20

The scope of Insurance Premium Tax (“IPT”) has been extended to brokers and intermediaries by the Act from 28 December 2023. As a result, beginning in 2024, income, such as commissions, received by an intermediary in connection with the provision of insurance services, will be liable for IPT when provided under a contract separate to […]

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Posted February 29, 2024 by Edit Buliczka
France: Changes in Insurer Contributions of Civil Liability Vehicle Insurance Policies

The recent Order from 30 January 2024 has amended the rate and the calculation basis for the insurer’s part of the contribution that is payable to the National Guarantee Fund. More specifically, it has changed the contribution payable by the insurers on premium amounts covering civil liability risks resulting from accidents caused by motorised land […]

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Posted February 26, 2024 by Dilara İnal
Israel: Second Postponement of the Invoice Clearance Model

On 26 February 2024, Israeli Tax Authority (ITA) announced an additional extension until May 5, 2024, for the implementation of Israel’s invoice clearance model. The new Israeli invoicing model envisages a clearance system for invoices, under which businesses engaged in B2B transactions that exceed a specific threshold will be required to obtain an allocation number. […]

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Posted February 20, 2024 by Joanna Hysi
Greece: No Input Tax Deductions on Invoices that Have Not Been Reported to myDATA

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 […]

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Posted February 20, 2024 by Marta Sowińska
Belgium: Legislative Process to Introduce Mandatory B2B e-Invoicing Completed

On 20th February the law introducing mandatory B2B e-invoicing in Belgium was published in the Official Gazette, available here. This means that starting from 1 January 2026, VAT-registered taxpayers established in Belgium will be required to issue and receive structured e-invoices, while non-established foreign taxpayers with a VAT-registration in Belgium will be required to receive […]

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Posted February 19, 2024 by Marta Sowińska
Poland: KSeF consultation has started

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 […]

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Posted February 19, 2024 by Dilara İnal
France: Recent Updates on CTC Roadmap

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, […]

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Posted February 14, 2024 by Dilara İnal
UAE: Ministry of Finance unveils e-invoicing plan details

The Ministry of Finance of the United Arab Emirates (MoF) has revealed its plans for previously announced E-Billing System, on 14 February 2024. The MoF is initiating a regime that couples CTC Reporting with an e-invoicing mandate. This mandate employs a Decentralized Continuous Transactions Control and Exchange (DCTCE) five corner model. This framework facilitates the […]

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Posted February 7, 2024 by Marta Sowińska
Poland to Reveal New KSeF Mandate Start Date in April-May 2024

On February 2nd, the Minister of Finance (MoF) held a meeting with business representatives to discuss next steps regarding implementation of mandatory e-invoicing through KSeF. During the meeting, several key assurances and plans were outlined by the MoF: The implementation of mandatory e-invoicing through KSeF is confirmed An announcement of the new starting date for […]

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Posted February 5, 2024 by Edit Buliczka
Hungary: Last minute change for filing and payment of extra profit tax for 2023

The Government Decree of 197/2022, which regulates extra profit taxation (EPTIPT) in Hungary, has recently been changed. The amendment was issued last Thursday and became effective on January 26, 2024. This amendment affects the declaration and payment of the 2023 EPTIPT, which was due on January 31, 2024. According to the new rules, the amount […]

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Posted February 5, 2024 by Marta Sowińska
Belgium: mandatory B2B e-invoicing approved by the Parliament

On 1 February, 2024, the Belgian Parliament approved the law implementing mandatory domestic B2B e-invoicing in the country, starting from 1 January 2026. The adopted bill can be found here. This means that starting from 1 January, 2026 all VAT-registered taxpayers established in Belgium will be required to issue/receive structured electronic invoices. Peppol will be […]

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