Regulatory Analysis


 
Posted March 22, 2023 by Dilara Inal
Ghana: More taxpayers included in the e-VAT system

The Ghana Revenue Authority (GRA) introduced the e-VAT invoicing system in October 2022 with the first group consisted of 50 taxpayers as a pilot group. GRA announced the second group of taxpayers, and their implementations will start after the completion of the first phase and be completed by the end of 2023. With the e-VAT […]

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Posted March 8, 2023 by Inês Carvalho
Belgium: Parliament proposes changes in Periodic VAT Declarations and Payments

On February 7th, 2023, the Belgium Parliament published a bill aimed at improving the processing of periodic VAT returns and payments. Among the proposed measures, the bill provides for use of a substitute VAT return by the tax authorities when the taxpayer has failed to submit their VAT return within 3 months of the legal […]

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Posted March 7, 2023 by Carolina Silva
South Korea: Introduction of Self-Billing Invoices

South Korea’s latest Tax Reform proposal has recently been approved, and introduces several new measures for the year 2023, among which is the possibility of issuance of self-billing VAT invoices. The tax reform amended article 71-2 of current South Korean VAT law in order to allow the issuance of invoices for the supply of goods […]

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Posted February 27, 2023 by Andres Landerretche
New VAT collection Regime on the sale of food and other products for human consumption.

The AFIP published the Resolution No. 5329/2023 on February 13, 2023, which among other topics set a new VAT collection regime on the sale of food products for human consumption, beverages, personal hygiene and cleaning articles. The amount of the charge will be determined by applying, on the net price of the operation resulting from […]

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Posted February 24, 2023 by Andres Landerretche
Argentina: General Resolution No. 5323/2023 Issued by the AFIP Anticipates to February 23 and 24, 2023 the Due Dates for Compliance with the Obligations of Determination and/or Payment of Value Added Tax.

Argentina: General Resolution No. 5323/2023 issued by the AFIP anticipates to February 23 and 24, 2023 the due dates for compliance with the obligations of determination and / or payment of Value Added Tax which original term was February 27 and 28 of this year. This change is according to the termination of the Unique […]

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Posted February 10, 2023 by Carolina Silva
Croatia: New CTC Project – “Fiscalization 2.0.”

The Croatian Tax Administration has issued an announcement launching a new CTC project, called “Fiscalization 2.0”. It concerns the implementation of a new e-reporting system for non-cash transactions which seems to include e-invoicing, e-archiving and e-bookkeeping obligations in the current VAT system. The project is expected to be implemented by the end of 2024, however […]

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Posted February 10, 2023 by Inês Carvalho
Italy: Pre-Filled VAT Returns for Certain Taxpayers

From the 10th of February 2023, the Italian Revenue Agency will make available a pre-filled annual VAT return concerning the tax year of 2022. The Italian Revenue Agency will use the data of domestic electronic invoices and cross-border reports communicated to the SDI to prepare the draft VAT returns. The returns will be available on […]

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Posted February 1, 2023 by Dilara Inal
France: Updated external specifications for e-invoicing and e-reporting

The French authorities published the updated version of the ‘External specifications file for electronic invoicing’. The new specifications introduced additional mandatory e-invoicing data, new and modified cases of use, amended frequency for e-reporting, retention of invoices by the public billing portal and other new explanations as well as examples for XML files.

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Posted January 19, 2023 by Robert Pelletier
Botswana Temporary 12% VAT Rate Extended to 31 March 2023

On 18 January 2023, the Botswana Ministry of Finance issued a public notice that the temporary reduced standard VAT rate of 12% is extended to 31 March 2023. The public notice can be found here.

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Posted January 19, 2023 by Robert Pelletier
Canary Islands: Reduced VAT Rates on Face Masks and Gloves Extended to 30 June 2023

Pursuant to Decree Law 15/2022, the zero-rate VAT rate that temporarily applied to supplies of face masks and gloves in the Canary Islands is extended until June 30, 2023. The decree can be found here (in Spanish).

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Posted January 17, 2023 by Stephanie Melhem
Ghana Removes VAT Exemption From Various Supplies Effective 1 January 2023

Effective 1 January 2023, Ghana has removed the VAT exemption from imported textbooks, imported newspapers, architectural plans and similar plans, drawings, scientific and technical works, periodicals, magazines, trade catalogues, price lists, greeting cards, almanacs, calendars, diaries and stationery and other printed matter. The Value Added Tax Amendment Act, 2022 can be found here.

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Posted January 17, 2023 by Stephanie Melhem
China Small-Scale Taxpayers Rate Reduced

China announced the 3% VAT rate normally applied for small-scale VAT taxpayers will be reduced to 1% from January 1, 2023 to December 31, 2023. This rate reduction is in addition to the announcement of the exemption for taxpayers with a monthly turnover of less than 100,000 yuan which was previously reported on by Sovos. […]

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Posted January 13, 2023 by Stephanie Melhem
China Extends Small Business VAT Exemption

On January 9, 2023 China announced an extension to the small business exemption from VAT. From January 1, 2023 to December 31, 2023, small-scale VAT taxpayers with monthly sales of less than 100,000 yuan (including the amount) will be exempted from VAT. The announcement can be found here. Please note that the exemption for small-scale […]

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Posted January 13, 2023 by Stephanie Melhem
Ghana Standard VAT Rate Increase effective 1 January 2023

The Ghana Revenue Authority (GRA) announced the standard Value Added Tax (VAT) will increase by 2.5 percent. The standard VAT rate will be increasing to 15% from 12.5% effective 1 January 2023. The VAT amendment can be found here.

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Posted January 10, 2023 by Stephanie Melhem
Zimbabwe Standard VAT Rate Increase Effective 1 January 2023

The Zimbabwe Revenue Authority announced the standard Value Added Tax (VAT) will increase by 0.5 percent. The standard VAT rate increased to 15% from 14.5% effective January 1, 2023. The public notice can be found here.

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Posted January 6, 2023 by Robert Pelletier
Italy: Reduced VAT Rates on Feminine Hygiene Products, Baby Products, and Face Masks from 1 January 2023

Pursuant to the 2023 Italian Budget through Senate Bill n. 442, effective 1 January 2023 the 5% reduced VAT applies to feminine hygiene and baby products. Baby products that will apply the 5% rate consist of baby diapers, child seats to be installed in motor vehicles, as well as powdered milk and food products for […]

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Posted January 6, 2023 by Robert Pelletier
Spain: Reduced VAT Rates on Face Masks and Electricity Extended and Zero Rate on Basic Foods

As announced by the Spanish Ministry of Finance on 27 December 2022 and pursuant to Royal Decree-Law 20/2022, the reduced VAT rates applied to supplies of face masks and electricity have been extended. Surgical face masks will maintain the 4% VAT rate until 30 June 2023, and electricity will maintain the 5% VAT rate until […]

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Posted January 6, 2023 by Stephanie Melhem
China’s Exemption for Small Business Taxpayers was set to expire on 31 December 2022

China previously announced from 1 April 2022 to 31 December 2022, small-scale VAT taxpayers would be exempt from VAT on taxable sales income subject to a 3% levy rate. The exemption was set to expire on 31 December 2022. The original announcement can be found here.

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