Regulatory Analysis

Get the latest updates in regulatory analysis news

Posted April 8, 2021 by Selin Adler Ring
INDIA: Deferral of QR code requirement for B2C invoices and technical changes in the e-invoicing system

The Indian authorities have recently announced two significant changes related to its e-invoicing framework: While invoices relating to B2C transactions are not within the scope of mandatory e-invoicing in India, it is mandatory to include a self-generated QR code on B2C invoices. The Central Board of Indirect Taxes and Customs (CBIC) has now extended the […]

Read More
Posted March 16, 2021 by Joanna Hysi
Bulgaria is considering the introduction of mandatory e-invoicing

The National Revenue Agency (NRA) with industry stakeholders are discussing the idea of introducing mandatory e-invoicing. By the end of 2021 a decision will be reached. ​ In parallel, changes for till reporting are proposed and are subject to public consultation. The changes will allow online retailers to not use cash registers but report their […]

Read More
Posted March 16, 2021 by Joanna Hysi
Greece’s myDATA mandate postponed to 1 July 2021

Due to the effects of the pandemic on businesses, the Greek Ministry of Finance together with the IAPR (Greek tax authority) announced that the go-live of the myDATA eBooks mandate will be postponed to 1 July 2021. Data generated during the first six months of 2021, must be reported until 31 October 2021.

Read More
Posted March 3, 2021 by Russell Hughes
UK: Chancellor Extends VAT Rate Reduction for Tourism & Hospitality Sector in UK Budget

The UK Chancellor, Rishi Sunik, has just announced his 2021 budget for the UK. Amongst many tax measures announced was an extension to the current VAT rate reduction for the tourism and hospitality sector which was due to end on 31 March 2021. Businesses in the tourism and hospitality sector are currently able to apply […]

Read More
Posted February 18, 2021 by Joanna Hysi
Croatia: New fiscalization requirements

Two amendments in Croatian law, Fiscalization in Cash Transactions, which were introduced in the last two years came into effect on 1 January 2021. The amendments pertain to: a) the implementation of the fiscalization procedure for sales through the self – service devices; secondary legislation about the process and measures for data security and exchange […]

Read More
Posted February 18, 2021 by Joanna Hysi
Slovakia announces draft CTC legislation

The Slovakian Ministry of Finance has announced that it is preparing legislation for the introduction of a CTC scheme in the country, following in the footsteps of countries such as Italy, Hungary and Spain. The CTC scheme will require businesses to report invoice data to the tax authority prior to issuing the invoice to their […]

Read More
Posted February 18, 2021 by Gabriel Pezzato
Poland: CTC e-invoicing draft law available for public consultation

The Polish Ministry of Finance has published a draft act introducing e-invoicing via the national platform (Krajowy System e-Faktur – KSeF, or National System of e-Invoices) in a Continuous Transaction Control (CTC) system. The draft is available for public consultation during a two-week period, after which the law is planned to come into force by […]

Read More
Posted January 29, 2021 by Russell Hughes
Brexit: EU and UK Agree New Trade and Cooperation Agreement

After months of talks, on 24 December 2020, the EU and UK were finally able to agree a new working trade agreement known as the EU-UK Trade and Cooperation Agreement (TCA). The new Trade and Cooperation Agreement came into effect on 1 January 2021 and will be applied on a provisional basis until 28 February […]

Read More
Posted January 29, 2021 by Russell Hughes
Austria Introduces Bill to Extend Existing Measures During COVID-19 Pandemic

The Austrian government has introduced a new bill to extend tax measures to support taxpayers during the Covid-19 pandemic. The VAT measures include the following: The temporary application of a reduced VAT rate of 5% in the gastronomy, culture and publishing sectors extended until 31 December 2021 Introduction of a VAT exemption for COVID-19 in […]

Read More
Posted January 29, 2021 by Russell Hughes
Bulgarian Government Change Rules on Fiscal Representative Requirements for UK Businesses

The Bulgarian government have introduced new legislation that requires UK and other non-EU businesses to now appoint a fiscal representative who will have joint and several liability over their VAT compliance and VAT debts. Under the new provisions, UK and other non-EU businesses registered for VAT in Bulgaria will have to appoint a fiscal representative […]

Read More
Posted January 22, 2021 by Ramón Frias
Mexico Expands the Reduced VAT Rate to its Southern Border

On December 31, 2020, Mexico published a new decree by which it expands a number of fiscal benefits to 22 municipalities located in the southern states of Quintana Roo, Tabasco, Campeche and Chiapas. Among the main benefits extended to those locations is the reduction of the standard VAT rate to 8% to all sales and […]

Read More
Posted January 12, 2021 by Ramón Frias
Mexico Expands the Reduced VAT Rate to its Southern Border

On December 31, 2020, Mexico published a new decree by which it expands a number of fiscal benefits to 22 municipalities located in the southern states of Quintana Roo, Tabasco, Campeche and Chiapas. Among the main benefits extended to those locations is the reduction of the standard VAT rate to 8% to all sales and […]

Read More
Posted January 12, 2021 by Bradley Feimer
Cyprus Temporary VAT Reduction for Hotel, Catering and Passenger Transport Services Expired

On January 11, 2021, the temporary reduced VAT rate of 5% as applied to hotel accommodation, catering and passenger transport services in Cyprus was reverted back to a rate of 9%. Cyprus had temporarily reduced the VAT rate for such services in response to economic hardships brought on by the pandemic.

Read More
Posted January 12, 2021 by Gabriel Pezzato
Portugal – QR Code postponed

Portugal postponed the obligation to include a QR code in invoices until 2022. Previously expected to enter into force on 1 January 2021, the obligation is suspended, but still voluntary, during 2021. The decision was taken in the 2021 Budget Law published on 31 December. With this decision, Portugal delayed both the QR Code and […]

Read More
Posted January 12, 2021 by Bradley Feimer
Afghanistan Postpones VAT Implementation to 2022

Afghanistan has delayed plans to implement Value Added Tax to 21 December 2022. A 10% VAT is expected to replace the country’s current business receipt tax (BRT). The Afghanistan Revenue Department is also contemplating amendments to the proposed VAT system so to create a simplified tax scheme for those businesses below the VAT threshold. Once […]

Read More
Posted January 5, 2021 by Sam Wichman
Austria Ends Temporary VAT Rate Reduction on Journals, Magazines, and Newspapers

Effective January 1, 2021, Austria is ending its temporary VAT rate reduction on journals and magazines. The VAT rate on restaurant food, publications, and several other industries was reduced to 5% for the period from July 1, 2020 to December 31, 2020. Recently, Austria has approved legislation to extend that VAT rate reduction until January […]

Read More
Posted January 5, 2021 by Ramón Frias
Chile Introduces Mandatory Reports of Electronic Payments to Foreign Suppliers of Services

The Chilean tax administration recently released Resolution 167/2020, which mandates financial entities to submit a quarterly report that provides information about payments made by their clients to foreign suppliers of digital services, when such suppliers are paid via credit or debit cards, or similar electronic means managed by banks or financial entities.

Read More
Posted December 31, 2020 by Joanna Hysi
Today the Greek government announced the postponement of the go-live date of myDATA to 1.4.2021

Following requests from market participants and also due to COVID-19 pandemic, it was deemed necessary that the first quarter of 2021 is offered as additional time for training and adaptation of companies to myDATA. Data issued in the 1st quarter of 2021 should also be transmitted to the myDATA platform with a different deadline and […]

Read More