Regulatory Analysis

Posted February 4, 2025 by Talent Gwaindepi
Slovenia: New VAT Ledgers

Slovenia has introduced a new obligation for all VAT-registered taxpayers to prepare and submit VAT ledgers in addition to the existing VAT return requirements. This new reporting requirement will take effect from 1 July 2025. Taxpayers will be required to submit separate ledgers for output and input transactions. The VAT ledgers must be submitted monthly, in […]

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Posted February 4, 2025 by Kelly Muniz
Italy: E-invoicing Schema Update

The Italian Revenue Agency (Agenzia delle Entrate) has announced important updates to the Italian mandatory e-invoicing “FatturaPA” technical specifications and schemas. The technical documentation has been updated to version 1.9 and will be effective from 1 April 2025. A summary of the main changes introduced by this updated version are as follows: · Introduction of Document […]

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Posted February 3, 2025 by Inês Carvalho
Belgium: new CTC e-reporting mandate from 2028

Belgium’s new coalition government has announced plans to introduce a complementary reporting requirement alongside the existing B2B e-invoicing mandate. With the current e-invoicing system operating through the 4-corner Peppol network, there was speculation that a 5-corner model would follow. The recent announcement confirms this, stating that e-invoicing systems, cash registers, and payment systems will be […]

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Posted January 31, 2025 by Talent Gwaindepi
Serbia: Introduction of Pre-Filled VAT Returns

Serbia has published amendments to the Value Added Tax (VAT) Law introducing pre-filled VAT returns. The law was published in the Official Gazette of the Republic of Serbia no. 94/2024. A pre-filled tax return is defined as a set of data relating to the turnover of goods, trade in services, import of goods and other transactions […]

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Posted January 22, 2025 by Mariadelc Aguilar
Argentina: Updated Thresholds for Mandatory Final Consumer Data on Receipts

On January 16, the authority reported that the consumer’s information regarding the consumer’s name, surname, address and identification number (CUIT, CUIL, CDI, identity document, passport or identity card) must be included in the receipt in the following cases: When the receipt is issued for a value of $ 417,288 or more, if the payment is […]

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Posted December 31, 2024 by Mariadelc Aguilar
PERU: SUNAT extends the discretionary power not to sanction for the infractions detected in the issuance of the GRE from January 1 to June 30, 2025.

The Resolution of the Deputy National Superintendence of Internal Taxes No. 000046-2024-SUNAT/700000 was published in the Official Gazette on December 31, 2024.  The resolution extends the discretionary power to sanction the transportation of goods and/or passengers, as well as the remittance of goods with documents that do not meet the requirements and characteristics to be […]

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Posted December 30, 2024 by Robert Pelletier
Israel: VAT Rate Increase to 18% from January 1, 2025

The standard VAT rate in Israel is increasing from 17% to 18% from January 1, 2025. This measure was introduced in early 2024 and was confirmed by the Israeli Tax Authority on December 5, 2024. The announcement can be found here (in Hebrew).

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Posted December 30, 2024 by Robert Pelletier
Finland: Increased Reduced VAT rate from 10% to 14% from 1 January 2025

The Finnish Government approved an increase in the reduced VAT rate from 10% to 14% from January 1, 2025. Goods and services currently subject to the 10% reduced VAT rate will be subject to the 14% rate, excluding supplies of newspapers, magazines, and broadcasting services that will remain at the 10% rate. Children’s diapers and […]

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Posted December 26, 2024 by Mariadelc Aguilar
Argentina: ARCA Mandates Taxpayers to Itemize VAT and Other National Indirect Taxes on Invoices

Through General Resolution 5614/2024, the Customs Control and Collection Agency (ARCA) regulated the tax transparency regime established through Law 27743, which will come into force on January 1st, 2025. The regulation establishes all receipts must have a line detailing the amount corresponding to the value added tax and, when issued by a large company, they […]

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Posted December 10, 2024 by Inês Carvalho
Romania: Updates to e-invoicing, e-transport and e-VAT legislation have been enacted

The proposed amendments to Romania’s e-invoicing, e-transport, and e-VAT legislation have been officially adopted through Government Emergency Ordinance (GEO) no. 138, published on December 4th. The adopted ordinance largely reflects the provisions outlined in the draft GEO. Key updates include: E-invoicing Simplified invoices are no longer excluded from scope of mandatory e-invoicing and reporting requirements […]

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Posted December 10, 2024 by Mariadelc Aguilar
ARGENTINA: Law 27743 that establishes palliative and relevant tax measures.

This law in general terms establishes the possibility of exceptionally regularizing tax obligations through forgiveness, and payment facilities for the different taxes. With regard to obligations in terms of electronic invoicing, the only Title that has an impact is TITLE VII of the Consumer Tax Transparency Regime. This Chapter establishes a modification to the VAT […]

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Posted December 9, 2024 by Robert Pelletier
Montenegro New 15% Reduced Rate from January 1, 2025

Pursuant to amendments published in the Official Gazette of Montenegro No. 94/2024 on September 30, 2024, a new reduced VAT rate category of 15% is introduced and the scope of supplies subject to the 7% reduced rate is adjusted from January 1, 2025. The 7% VAT rate will apply to essential goods, including basic food […]

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Posted December 3, 2024 by Kelly Muniz
Poland: MoF Proposes Exemption of the JPK_ST_KR Submission

The Polish Minister of Finance (MoF) has proposed a Draft regulation to exempt taxpayers under the Corporate Income Act from the obligation to submit data from the register of fixed and intangible assets, also known as JPK_ST_KR. It was expected that the MoF would enact regulations impacting the such obligation, as we previously informed here. […]

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Posted November 21, 2024 by Carolina Silva
Singapore and EU Digital Trade Agreement

Singapore has concluded negotiations for a Digital Trade Agreement with the European Union in July 2024. The aim is to streamline digital trade by fostering cross-border data flows and regulatory cooperation. Therefore, there is a focus on e-invoicing, and both parties are committed to supporting cross-border interoperability of e-invoicing standards. This aim is already aligned with the use of Peppol […]

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Posted November 21, 2024 by Mariadelc Aguilar
Argentina Replaces AFIP with New Customs Agency ARCA

Through Decree 953/2024,  the ARCA is created, which is an autarchic entity within the structure of the Ministry of Economy and is composed of the General Directorate of Taxation (DGI) and the General Directorate of Customs (DGA). ARCA is the legal successor of the AFIP and is in charge of tax collection, control of foreign […]

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Posted November 1, 2024 by Robert Pelletier
Cyprus: Temporary Zero Rate on Basic Items Reinstated Until December 31, 2025

Pursuant to the Council of Ministers Decree KDP 349/2024 published on October 31, 2024, the zero VAT rate applies to basic food and consumer items such as baby milk, baby and adult diapers, female hygiene products, fresh or chilled vegetables, and fresh fruits effective from November 4, 2024, until December 31, 2025. The temporary zero-rate […]

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Posted November 1, 2024 by Kelly Muniz
EU: New ViDA Proposal Set for ECOFIN Approval

The Council of the European Union has released a new proposal for the tax reform package called VAT in the Digital Age (ViDA). The proposal modernizes and streamlines VAT systems across the EU, notably the approach to e-invoicing and Continuous Transaction Controls (CTC) in the region. The updated proposal text will be reviewed by Members […]

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Posted October 28, 2024 by Victor Duarte
Spain: Technical Specifications Published for the SIF/VERI*FACTU Initiative

Today, the Spanish Government published the Ministerial Order HAC/1177/2024 in the Spanish Official Gazette. This Ministerial Order sets out the technical, functional, and content requirements that must be adopted by the electronic systems and programs that support billing processes. The Ministerial Order also standardizes the formats of the billing records, as approved by Royal Decree […]

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