Regulatory Analysis

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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Posted October 21, 2024 by Mariadelc Aguilar
Mexico: SAT Expands Definition of ‘Digital Intermediation Service’ in 2024 Regulatory Criteria Amendment

The Value Added Tax Law regulates the provision of digital services by residents abroad without an establishment in Mexico for the purposes of said Tax. Article 18-B of the VAT Law states that only those established in said legal precept are considered digital services, when they are provided through applications or content in digital format […]

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Posted October 2, 2024 by Talent Gwaindepi
Egypt: Mandatory Tax ID and UIN Validation for B2B Sales

As of 1 November 2024, businesses conducting B2B sales in Egypt must validate their buyer’s Tax ID and a newly introduced Unique Identification Number (UIN) through a new digital system. The dual validation process, essential for zero-rated transactions, is intended to strengthen VAT compliance and reduce VAT fraud under the VAT reverse charge mechanism. The […]

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Posted September 20, 2024 by Stephen Kaye
Peru: VAT on Cross-border Sales of Digital Services from December 1, 2024

Pursuant to Legislative Decree No. 1623 published in the official Peruvian Gazette on August 4, 2024, non-residents supplying digital services or non-tangible goods to individuals in Peru who do not carry out business activity (B2C) must charge and collect 18% VAT (IGV). Digital services are broadly defined as any service that is made through the […]

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Posted September 20, 2024 by Stephen Kaye
Thailand Approves Extension of 7% VAT Rate to 2025

The Thailand Department of Revenue announced an extension to the reduced VAT rate of 7% from October 1, 2024 to September 30, 2025 through PR 29/2024 issued on September 17, 2024.  

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Posted September 16, 2024 by Kelly Muniz
Poland: SAF-T JPK_CIT Possible Postponement

In August 2024, the Polish Ministry of Finance (MoF) adopted a Regulation adding new elements to the JPK_CIT (SAF-T obligation for corporate income taxpayers) and making it a periodic obligation, with a phased roll-out starting 1 Jan 2025, among other provisions. However, on 10 September, the Polish government published a draft regulation to authorize the […]

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Posted September 5, 2024 by Kelly Muniz
Greece: Digital Monitoring of Goods in Transport

The Greek authorities have published the awaited legislation (A. 1122 and 1123 of 2024) requiring taxpayers to submit domestic and cross-border transport document data to the myDATA platform in real-time and to obtain tax authority approval before the start of transportation. Transmission of transport document data has been possible via myDATA, but timelines have now […]

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Posted August 27, 2024 by Marta Sowińska
Poland: SAF-Ts Updates (JPK_CIT/JPK_KR) Final Regulation Adopted

On August 16, 2024, the Polish Ministry of Finance (MoF) adopted the final version of the Regulation amending JPK_CIT, which introduces additional data to be reported on the accounting records. The updated JPK_CIT will consist of two schemas: JPK_KR_PD and JPK_ST_KR. The Act is currently awaiting publication in the official journal and is set to […]

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Posted August 26, 2024 by Mariadelc Aguilar
Ecuador: New Resolution Adds Requirements for Sales Receipts

Through resolution NAC-DGERCGC24-00000028, the SRI establishes the conditions, procedures and percentages of income tax withholding in the commercialization of concentrates and/or metal elements, as well as in the production and commercialization of mineral substances that come from a mining concession. The withholding percentages for marketers may be 2%, 4% and 10% and for concessionaires 1%, […]

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Posted August 6, 2024 by Robert Pelletier
Finland: Standard VAT Rate Increase to 25.5% from September 1, 2024

Pursuant to bill HE 61/2024, the standard VAT rate in Finland increases from 24% to 25.5% effective from September 1, 2024.  

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Posted July 31, 2024 by Mariadelc Aguilar
Argentina: Update on Billing Amounts to Identify Final Consumers in Receipts

The tax authority updated the billing amounts that require detailed information about the receipt recipient when the recipient is the final consumer. This measure is intended to strengthen the control regime for issuing receipts. The data must be specified when the invoiced amount is equal to or greater than $344.488 ARG (approximately $370.00 USD) and […]

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Posted July 30, 2024 by Robert Pelletier
Vietnam: Extension of Temporary 8% Standard VAT Rate Reduction until December 31, 2024

Pursuant to Decree 72/2024/ND-CP as published on June 30, 2024, supplies of goods and services subject to the standard 10% VAT rate will continue to apply the temporary 8% standard VAT rate until December 31, 2024. The 2% VAT rate reduction, which was previously set to expire on June 30, 2024, has been extended by […]

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Posted July 29, 2024 by Dilara İnal
Oman: Postponement of e-Invoicing Rollout

The Sultanate of Oman Tax Authority announced the launch of a a VAT e-invoicing system in 2023. The plan to introduce mandatory B2B e-invoicing has been postponed to sometime in 2025. Initially, the plan was to roll out the system voluntarily in April 2024, with a mandatory schedule for large entities operating within the country starting in October […]

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