Regulatory Analysis
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. […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
On January 26th, 2024, Latvia’s Ministry of Finance unveiled a 4-year plan aimed at curbing the shadow economy and fostering stable economic development. A key component of this initiative involves the implementation of a Continuous Transaction Controls (CTC) regime for B2B transactions. Scheduled to commence by the end of 2025, the CTC regime is expected […]
The Royal Decree of December 17th, 2023, postponing the starting date for the amendments to the Belgian VAT chain was recently published. This postponement follows the enactment of the Law aiming to improve the Belgian VAT compliance chain, of March 12, 2023, which introduced measures concerning the processing of periodic VAT returns and payments. Originally […]
Poland’s Ministry of Finance announced today the postponement of its e-invoicing mandate. Originally scheduled for July 2024, the initiative has been postponed indefinitely due to major errors identified in the KSeF system. The Minister of Finance emphasized that the current technical status of the KSeF system poses substantial challenges, preventing its secure implementation in Poland. […]
Pursuant to a notice issued by the Nigerian Federal Inland Revenue Service (FIRS) on January 15, 2024, the implementation of the Guidelines on Simplified Compliance Regime on VAT for non-resident suppliers of goods to Nigeria through digital platforms, scheduled to commence from January 1, 2024, has been postponed. The postponement is to allow FIRS to […]
The 2024 Finance Budget Law, announced on December 30, 2023, is set to revise Article 995 of the General Tax Code (GTC) and will have an impact on insurance contracts that receive exemption from insurance premium tax (IPT) in France. In 2020, a new exemption was implemented as of January 2021 up until the end […]
On 28th December 2023, a new Order was published in the French National Gazette about change of the rates of the so called CATNAT additional contribution relating to the “natural disaster” guarantee for insurance contacts that cover fire damage or any other type of property damage, as well as damage to the bodies of motorized […]
In the 2024 budget, announced on 18th December 2023, the new tax rates for the Road Traffic Insurance Tax, which is included in the Excise Duties Act, have been set. The new rates are applicable from 1st March 2024. Except for Group f): motor vehicles that only use electricity for propulsion, the daily fixed rates […]
On 28 December, a new ministerial decree was published in the French Official Journal. The new decree increases the amount of the contribution to the Guarantee Fund for victims of acts of terrorism and other offences from EUR 5.90 to EUR 6.50. The new rate takes effect on 1 July 2024 for insurance contracts maturing […]
Government Bill 488, now published in the Official Gazette of the Czech Republic, makes several changes to the country’s VAT Act, the most significant of which are as follows: The country’s two reduced rates of 15% and 10% are replaced by a single reduced rate of 12%; Books, including electronically supplied books, are exempt with […]