E-Invoicing Updates for 2025: As of January 1, 2025, several countries, mainly in Europe and Southeast Asia, will implement significant changes to their e-invoicing regulations, enhancing compliance requirements for...
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European Parliament Drafts ViDA Report: VAT Reform and Digital Economy Updates
European Union refines VAT with VAT in the Digital Age package ViDA introduced on December 8, 2022, includes amendments to modernize VAT, enhance administrative cooperation, and clarify VAT schemes Phased implementation...
7 months ago
Cambodia Launches Voluntary B2G e-Invoicing, Pioneering Digital Tax Transformation
Launch of e-Invoicing System: On December 12, 2024, Cambodia’s General Department of Digital Economy (GDDE) initiated the voluntary registration phase of its e-Invoicing system for business-to-government (B2G)...
7 months ago
FBR Advances FMCG Sector Integration with Digital Invoicing System
Introduction of Digital Invoicing for FMCG Sector: On December 17, 2024, the Federal Board of Revenue (FBR) issued STGO No. 2 of 2024, mandating that 107 identified FMCG manufacturers and importers integrate into a...
7 months ago
Colombian Decree No. 1545/2024 Mandates Electronic Invoicing and Tax Obligations
The Colombian President’s Office posted Decree No. 1545/2024 online on December 20 The decree updates regulations for the simplified tax regime known as SIMPLE It mandates taxpayers to adopt electronic invoicing...
7 months ago
FBR Outlines Mandatory Sales Tax Registration Categories for 2024
CJEU ruled on the right to deduct VAT within a group of companies on December 12, 2024 The case involved Romanian company Weatherford Atlas Gip SA, part of a group specializing in petroleum services Weatherford Atlas...
7 months ago
Fiscalization/E-Invoicing Law in Federation of Bosnia and Herzegovina
Draft law on fiscalization of transactions in the Federation of Bosnia and Herzegovina, aiming to modernize and enhance the existing fiscal system. The law mandates the issuance of receipts and the use of electronic...
7 months ago
Electronic Invoicing: incorporation of other VAT taxpayers
Mandatory E-Invoicing Deadline: Resolution No. 2548/2023 set December 31, 2024, as the deadline for all remaining VAT taxpayers in Uruguay to join the Electronic Invoicing regime. From January 1, 2025, all VAT taxpayers...
7 months ago
European Parliament issues draft report on the Council’s draft directive amending ViDA
Approval of Council Draft: The European Parliament approves the Council’s draft directive amending VAT rules for the digital age. Notification Requirement: The Parliament requests that the Council notify it if...
7 months ago
European Standard for Electronic Invoicing Model
Definition and Purpose: This European Standard establishes a semantic data model for electronic invoices, focusing on essential information required for compliance with legislation and ensuring interoperability in...
7 months ago
Cambodia Launches Voluntary E-Invoicing for B2G, Plans B2B and B2C Expansion
Cambodia’s General Department of Digital Economy launched voluntary registrations for a central e-invoicing system on December 12, 2024 The system facilitates electronic invoicing between sellers and buyers...
7 months ago
South Korea’s 2025 VAT Act Amendments: Enhancing Compliance and Supporting Small Businesses
South Korea’s National Assembly accepted a proposal to amend the VAT Act for the 2025 budget The amendment aims to boost digital compliance, prevent tax evasion, and support small businesses Key change includes...
7 months ago
EU ViDA Package: Overview of Digital Reporting Requirements and VAT Directive Amendments
The VAT Expert Group meeting on December 13 invited members to comment on the Digital Reporting Requirements of the ViDA package Comments will aid in preparing future Explanatory Notes or Implementing Regulations A...
7 months ago
Hungarian Decree Mandates E-Invoices for Energy Traders to Non-Residential Users
Hungarian electricity and gas suppliers are required to issue e-invoices Government Decree No 273/2007 mandates that energy traders issue e-invoices exclusively to non-residential users Non-residential users are...
7 months ago
Bosnia and Herzegovina’s New Fiscal Reform: Modernizing Financial Transactions
The Federation of Bosnia and Herzegovina is updating its fiscal system with a new draft law aimed at modernizing financial transactions The current fiscal system has been in place since 2010/2011, governed by the Law on...
7 months ago
European Parliament issues draft report regarding ViDA approval
Progress on ViDA Proposal: Following the unanimous agreement on the VAT in the Digital Age (ViDA) proposal during the ECOFIN meeting on November 5, further advancements have been made, with the European Parliament...
7 months ago
E-Invoicing & E-Reporting developments in the news in week 52/2024
New LinkedIn Group: Global E-Invoicing & Real Time Reporting developments Click HERE for the PODCAST version discussing ”E-Invoicing & E-Reporting developments in the news in week 52/2024” Follow the...
7 months ago
Italy Extends Ban on E-Invoices for Healthcare to 2025 Due to GDPR Concerns
Extension of E-Invoicing Ban: Italy has extended the ban on electronic invoicing for healthcare services to end consumers until March 31, 2025, to protect patient data from potential GDPR violations through the SDI...
7 months ago
E-Invoicing: VAT Deduction, Retention Periods, and Audits – Insights from BMF’s Final Directive
Starting January 1, 2025, businesses must be able to receive and process electronic invoices in B2B transactions Issuing electronic invoices is also mandatory The legislator has provided transitional arrangements until...
7 months ago
EU Committee Drafts Report on Recent ViDA Reforms Post-Approval
EU Finance Ministers agreed on the ViDA political agreement on 5 November The EU Parliament’s Committee on Economic and Monetary Affairs drafted a report The report examines changes to the ViDA reforms The initial...
7 months ago
Singapore Adopts OECD Tax Guidelines and Mandatory E-Invoicing in 2025
Singapore will implement changes to its corporate tax regime starting January 1, 2025 The changes are in line with OECD’s Pillar 2 guidelines aiming for a global minimum tax rate of 15% The changes include the...
7 months ago
Côte d’Ivoire Embarks on Mandatory Electronic Invoicing for a Modernized Economy
Introduction of Standardized Electronic Invoicing: Starting in January 2025, Côte d’Ivoire will implement mandatory standardized electronic invoicing, led by the Direction Générale des Impôts (DGI), to enhance fiscal...
7 months ago
Driving Tax Innovation in the EU: ViDA Pilot and Digital VAT Certificates
ViDA Initiative Overview: The EU’s VAT in the Digital Age (ViDA) initiative aims to modernize tax processes, focusing on enhancing VAT compliance through innovative solutions, including electronic invoicing and digital...
7 months ago
Revolutionizing Tax Compliance in Slovakia with Mandatory e-Invoicing
Mandatory Electronic Invoicing Proposal: The Slovak Ministry of Finance has introduced a draft law requiring all VAT payers to adopt electronic invoicing and real-time data reporting starting January 1, 2027, in...
7 months ago
China Launches Nationwide Digital e-Invoicing, Transforming Tax Administration
China’s State Taxation Administration has launched digital electronic invoices nationwide as of December 2024 The end of the pilot phase marks the beginning of digital invoices having the same legal status as...
7 months ago
Recent Changes in Egypt’s Tax Law to Boost Compliance and Revenue
Recent changes in Egypt’s tax law aim to encourage taxpayers to remit taxes E-commerce transactions are now taxable through a simplified registration and collection system The new system eliminates the need for a...
7 months ago
Understanding Egypt’s New E-Invoice System and Its Implementation Stages
Egypt has implemented a new e-invoice system to ensure all companies register for Value Added Tax The system requires companies selling taxable goods or services to register and submit electronic invoices via the...
7 months ago
Slovakia Proposes Mandatory Electronic VAT Invoicing Under New EU Directive
The Slovak Ministry of Finance initiated a consultation on December 18 regarding a draft bill The bill aims to incorporate EU Council Directive changes into Slovakia’s VAT Act The changes focus on mandatory...
7 months ago
