The Hong Kong Inland Revenue Department has announced a reduction in the annual interest rate on Tax Reserve Certificates from 0.8000% to 0.7167%, effective November 4, 2024. These certificates earn simple interest calculated monthly from the purchase date until tax payment, with interest credited only when the certificates are used for tax payments. The new rate applies to certificates purchased... Read more

The Republic Act No. 12023, which took effect on 18 October, introduces amendments to the general VAT provisions of the Tax Code. It defines digital service as any service provided over the Internet or electronic networks using information technology, primarily in an automated way. This includes online search engines, e-marketplaces, cloud services, online media and advertising, digital platforms,... Read more

Starting January 1, 2025, Denmark will expand its SAF-T requirement to include entities using unregistered digital ERP systems, ensuring these systems can generate compliant SAF-T files for secure data export. Read more

The Budget 2025 was announced on 1 October 2024. From 1 January 2025, a new VAT threshold will come into effect. On 1 October 2024, Budget 2025 was announced. From 1 January 2025, the next changes will come into effect: The VAT registration threshold will be increased from €80,000 to €85,000 for goods, and The VAT registration threshold will be increased from €40,000 to €42... Read more

Turkey has amended VAT rates with Decision Number 9126, effective mid-November 2024, aligning with VAT Law No. 3065. A 10% VAT rate now applies to licensed medical foods, human medicinal products, and related active ingredients, while a 20% VAT rate covers goods under special consumption tax and specific items in the Customs Tariff Schedule. These changes aim to support public health initiatives a... Read more

On October 30, the UK Chancellor announced plans for a consultation on electronic invoicing to be published in early 2025 to establish standards and promote its adoption. This initiative was initially introduced on September 23 as part of broader tax system reforms. HMRC will soon provide details about the consultation's scope and timing, which is expected to occur in Spring 2025. On October 30, t... Read more

The Republic Act No. 12023, which took effect on 18 October, introduces amendments to the general VAT provisions of the Tax Code. It defines digital service as any service provided over the Internet or electronic networks using information technology, primarily in an automated way. This includes online search engines, e-marketplaces, cloud services, online media and advertising, digital platforms,... Read more

The Government of Malaysia is introducing a mandatory e-invoicing system through the Inland Revenue Board (IRBM), effective in phases based on company revenue: for companies with annual turnover over RM 100 million August 1, 2024, for companies with turnover over RM 25 million January 1, 2025, and for all companies July 1, 2025. Suppliers must submit invoices via the MyInvois platform in XML or JSON format. Validated invoices will receive a Unique Identifier Number (UIN) and a QR code. A six-month grace period allows businesses to issue consolidated e-invoices monthly instead of individual ones. Exemptions apply to public sector entities and companies with annual revenue below RM 150,000 (~€30K). All invoices must be archived for seven years. Read more

Norges Bank emphasized the importance of responsible innovation in Norway's payment system, balancing efficiency, security, and inclusivity to maintain trust in monetary systems. Key initiatives include exploring instant payments through the Eurosystem’s TIPS service, researching Central Bank Digital Currency (CBDC), and adopting the ISO 20022 messaging standard for improved financial infrastructu... Read more

The Slovenian Ministry of Finance proposed legislation requiring businesses to accept at least one electronic payment method, ensuring modernization without infringing on the right to use cash. Exceptions include companies with annual revenues below €10,000 or those operating in areas with connectivity or security challenges, supported by a one-year transition period for compliance. The proposal a... Read more

This regulation introduces the technical requirements in relation to the latest novelty in Italy: the introduction of the software that can be used for the electronic transmissions and storage of data in Italy, in terms of fiscalization. Read more

This regulation introduces the technical requirements in relation to the latest novelty in Italy: the introduction of the software that can be used for the electronic transmissions and storage of data in Italy, in terms of fiscalization. Read more

The UK government is transitioning to a digital tax system by implementing nationwide e-invoicing, as announced by the Chancellor. This initiative, part of the Digital Transformation Roadmap, aims to simplify invoicing processes, reduce errors, and combat tax evasion, ultimately enhancing tax compliance and creating a more efficient economic environment. The UK government is moving towards a digit... Read more

Parking services providers, including ticket machines, will be required to use cash registers beginning April 1, 2026, ensuring accurate payment records and regulatory compliance. This year, a couple of announcements on VAT-related topics have been introduced. One of them is the obligation to use cash registers in vending and similar activities, and the question is when that will be applied. It wa... Read more