Compliance doesn’t have to be complicated. With Spain’s new fiscalization rules officially in place, we’ve got your step-by-step guide ready. Join our free webinar on November 28th at 3 PM CET, where our fiscal expert, Nikolina Basić, will cover the following topics: The exact steps to stay compliant. The key deadlines to mark on your calendar. The differences between VeriFactu and Non-VeriFa... Read more

Compliance doesn’t have to be complicated. With Spain’s new fiscalization rules officially in place, we’ve got your step-by-step guide ready. Join our free webinar on November 28th at 3 PM CET, where our fiscal expert, Nikolina Basić, will cover the following topics: The exact steps to stay compliant. The key deadlines to mark on your calendar. The differences between VeriFactu and Non-VeriFa... Read more

The Federation of Bosnia and Herzegovina (FBiH) has adopted a Draft Law on Fiscalization of Financial Transactions, marking the first step toward modernizing its fiscal system. The draft law, addressing outdated technologies and aligning with digitization trends, covers receipt issuance, electronic fiscal systems, transaction recording, and penalties. The proposal will be reviewed by the FBiH Parl... Read more

In the Republic of Srpska's new fiscal system, cancellations and refunds are distinct processes for managing transactions on electronic fiscal devices. Cancellations nullify entire receipts to correct errors, ensuring the original transaction is voided, while refunds return money to customers and can apply to full or partial transactions. Read more

Restaurants and cafés in Denmark must ensure their cash register systems are efficient, user-friendly, and compliant with new 2024 bookkeeping regulations. Non-compliance with these standards could result in penalties. Read more

The Bureau of Internal Revenue (BIR) has announced that a lack of supporting documents beyond a certain threshold in VAT refund applications will automatically classify the claim as high-risk. Specifically, if the "no supporting documents" (NSD) for sales or purchases exceeds 1% of the total sales or claim amount, the application will require full verification. This classification does not count a... Read more

The Revenue Department has proposed a draft law requiring multinational enterprises (MNEs) to pay a fixed percentage of taxes to prevent a specific kind of tax evasion called “profit shifting”. This legislation, known as the “Top-up Tax Act,” aligns with OECD and G20 frameworks and is expected to be implemented in 2025. It aims to combat tax base erosion and establish a global minimum tax rate of 15%, with MNEs responsible for paying the difference if profits are shifted. The act will not apply to companies receiving tax benefits under the Investment Promotion Act. Following the Cabinet's approval in March 2023, the draft has undergone public hearings, and if enacted, it is projected to increase tax revenue by 12 billion THB annually. Read more

In Indonesia, VAT applies to all individuals, organizations, or businesses that engage in taxable sales or services. For foreign companies, this means that if they are selling goods or services to Indonesian customers or engaging in economic activities within the country, then they are required to comply with local VAT requirements. Foreign companies operating in Indonesia need to ensure they are... Read more

The Polish Ministry of Finance has announced a postponement of the mandatory integration of online cash registers with payment terminals to the end of March 2025. This delay is part of the draft act UD125, currently under legislative review, and aims to prevent financial penalties for non-compliance. Read more

The Romanian government, through Government Emergency Ordinance No. 69/2024, mandates the inclusion of QR codes on fiscal receipts containing key details such as issuance time and fiscal series, aimed at enhancing tax compliance. Due to technical challenges and ongoing discussions with stakeholders, businesses have until September 1, 2025, to comply without penalties. Read more

Italy's new system for electronic transmission of sales data introduces two components: the Point of Issuance (PEM) and the Processing Point (PEL). The PEM, owned by traders, manages data entry and generates commercial documents, while the PEL, managed by a service provider, handles data collection and communication with the Revenue Agency. Read more

Thailand has implemented temporary measures effective July 5, 2024, to tax low-value goods (LVGs) imported into the country. These measures will remain in effect until December 31, 2024. Under the new rules, almost all imported goods valued between THB 1 and THB 1,500 will be subject to VAT, which aims to level the playing field for local businesses that previously faced competition from exempt fo... Read more

The Senate suggested submitting the VAT plan as a separate bill based on the Council of State's recommendation for thorough parliamentary consideration. However, the State Secretary opposed this idea in letters to both houses, arguing that integrating VAT measures into the broader Tax Plan is essential for several reasons. The State Secretary opposed submitting the VAT plan as a separate bill, des... Read more

UK Chancellor of the Exchequer presented the Autumn Budget 2024 to Parliament on 30 October 2024. Some of the main budget measures that will be included in the Finance Bill 2024-25 are summarized in the Autumn Budget 2024, which can be found on the official website of the UK Government. On October 30, 2024, the UK Chancellor presented the Autumn Budget 2024, outlining key tax measures for the Fina... Read more

The Voluntary Disclosure Program (VDP) allows taxpayers to correct VAT errors by voluntarily reporting them, which can help reduce penalties from SARS or prevent legal action if SARS discovers the mistake independently. Applicants must meet several criteria, and if approved, SARS will issue a written agreement detailing the relief granted and any outstanding liabilities. The VDP agreement is legal... Read more

Montenegro's parliament has approved a new 15% VAT rate, effective January 1, 2025, applying to services like accommodation, educational activities, and non-alcoholic beverages. The 7% VAT rate will remain for essentials like basic food, medicines, and public transportation. This reform aligns Montenegro's tax framework with EU Directive 2006/112, supporting its EU membership application while adj... Read more