Finland’s VAT system (Arvonlisävero - ALV) follows EU regulations, with a standard rate of 25.5% and reduced rates of 14% and 10% for specific goods and services. Businesses must register if annual turnover exceeds €20,000, file VAT returns monthly, quarterly, or annually based on revenue, and comply with strict invoicing rules, while special VAT mechanisms such as reverse charge, import VAT defer... Read more

On 18 September 2024, Estonia’s Parliament approved changes to the Accounting Act to introduce optional mandatory e-invoicing from 1 July 2025, delayed from January. This bill simplifies requirements for e-invoices, adopting the EU’s EN 16931 standard to encourage digital invoicing across both public and private sectors. It allows B2B customers to insist on e-invoices from their suppliers, streaml... Read more

The "Grāmatvedības likums" (Accounting Law) in Latvia mandates structured electronic invoices for all transactions, except budget institutions. The law also allows businesses to convert paper accounting documents into electronic format for storage, with the Cabinet of Ministers defining the procedure for data submission. Tax declarations can be used as supporting documents for calculated tax, and... Read more

The Ministry of Finance (MOF) has recommenced work on a decree outlining customs procedures for e-commerce goods, introducing a new draft ("Draft Decree") to address key aspects of cross-border e-commerce. The draft covers areas such as customs declarants, risk management, data handling, import permit exemptions, import duties, customs valuation, and procedural requirements. Regarding what the reg... Read more

The Dutch tax authorities are considering real-time VAT calculations and split payments to combat VAT fraud, especially in the B2C sector. This system would ensure automatic VAT collection at the point of sale, replacing traditional tax returns. While similar models exist in Poland, Italy, and South America, challenges such as payment provider readiness and non-resident seller compliance must be a... Read more

Starting February 13, 2025, the UK government launched a 12-week consultation on standardizing and potentially mandating electronic invoicing (e-invoicing) for businesses, with a proposal expected by November 2025 and possible full implementation by 2030. The consultation will explore different e-invoicing models, mandatory vs. voluntary adoption, and integration with VAT reporting, aiming to impr... Read more

The Philippines Bureau of Internal Revenue (BIR) is implementing an Electronic Invoicing System (EIS) initially targeting the top 100 taxpayers to streamline tax reporting and improve compliance. The EIS, which requires businesses to submit electronic invoices in JSON format through an API, aims to reduce tax fraud, enhance trade competitiveness, and encourage digital transformation. Businesses ar... Read more