Ever-changing tax compliance and electronic invoicing regulations can be a daunting task for many businesses. Staying up to date with the latest mandates, which businesses are in scope and what each company must do to comply, can be a challenge.
This is why we stay on top of the updates for you. Every quarter we update our tax compliance roadmap, and provide you with a detailed explanation of the tax compliance changes from around the globe.
Take a look at the most recent updates via our video and blog below.
Belgium - B2G rollout
With the publication of the Royal Decree of the 9th of March 2022 in the Official Gazette, Belgium is gradually mandating the use of e-invoices for the suppliers of its public bodies countrywide. The mandates are based on the suppliers’ public procurement contracts.
As of the 1st May 2023 (or 12 months after the Decree is published), suppliers of the Belgium public entities holding contracts over the amount of €30,000 are mandated to send electronic invoices to their public customers.
The next mandated group is suppliers holding contracts under €30,000. The deadline for this group is November 2023. In the meantime, the Belgium minister of finance Van Peteghem published his proposal for phase one of a broader tax reform. Among the proposals is the e-invoicing/e-reporting consideration.
The first phase is aimed to start from January 2024. For this the proposal should be pushed in the legislative process and ideally to be voted sometime in the summer. If all goes to plan, the first e-invoicing/e-reporting rollout will start at the beginning of 2024.
Saudi Arabia - CTC for companies with revenue over 0.5 bill. SAR
Saudi Arabia began wave one of mandating taxpayers to integrate with ZATCAs platform (FATOORA) with the deadline of the 1st of January 2023.
The Saudi Arabian ZATCA (Zakat, Tax and Customs Authority) informed taxpayers of wave two of mandates, which granted a 6 month implementation period before the taxpayers are required to be up-and-running. This effectively means that taxpayers in this group should expect to be notified during the next six months and expect to be live with the obligations six months later during the period of 1st of July 2023 to the 31st of December 2023.
Explore more about the regulations via our Saudi Arabia blog.
Israel - Plans for CTC mandate
With the approval of the State Budget and Economic plan for 2023-2024 Israel officially declares its intention to introduce the CTC model in the country.
In scope will be invoices over NIS 5 000 (~ €1,300) which will require the approval of the Tax Authority in real time through a system before the invoice is issued. With its move, Israel aims to reduce the use of fictitious invoices, in order to fight crime and enable fair competition between businesses.
Croatia - plans for CTC with Fiscalization 2.0 project
The Ministry of Finance in Croatia has initialised a Fiscalization 2.0 project. Its goal is to facilitate a system, enabling the clearance of B2B and B2G invoices. The project aims to be delivered in December 2024.
The following is planned in the scope of Fiscalization 2.0:
- Establishment of a system for reporting non-cash invoice to the Tax Administration, namely invoices in the B2G segment
- Implementation of a cashless payment system via an e-invoice (eRacun) in the B2B segment with an integrated e-archive and active, unique and advanced online registration in the VAT system
- The establishment of a free application for issuing e-invoices that will be made available to small taxpayers - for whom the costs of introduction would be disproportionate to the benefits they would receive from such a way of doing business
The Ministry of Finance’s project aims to enable e-invoicing benefits for all stakeholders as simplified tax returns, monitoring the payments and operational behaviours of the individual taxpayers, promoting digitalisation and of course, to fight tax fraud.
How to stay up to date
At Unifiedpost Group, we regularly update our tax compliance and e-invoicing roadmap so that your business has the most vital information they need. To make sure you receive our updates sign-up to our tax compliance and e-invoicing newsletter and follow us on LinkedIn.